Posts Tagged "children"

Is saving tax the best way to create a family business transition plan?

Posted by on Dec 31, 2013 in Family Business, Transition Planning | 0 comments

Developing a family business transition plan is a complex process, and although saving tax is an important consideration, it is not the only one. When you have spent much of your life establishing and successfully running a family business, of course it’s natural that you want to pass it on to the next generation, and to do so as tax efficiently as possible.  You haven’t done all that work just to hand a big chunk of the wealth you created over in taxes! At Henry H. Jones, CPA, we’re passionate about helping family businesses get things right at the planning stages, including tax, of course.  But overemphasizing the role of tax planning in your family...

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Children in the family business: Do they really want it?

Posted by on Dec 5, 2013 in Family Business, Transition Planning | 0 comments

Here’s another story for you about children in the family business and passing it on to the future generation – and like all good stories, this one is true.  It is the uncle of someone I know, who was a farmer. This man and his brother owned a large and very successful farm. They had taken over the running of the family owned businesses from their father, and he had taken it over from his. Both brothers were highly ambitious and worked extremely hard. They had big plans to grow the business and they regularly worked very long hours starting work early in the morning and working through till late in the evening. Their plans came to fruition. Most of the profits were...

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How will you pay for your child’s higher education?

Posted by on Oct 15, 2013 in Financial Freedom, Tax, Tax Planning | 0 comments

As parents, one of our greatest concerns is how we will pay for our child’s higher education, especially when we realize that financing education will cost at least $100,000 for each of our children, and that is just the college or university fees. While we hope to get help from scholarships, students loans, and financial aid, we still need to find much of that money ourselves. Obviously the sooner we start preparing for this the better, though the important thing to bear in mind is that it is an achievable goal if we are willing to make some sacrifices. The first thing that we need is a plan, and that plan should detail the major sources of finance, which are...

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