Only about 30% of closely held businesses survive into the second generation, 12% are still viable into the third generation, and only about 3% operate into the fourth generation. Research indicates that family business failures can essentially be traced to lack of business succession planning.
Planning the succession of closely held businesses is a critical challenge. When done properly it can create a multi-generational institution that embodies the founders’ mission and values. We help our clients address these issues.
Quantum advises in all aspects of estate and business planning. Our clients include entrepreneurs, Fortune 500 executives, professionals, and other high-net-worth individuals.
We act as the “family business advisors” in collaboration with our clients’ accountants, attorneys, and other professionals. We tailor the most appropriate and tax-effective plan for asset management, business succession planning, and the transition of wealth to subsequent generations. We do not draft any documents, but act as the quarterback by coordinating with our clients and their advisors in all aspects of their estate planning. This includes individual and business tax matters, choice of business entity, business succession planning, family law issues (including pre- and postnuptial agreements and estate and gift tax consequences of proposed divorce settlements), retirement benefit planning, insurance, and real estate issues. We employ all the appropriate estate and business planning tools for our clients which include:
- Revocable living trusts, irrevocable life insurance trusts, dynasty trusts, and asset protection trusts
- Qualified Personal Residence Trusts (QPRTs)
- Grantor-Retained Annuity Trusts and Unitrusts (GRATs and GRUTS)
- Intentionally Defective Grantor Trusts (IDGTs)
- Charitable trusts
- Creation of family limited partnerships and limited liability companies
- Buy-sell, employment, deferred compensation, and stock-bonus agreements
- Planning with life insurance, including life settlements and premium financing
In addition to the sophisticated tax aspects of estate planning and centralized management of assets, we organize all of the clients documents, policies, investments, and savings accounts on a secured virtual vault.