Harold Turner held tightly to his business right up to the end. He was afraid to give up any ownership of the thing he’d worked his entire life to build. When he passed away, the business became a windfall for his oldest daughter, Sally, when she took over both ownership and control.
She didn’t understand how to operate the business or why he did things the way he did (even though she had been working in the business for a number of years)… and it took only three years for the business to no longer exist.
The wise thing to do is to pass on the ownership without giving up control.
There are proven planning tools and techniques that allow you to transfer ownership, and yet retain control as long as you need or want it for your lifestyle and income. In doing that, you’re also able to train the next generation to be owners in the process. As you give, they learn.
Giving slowly to the heirs tests their character and ability, and demonstrates your confidence in them. If the heirs manage the business and themselves well, add to it.
Transferring ownership sooner than later can open up a world of opportunity for you and your heirs. It’s beneficial in helping to eliminate estate taxes and reduce capital gains and income taxes. Even more beneficial is the potential of what can happen in the relationships you care about most.
Take control of your wealth by making necessary decisions now. Transfer ownership, but maintain control and accomplish more than you dreamed possible.
Wealth is more than money. Don’t just plan for your future, live it right now.
Pass it on and share the insights like this that you find valuable.
“Income & Estate Tax Reduction: The 5 Simple Strategies To Use Today To Pay Less Income and Estate Taxes and Have More Money To Spend In Retirement”
You may be thinking you’ve done all you can to have as much money as possible and know you, your family and your money are protected… at this special briefing we’ll reveal the biggest mistake even smart retirees make and how you can avoid them.
“If everything seems under control, you’re just not going fast enough.”
– Mario Andretti