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Nesso Tax Offers Succession Planning in Connecticut

Most people dread dealing with taxes, but it’s an unavoidable part of life. Whether your family’s breadwinner or a business owner, you’re responsible for paying your taxes and meeting all…


April 25, 2023

Written by John Wonneberger

Most people dread dealing with taxes, but it’s an unavoidable part of life. Whether your family’s breadwinner or a business owner, you’re responsible for paying your taxes and meeting all legal requirements. Even after you’re gone, your company will still need someone to manage the taxes and keep things in order; that’s why succession planning is critical. Proper planning is perhaps the main factor in ensuring a successful transition from generation to generation. However, this can be overwhelming, especially if you’re unfamiliar with the latest laws and regulations. A trusted tax advisor like Nesso Tax can make all the difference.

At Nesso Tax, we’re a professional Connecticut-based firm that offers various tax services, including succession planning. With decades of accumulated experience, our team is uniquely qualified to help families and businesses plan for the future with confidence. We understand the complexities of tax laws and how they can affect your company, which allows us to deliver the most comprehensive and up-to-date advice. Please fill out our form today to schedule a consultation; we’ll connect you with one of our specialists as soon as possible. If you start now, you’ll have a better chance of succeeding in your transition.


Explaining Succession Planning to Our Clients

Succession planning is an essential component of any forward-thinking business. Having a reliable plan for the transition of ownership between generations can significantly affect corporate tax liability. The reason is that the new owner’s tax obligations will change depending on the type of property or assets transferred. Of course, you must consider various other factors, such as estate planning, company structure, and asset allocation. Succession planning aims to help you anticipate future changes before they happen so that you can act proactively rather than reactively.

You may be familiar with the broad outlines of succession planning in Connecticut, but at Nesso Tax, we focus on the details. We understand that each business is unique, so our team will take the time to get to know your company. We’ll work on understanding your company’s current taxes and how they could affect future decisions. We can craft a plan to help you transition smoothly by analyzing the big picture while minimizing tax liabilities. With our guidance, you’ll have the assurance that your business will remain in reliable hands and prosper for years to come.

Differences Between Our Succession Planning and Estate Planning Solutions

At Nesso Tax, we don’t just offer succession planning; we also provide estate planning solutions. While both have similar goals, there are some critical distinctions. Estate planning focuses on reducing or eliminating inheritance taxes and other post-death-related expenses. On the other hand, succession planning is more focused on transitioning the ownership and control of a business from one generation to the next. Both involve tax considerations, but each process requires complex steps and expertise.

Our team at Nesso Tax strives to provide our clients with the most comprehensive advice so that we can guide you through these processes easily and confidently. We know that estate and succession plans should reflect your legal obligations and values, so we’ll focus on understanding what matters to you. Whether it’s drafting wills or helping you prepare for the generational transition, we have the necessary experience and resources to assist you in getting the best possible outcome. Nesso Tax in Connecticut is your reliable partner for any tax-related matter.

What Our Succession Planning May Involve

At Nesso Tax, every succession plan is different. We’ll take into account a multitude of factors and customize the solution to your circumstances. In general, however, here are some of the services we provide:

  • Structuring asset transfers to minimize taxes
  • Advising heirs on their roles in the business
  • Assisting with the transfer of ownership
  • Navigating legal and tax regulations
  • Guiding you in leadership succession
  • Developing long-term strategies for the future of your business

Benefits of Succession Planning

Nesso Tax specializes in succession planning for Connecticut families and businesses. We’ve designed our services to provide lasting benefits for all parties involved. Here are some of the advantages our clients enjoy:

Proper Allocation of Sales Prices

When you plan the sale of a business, you can assign different sales prices to each asset or property. The allocation of sale prices will determine which taxes are applicable on the sale and the rate of taxation. For example, the IRS may consider some assets to be a capital gain, which is taxed at a lower rate than ordinary income. It may also have tax implications for the buyer, so you must be careful when negotiating the sale. With our help, you can guarantee a proper allocation of sales prices and take advantage of tax benefits.

Reduced Inheritance Tax

Perhaps you don’t want to sell your business but rather transfer it to a family member. When a family business passes from one generation to another, the new owner may be subject to inheritance tax. These taxes can be high, but you can reduce them as much as possible using different legal strategies. We’ll assist you in designing a succession plan to minimize the taxes due and allow the new owner to keep more profits. After all, succession planning is about securing the future of your business.

Compliance With Regulations

Succession planning involves more than just the transfer of ownership. You must also comply with specific laws and regulations so the transition can go smoothly. For instance, gift and inheritance taxes may apply depending on the recipient. You could face hefty fines or penalties if unfamiliar with the latest regulations. Our team is well-versed in tax law, so you can count on us to keep your succession plan compliant.

Greater Confidence in The Future of Your Business

You’ve worked hard to build your business and probably want the legacy to live on for generations. With the right succession plan, you’ll be able to look forward with confidence knowing your business is in good hands. You don’t have to worry about it being mismanaged or lost after you’re gone. At Nesso Tax, we understand how crucial this is for our clients and their families, so we go the extra mile to deliver the best results.

Smooth Transition of Leadership

Succession planning isn’t just about taxes; it’s also about preparing the next generation to take on the responsibility of leadership. We’ll work with you to identify potential successors and design a plan to ensure a smooth transition. Plus, we can provide training and advice to guarantee your successor is ready for the challenge. This way, you don’t have to worry about your business losing momentum or falling into disarray during the transfer process.

Reasons to Work With Nesso Tax

Many tax professionals offer succession planning services, so why choose Nesso Tax? Here are some of the advantages you’ll get by working with us:

Personalized Advice and Guidance

We offer personalized, professional advice on all aspects of succession planning. We’ll take the time to understand your unique situation and goals and create a plan that works for you. We’ll consider factors like the assets and liabilities of your business, the tax implications, and any specific regulations that may apply. Once you’re satisfied with our plan proposal, we can start implementing it right away.

Experience in the Industry

Our team has decades of accumulated experience in helping clients with succession planning. During this time, we’ve seen countless scenarios and have developed strategies that we can tailor for each individual. We’ve also built up a successful track record of satisfied clients. You can find some of their success stories on our website.

Honesty and Transparency

At Nesso Tax, we believe in being open and honest with our clients. We’ll provide clear guidelines on the different options available and explain any terms or conditions before you make a decision. In addition, we offer competitive rates and transparent pricing policies, so you know exactly how much you’ll pay. You can be sure that we’ll meet all deadlines and deliver the highest quality of work.

Comprehensive Services

We offer an extensive range of services related to succession planning. From creating a will and estate plan to structuring asset transfers and reducing taxes, we’ll provide everything you require for a successful transition. As part of the Nesso Group, we believe everything in finances is connected and that a holistic approach is the best way to pursue your goals.

Dedication to Your Success

Above all else, we’re committed to helping you work toward your vision. Whether a small family business or a large enterprise, our team will do everything to guarantee that your succession plan is effective. When you team up with us, you’re also part of the Nesso Group family. As such, we’ll do everything we can to alleviate you and your family from unnecessary stress.

Elevate Your Tax Experience with Our Reliable Tax Services

At Nesso Tax, we realize the importance of succession planning for families and businesses in Connecticut. However, we offer many other solutions. We’re your best option if you’re looking to maximize your tax savings, reduce risk, or manage future growth. We’ll be happy to answer any questions and discuss how we can assist you. With our personalized advice and comprehensive services, you can trust us to design a plan that aligns with your goals. Contact us, and let’s start planning for your financial future now.


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