Business Succession Attorney in Minneapolis, Minnesota

Minimizing Taxes in Business Transition

More In This Category

View Transcript

Yes, that all depends on how the transition is done. You can minimize taxes, again, if you start the process early and begin the process of making incremental succession – incremental gifts of pieces of the business to the next generation, and utilizing the ability to do so without having to pay a tax on the gift that you have made.

So if you start early, you can set things in motion. We can utilize things like family partnerships to make that happen; LLCs; and different kinds of trusts to make that work for you.

But it needs to start a little bit early.

Minneapolis Business Succession Planning Attorney, Ivory Umanah, talks about how to minimize taxes when transitioning a business.

More Videos From This Lawyer