The Importance of Succession Planning to Future-proof Your Business with Michael Levy

Financially Ever After Widowhood

Do you have a family business that could disintegrate into awkward disputes or expensive tax fights when you pass away? This week's guest, Michael Levy, knows all about the dramatic infighting and family stress depicted on HBO's acclaimed show Succession in real life! In over 20 years as an estate planning attorney, he has helped hundreds of families navigate messy succession scenarios. On this episode of Financially Ever After Widowhood, he shares expert insights on smart succession planning with host Stacy Francis, including strategies to transfer ownership interests while avoiding unnecessary taxes safely. Michael stresses thoughtfully and compassionately handling which family members will lead the business in order to future-proof your business.

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• Succession planning is critical but often neglected by business founders who believe things will continue seamlessly after them.
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• Without a plan, disputes frequently arise between heirs with differing ideas of who should take over the business.
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• Strategies like buy-sell agreements, estate freezes, defective grantor trusts can facilitate tax-optimized succession transfers.
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• Paying for business valuations regularly is wise to avoid surprises later when gifting interests or facing estate taxes.
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• Spouses inheriting interests may still owe taxes, so planning ahead with vehicles like life insurance is key.
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• Advisors like financial planners, estate attorneys and CPAs can help navigate these complex scenarios, so clients shouldn't hesitate to ask questions.
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Resources

Michael Levy on Website | LinkedIn

Stacy Francis on LinkedIn | X(Twitter)

Email: [e-mail]

FrancisFinancial.com

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