Milestone 3 - The tax planning proposal I would create for...

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The tax planning proposal I would create for Bob would be I would tell him to create something like a will. This would give him the flexibility to state which beneficiary gets what if case he is disabled or in case of his death. After Bob’s death, his family would be able to distribute the business to his daughter. Because he wants to leave the business to his daughter, I would bring her into the business slowly and have her start learning how things work and operate. This way she knows how to run the business in case he does pass away. The strategic plan that I have come up with for Bob starts with making a list of the assets including the estimated values of each one and how each asset is tied and any debts that is owned on each asset. Then Bob would have to consider how these assets are to be distributed along with the business. He would also want to look into how he could minimize the effect of income taxes has on these assets. This plan would make sure the everything is distributed as according to his
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