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"A smart Quarterback knows his teams game plan, as well as the coach
who designed it"
At Prowell Financial Management, our relationship with business
families is based on our extensive knowledge of business ownership
and the associated personal issues that affect the individuals
involved. With an understanding of the business goals and
objectives, we create customized planning strategies for each family
member or business partner. In doing so we strive to maximize the
benefits to each individual and, just as important, maintain harmony
within your business.
Wealth Management
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A Formidable
Challenge for Business Owners
Wealth management can be a daunting task for families
who own businesses because the dynamics of both the families and
their companies are changing all the time. As evidence, your current
plan may have been great as recently as five years ago, but
decisions made then may not be appropriate now.
It's tough to stay
on top of every issue - taxes, trust, corporate ownership, ect.
That's why you need to set clear goals for your business and your
family, continuously strive to move toward them, ensure that your
advisors are working in tandem, and revisit your plans on a regular
basis.
No one wants a big portion of their family wealth going to the
IRS. To avoid such costly scenarios, it's best to take advantage of
every opportunity the law allows to transfer assets to family
members, family trusts, and your favorite charities.
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"Good planning is intergrational. We often help a family's eldest
generation (70's and 80's) transfer wealth to their children (50's
and 60's) in a way that it can pass to grandkids (30's and 40's)
free of estate tax. What's more, creating trusts for younger
generations is one of the best ways to protect wealth against
creditors, lawsuits, and divorce."
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