Business Succession

News & Analysis as of

Tax Court Affirms Use of Intergenerational Split-Dollar Arrangements

The Tax Court, in its decision earlier this month in Estate of Morrissette, examined intergenerational split-dollar arrangements between a mother's revocable trust and three irrevocable dynasty trusts, one established for...more

Estate of Clara M. Morrissette Secures Victory in Groundbreaking Estate Tax Case

In a case of first impression, the United States Tax Court ruled in favor of a taxpayer whose estate planning focused on the preservation and succession of a 70-year-old family-owned business. In Estate of Clara M....more

Ten Tips for Preventing Feuds from Wrecking Your Family Business

Passing along a family business can be tricky business. There are a variety of legal, tax, and emotional issues that can complicate the process. A well thought out plan made far in advance of the events requiring the plan is...more

The Use Of Trusts In Business Succession Planning

The transition of a family owned or closely-held business is an important event for estate planning clients. Historically, the use of trusts has played an important role in business succession planning. Recent changes to the...more

Fold ‘Em or All-In? A Dealer’s Guide to Succession Planning

Bet, fold, bluff, raise, and all-in. These are all common words when playing a game of poker, or as some call it, Texas Hold’em. Would you believe that just as with playing poker, these words could also be used when talking...more

Getting Succession Right: Remember – It’s Personal

In multiple posts over the last several weeks, including “Succession Planning Challenges – No Surprises Here” and “The Impact of Succession Challenges in Smaller Markets”, my partner, Mike Short, has explored various aspects...more

Life Insurance's Role in Family Business Planning

Family business planning is best served by having a knowledgeable advisory team, and a good team includes an expert on insurance. We found an article discussing the role of life insurance in family business planning in a...more

The Impact of Succession Challenges in Smaller Markets

Last month I wrote about the succession planning challenges that many firms are, or will soon face. Based on what we’re hearing and seeing, there are a lot of law firms with a lot of client relationships and brainpower at...more

Ten Tips for a Successful Business Succession Plan

Passing along a family business can be tricky business. There are a variety of legal, tax, and emotional issues that can complicate the process. A well thought out plan made far in advance of the events requiring the plan is...more

Don’t Put Off Succession Planning for the Family Farm

With the fall harvest complete for most farmers, now is a good time to give some thought to an estate plan and farm succession plan. As farmers know, maintaining a profitable farm operation is difficult. It can become a...more

Business Succession Planning - February 2016

The transition of a family owned or closely-held business is a significant undertaking even with the best laid plan. This article will outline the issues that should be considered by the business owner in transitioning a...more

Something’s in the Air…

The creative and entrepreneurial juices in the legal industry are boiling in the early days of 2016, particularly in the litigation space. One month into the New Year, there have been at least four high-profile boutique...more

Business Succession Planning - January 2016

The transition of a family owned or closely-held business involves a variety of legal and tax issues. This goals of this process, however, should be focused on issues that are just as important – if not more important – than...more

Business Succession Planning: The Time is Now

Family-controlled businesses comprise between 80-90 percent of all business enterprises in North America. And while it is estimated that nearly 40 percent of family businesses are passed successfully to a second generation,...more

Planning For The Unexpected Departure Of A Business Owner

In the business world, the unexpected can happen. That is just a fact of life. There are many ways this principle can apply, but we’ll speak here specifically about the unexpected departure of a business owner or corporate...more

Business Succession Planning in the Current Tax Environment

Business succession planning in the current tax environment may require an adjustment in thinking from traditional planning. Traditional planning usually attempts to transfer ownership of the business to the next owner (often...more

The LLC Operating Agreement - Why Is It Important And What Should It Say?

An LLC is a fairly limitless business form. Generally, an LLC can be and act in any number of ways, tailored to how you want your company to operate. The Kentucky LLC statute provides several gap-filler provisions, but most...more

Succession Planning Best When Engaged Early And Reviewed Regularly

Most business owners, if you ask them, probably have a basic idea of what succession planning is all about: deciding how ownership interests will be passed when they or their partners or co-owners leave the company. The...more

Buy-Sell Agreements: Good For Business and Good For Your Estate Plan

From unwanted business partners to burdensome estate taxes, the death of a business co-owner can have negative implications for surviving owners as well as for the estate of the deceased. A well drafted buy-sell agreement can...more

Succession Planning for Dental and Dental Specialty Practices

OF THE approximately 27,000,000 privately owned businesses in the United States, only 6,000,000 have employees. An interesting segment of those businesses are certain professional practices with value that can be sold and...more

Recent Trends in Succession & Estate Planning [Video]

The traditional model for business owners to pass their assets on after death to spouses, children and grandchildren is for their professional advisors to suggest a tax-efficient structure which becomes embodied in wills,...more

Problems And Solutions In Business Succession Planning, P.2

We’ve already briefly discussed the importance of planning for a fitting successor, emphasizing that it is important to begin this process sooner rather than later....more

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