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Case Study: Transitioning to the Next Generation
Over the course of four decades, Sam built a highly profitable manufacturing firm. Shortly before his 65th birthday, he decided to retire and begin to hand over the business to the next generation. The older of Sam’s two sons, who played a key role in the business since graduating from college, seemed the most likely to succeed his father as the President and Chief Executive Officer. Jim’s younger son, a successful physician, had not been actively involved in the business. Still, Sam wanted a wealth transfer strategy that would give both sons their fair share.
A multidisciplinary team would work closely with Sam’s attorney. The team would develop a combination of business structures, consulting arrangements and minority interest gifts to ensure that both sons and their families would share equitably in the inheritance.
The wealth management advisor team also would work with Sam and his attorney to create and administer an irrevocable life insurance trust. This trust should provide sufficient funds for any estate taxes without having to liquidate the business upon Sam’s death.
This case study is a hypothetical demonstration of our planning process and is for illustrative purposes only. It is not a real portrayal of a client scenario. It is not intended to infer any particular client outcome. While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of Raymond James we are not qualified to render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.
Nobody knows what the stock market will do tomorrow, and a knowledgeable advisor is essential to help with key financial decisions, at the right time.
An exceptional advisor looks beyond the horizon to: optimize the selling value of assets, assist in the timing and transition of your business and help you manage that income, plan for succession alongside tax and legal advisors… and best of all — help you live out your dreams.