Services Provided

Employee Stock Ownership Plans (ESOPs)

An ESOP is a qualified defined contribution retirement benefit plan governed under provisions of the Internal Revenue Code and the Employee Retirement Income Security Act. An ESOP functions to utilize tax deductible contributions from its sponsoring employer to purchase and hold said employer’s securities. Once established, the ESOP holds its sponsor’s securities for the benefit of its participants. An ESOP Trust (ESOT) is designed primarily to hold stock of its sponsoring employer for the benefit of its participants.

Business Succession Planning

Business succession planning is comprised of a series of decisions regarding who will acquire a business in the event of its owner’s retirement, death, or disability. It is a vital aspect of any business’s ongoing viability, and one which we respect the importance of totally. Whether you would transfer your business to your family or sell it to your employees or a third party, we are poised to consult on the income and estate tax consequences of the succession plan, entities to be utilized in implementation of the plan, mitigation of the potential risks and liabilities associated with the plan, and everything else pertinent to the transaction. As succession planning is the most important area of our practice, we apply considerable care to every plan that we prepare for our clients.

Mergers, Acquisitions, and Sales

We represent both buyers and sellers in transactions where a portion or the entirety of a business’ assets and/or ownership are sold. As with our succession planning services, our work with our clients’ mergers, acquisitions, sales, and purchases includes all pertinent issues of taxation. Our recognition of taxation’s bearing on transactions provides our clients with significant advantages during the negotiation process.

Estate Planning

Estate planning is the process of anticipation and arrangement for the disposal of assets and liabilities at the time of their owner’s death. In the United States, estate planning must include planning for the probable ultimate payment of a federal gift or estate tax, as well as state inheritance tax in most cases. The federal government has in recent years made the estate planning process extremely difficult, with constantly evolving exemptions, tax rates, legislative sunset clauses, and more.

Planning for one’s death has always been a complicated endeavor, and it is becoming more so every day. Planning an estate with confidence demands assistance from those who possess great financial and legal proficiency. At Core Corporation, we address the complexity of estate planning in its entirety by concentrating on the transfer of a decedent’s assets and liabilities and attending to the estate and inheritance tax consequences of the transfer. Our bifold approach provides our client and their loved ones with a well-planned and all-encompassing estate plan that will provide heirs with the highest level of net asset transfers available based on the deceased’s stated wishes.

Corporate Governance

In today’s world, most business and family entities are required to document their governances and administrative issues on at least an annual basis. The primary purpose for undertaking such governance documentation has historically been to record the existence of an entity for legal liability purposes. In recent years, however, governance documentation has become increasingly important for purposes of taxation. At Core Corporation we provide our clients with quality services that document governance related to all aspects of a business entity or family entity’s tax documentation issues.

Resource Links

The National Center for Employee Ownership (NCEO) A nonprofit membership organization providing unbiased information and research on broad-based employee stock plans.
The ESOP Association The largest employer sponsored advocacy and education association focused on retirement savings in America.
The Red River Valley Estate Planning Council A nonprofit interdisciplinary organization for professionals involved in financial and estate planning.