Retail: A Couple Realize Their Financial Dreams and Retirement Goals Despite Significant Debt Obligations

Celia Johnson, tax partner in the Frisco office, received a visit from a married couple in their fifties, who had limited assets, but wanted to purchase a retail store. They hoped to build a "nest egg" with the accumulated profits and retire within 10 years. The couple purchased real estate and a retail store with little money down, and significant debt obligations. Celia helped to structure the business and real estate in entities that allowed for maximum tax benefits and optimum cash flow. Annual tax planning was performed to minimize current year taxes, keeping the 10-year retirement goal in mind. The couple achieved their goal and continues to solicit Celia's tax and consulting services during their retirement years.