Estate Preservation Services

Estate Planning

Many people spend considerable time and effort each year trying to reduce their income taxes, but give little or no thought to what will happen to their estate after their death. Estate planning involves careful consideration of an individual's assets to provide a means of distribution, upon death, to one's beneficiaries, while at the same time minimizing the tax effects and providing a means of paying any tax and other liabilities. CK Business Solutions, P.C. will work with you to increase your net worth and minimize your estate taxes.

Reducing taxes is a noble objective, but it should not necessarily be everyone's primary goal. You may need to be sure that loved ones have adequate resources after your death, or you may want to ensure that your business will have strong leadership in the future. You may want to provide for charitable organizations that will continue work that you have begun. Estate plans must be as unique as the family they are designed for. We will work with you, your family, and your business to understand your goals before beginning the estate planning process.

Whether it is the preparation of a comprehensive estate plan or post mortem tax planning, our professionals can help reduce your estate tax burden through a variety of tools. We offer estate planning programs complete with:

  • Net worth analysis
  • Investment review
  • Trusts
  • Family gifting
  • Retirement planning
  • Family business succession planning
  • Gift and estate tax preparation

Estate planning does not end when the documents are signed. We will work with you, our family and your other advisors to put the plan into action, revise it as needed and provide the necessary reporting. Our knowledge of your business and your personal tax returns allows us to incorporate the tax planning for your trusts and estate into your overall income tax plan. By making a difference in your financial life today, we can help you give your heirs a better life tomorrow.

Succession Planning

We have found in our practice, that we are frequently asked to address succession planning issues including business valuation and marketing or negotiating buy-sell agreements for our business clients. Regardless of the company structure, our clients are finding that by planning now for the continuation of their business they are positioning for minimizing estate taxes, continued success and future growth.

For most entrepreneurs, planning for the continuity of their business enterprise is the ultimate management challenge. Succession Planning is a major concern of American businesses today and inadequate planning is the biggest threat facing closely-held businesses.

Succession planning is a lifelong process. It enhances the value of your business and can never begin too soon. The "handing over" or "succession" of a company should be viewed as a process, and the "succession plan" will serve as a road map for partners or heirs to continue in the event of the majority owners' death, disability or retirement.

A business succession plan should be carefully and strategically executed in order to be successful, particularly with family-run or closely-held companies. The plan should cover the following key issues:

  • Who will run the business
  • How family members will be involved
  • How successors will be trained
  • How and when control will be transferred
  • How assets will be distributed

Succession Planning Services

At CK Business Solutions, we work closely with our business clients and take the time to understand their unique goals and business needs. Our approach to succession planning incorporates a number of services, and depending on the individual situation include:

  • Establishing retirement goals and anticipated timeline
  • Determining the optimum business value to ensure comfortable retirement
  • Developing new business action plans to ensure continued success
  • Consulting with members of second generation to measure commitment, skill level and leadership ability
  • Establishing a mentor relationship to groom second generation or recruit the most effective human resources to perpetuate success
  • Structuring the optimum exit plan by exploring viable acquisitions, structuring advantageous mergers and ensuring proper positioning to attract serious buyers

We aid in defining the structure, process, and culture of the organization. We also support the transition, to assist the management and staff's adjustment to change.

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