Estate planning and creating trusts may sound like steps for just the wealthy, but even people with average assets can benefit from their use. Regardless of your total net worth, these tools and techniques ensure your beneficiaries and heirs receive what you intend for them.  A sound plan protects the net proceeds that go to family members, friends, or charities from unnecessary taxes and conflict over the division of assets.

This kind of planning is something many of us put off due to the discomfort of addressing our mortality or simply thinking, “I’ve got plenty of time.” But without taking action to put your ducks in a row, you might be risking greater financial and emotional stress for your loved ones in the event your time comes before you’re ready.

With a variety of approaches—such as property ownership designations, generation-skipping gifting, insurance, and philanthropic giving—your estate plan can be expertly designed to fit your unique desires and lifestyle. Contact us to receive caring guidance through these important considerations.

Passing on the Business
After all the time and hard work you’ve put into your family business, thinking about handing over control to someone else can be difficult. But there will come a time when you’ll be ready to retire, and early preparation will enable you to have a much smoother transition.

PSK helps you answer questions like:

• What will happen to your business when you’re gone? How would it close out?  Who would do that?
• What is your exit plan?  Succession, merger, or sale?
• Are your children or siblings interested in taking over? Or might some key employees take over the business?

Choosing a successor means finding a family member, loyal employee, or other qualified person that has the motivation and business savvy to effectively manage the company. You probably want to transfer your business to someone who shares your vision or whose new ideas resonate with you. PSK helps you structure this transition of ownership while considering long-term viability balanced with short-term cash needs, as well as tax ramifications of the whole deal for all of those involved.

If you choose to sell your business, we can guide you through that process, including determining the value of your business and structuring the purchase. Then we’ll help you to allocate the proceeds just the way you and your family need. 

Whichever path you take, we know how to transition businesses of all sizes and types. Don’t go it alone when PSK has the right people to help you.

Whether you need to protect business or personal assets—or both—developing a comprehensive estate plan saves money and prevents further heartache for your family in an already difficult time. Let PSK help you preserve your finances and avoid surprise outcomes.

Call us today to get started. It’s never too soon.