Financial Planning Q 'n A

It is paramount to plan ahead if you are considering retirement from your business to plan ahead. There are tax consequences of transferring your business to children or selling it to third parties if planning isn’t done properly. What you thought might be a tax free sale of your shares to someone may turn out to be taxable is proper planning is not done ahead of time. You need to discuss with your family their goals and objectives concerning your business. Once your goals and your family goals are identified, you should sit down with your accountant to discuss the means to achieve them with the least amount of tax impact on your family.