Cook County Attorney Working with You to Plan Your Retirement
A knowledgeable attorney for asset protection and tax planning in Kane County, Du Page County and the collar counties
Planning for retirement has grown increasingly complicated with time. There are numerous considerations that make choosing the right path difficult, especially with increased economic uncertainty in recent years. Nevertheless, everyone should have an effective retirement plan in place. This is especially true of people who run their own businesses, which links retirement planning with business succession planning. Do not wait to begin the process. The most effective strategies are those that are implemented as early as possible.
The Law Offices of Kenneth L. Block can work with you to map a path to retirement. Attorney Block has worked with businesses and professionals for more than 30 years to implement long-term retirement strategies.
What are possible succession options for the transfer of my family-owned business?
There are a number of different possibilities for the transfer of a small or family-owned business to a successor. Each has distinct tax and business and finance implications, and it is important to consult an attorney about the best option for you. Kenneth L. Block has a master’s degree in taxation and more than 30 years of experience working with businesses owners on retirement, tax and succession plans. Some options include:
What is a family limited partnership and how does it benefit succession planning?
A family limited partnership (FLP) is a useful tool for people who own small businesses that they wish to transfer to family members upon their retirement or death. Since it is similar to a limited liability corporation (LLC), it is particularly effective for businesses already structured as LLCs. In a family limited partnership, the current owners/managers become general partners. General partners control all management and investment functions in the partnership and bear all the liability. A limited interest with no management or investment functions is created for the children or other family members of the general partners. That interest has no liability and limited partners receive income as a part of the partnership. The partnership is not directly taxed, rather the income from the partnership is reported as part of each partner’s income.
An FLP allows general partners to transfer income and assets to limited partners and allows limited partners to prepare to take over the partnership if the general partner dies or retires. An FLP has certain tax ramifications and must be carefully constructed by a knowledgeable professional. Attorney Kenneth L. Block has over 30 years of experience working with businesses on tax and succession issues. Owners considering whether a family limited partnership is right for their business should consult the Law Offices of Kenneth L. Block first.
Contact the Law Offices of Kenneth L. Block for a free initial consultation
It is important to discuss tax implications before making a decision on a retirement plan. The Law Offices of Kenneth L. Block has helped business owners in Cook County and the collar counties plan tax strategies and design gift programs for more than 30 years. His experience with taxation can address any issues facing your business. The firm can be reached at 312.600.4032 or online. Evening and weekend appointments are available. The offices are conveniently located near Chicago O’Hare International Airport.