Jack Woods

 

Central Business Solutions 

301 Lynnfield Street, P.O. Box 3169 Peabody, MA 01960

 

Phone:  978-532-0266

Fax:      978-532-9105

 

1147 Main Street, Suite 213, P.O. Box 299 Tewksbury, MA 01876

 

Phone: 978-851-8044

Fax:     978-851-9332

 

Email: jack@cbps.com

November 2019

Continuing the Family Business

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If you have an asset-rich, cash-poor family business that you hope will eventually pass to loved ones, putting the entity into the right type of trust may spare your heirs from needing to conduct a fire sale to distribute the assets.


Flexible Vehicle

A properly written trust should allow the business owner to transfer assets to and from the trust in order to meet business needs. After the trust grantor, who is usually the business owner, dies, the trust terms will dictate which family members receive the business assets. Without the right type of trust, a cash-poor business may have to liquidate its assets so heirs can pay potential taxes.


Tax Consequences

Business assets in some types of trusts may also be subject to income taxes. Work with your tax and estate planning professionals to learn more.


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