Succession planning is important for business owners in Florida and throughout the country. This can be true whether an owner plans to sell a company or transfer it after death. There are multiple ways in which a business can be sold. The first method is to sell it outright for cash or assets. If the company is sold for fair market value, there is no need to pay gift or estate tax.
In a world getting more globalized, people from Florida are increasingly investing in foreign assets, such as large olive groves in Turkey, mansions in Europe and yachts on the Seine. Those investors have to know how they should structure the ownership of their assets in order to optimize estate and tax planning.