Family businesses are an essential component of the global economy, contributing significantly to wealth, employment, and community development. However, they often face unique challenges, particularly regarding inheritance and succession planning. Effective inheritance risk management is crucial for ensuring the long-term sustainability of these businesses. In addition to risk management strategies, tax breaks and other financial incentives can help reduce the financial burden associated with inheritance and succession. This paper explores the various inheritance risks faced by family businesses and the tax breaks available to mitigate these risks, providing insights into best practices for managing the transition of family-owned businesses from one generation to the next.

Family businesses, inheritance risk management, succession planning

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