News & Analysis as of

Business Succession

IRS and Treasury Department to Withdraw Proposed Tax Regulations Curbing Valuation Discounts

by Davis Wright Tremaine LLP on

In a positive development for closely-held business owners and their families, the Treasury Department recently recommended the complete withdrawal of its proposed tax regulations that would have severely limited the...more

IRS and Treasury Department Announce Withdrawal of Proposed 2704 Regulations

by Tucker Arensberg, P.C. on

On October 4, 2017, in its Second Report to the President Identifying and Reducing Tax Regulatory Burdens the U.S. Department of the Treasury announced that it is recommending the complete withdrawal of the proposed 2704...more

Business Succession for Real Estate Companies

Planning for a business succession – sale or transition of a business to new owners – is as important as planning for business formation or business operations. In our experience, however, planning for business succession is...more

Avoiding Tax and Legal Missteps: 4 Takeaways

On September 20, Peterson Sullivan and Schwabe, Williamson & Wyatt partnered to host a seminar titled Avoiding Tax and Legal Missteps for the Construction Industry. Below are some of the key takeaways to consider...more

Tax Law Uncertainty Should Not Delay Farming Business Succession Planning

by Downey Brand LLP on

President Trump promised and will pursue tax reform, but Congress must agree to any proposal. For the most part, a majority vote in both houses would allow tax reform for about a decade, and at least sixty Senate votes would...more

Succession Lessons from The Crown

Leadership transition from parent to child in a family-owned business is challenging. I noted a few factors in the successful, though difficult, transition portrayed in The Crown that may be helpful in your own “kingdom.”...more

Mom Let You Grow up to be a Cowhand, Now What? – Legacy Planning in Agricultural Industries

by Davis Wright Tremaine LLP on

A typical family-run ranch or farm may look like this: grandparents still own and collect rent on the majority of land, parents serve as CEOs, and the third generation works the land as general managers while raising the...more

Jones Presents at NCBA Estate Planning and Probate Section Annual Meeting

by Moore & Van Allen PLLC on

Charlotte Wealth and Estate Planning Member Chris Jones spoke at the North Carolina Bar Association (NCBA) Estate Planning and Probate Section Annual Meeting in Kiawah Island, SC on July 28. The presentation titled,...more

Beyond Succession; Opening a Discourse About Inheritance

by Davis Wright Tremaine LLP on

Recently we published a post in our blog about succession and the steps necessary to see it through. Having an open, honest, and transparent discourse with family members is one such step. Yet, this is often more easily said...more

The Important First Step in Law Firm Client Succession

by Hayse LLC on

Succession planning of client relationships at law firms requires a thoughtful examination of a law firm’s past, present and future. Managing the transition of a senior lawyer’s practice to younger counterparts is not easy....more

Family Business – The Key to Surviving Generations

by Davis Wright Tremaine LLP on

Every article, paper, memo, or advisory about family business succession touches on some common themes. Plan early. Communicate well. Document the process. Gauge the true interest and ability of the next generation. A few...more

The return of the kin liability (Sippenhaft) – Liability of parent companies after the 9th amendment of the German Act against...

by Hogan Lovells on

The Middle Ages are regarded as the golden age of the kin liability (Sippenhaft) in Germany. According to the principle of kin liability, family members had to stand up for the actions of their relatives, regardless of...more

Law Firm Survival and Succession Planning – 3 Steps

by Hayse LLC on

Succession and succession planning are hot topics in the legal profession. One statistic explains the focus on the topic – only about 30% of law firms make it beyond the first generation....more

Life insurance planning for the business owner

by Thompson Coburn LLP on

Life insurance is an effective tool that business owners can use to provide liquidity at their passing for both their businesses and their families. Having a properly drafted buy-sell agreement is key to avoiding conflict and...more

Passing the Baton: Lessons Learned

by Davis Wright Tremaine LLP on

On May 16, 2017, Davis Wright Tremaine LLP hosted 85 owners and managers of family-owned businesses at the latest edition of our Family Business Legacy Series. Mike Garvey, the co-founder of Saltchuck Resources, a...more

Succession Planning—Bet the Farm on It

by Ward and Smith, P.A. on

Despite recent trends toward consolidation in the agricultural industry, farming generally remains a family affair. According to the United States Department of Agriculture, 97 percent of all farms in the United States are...more

Top Trends in Business Law that You Need to Know for 2017

by Fraser Trebilcock on

Macy’s and Kmart are each closing a Lansing, Michigan location – but did you know that in general, retail spending is up? It’s easier than ever to collect customer data, but business owners beware: you need to...more

Stretch out estate tax on business interests

Frequently, heirs of successful entrepreneurs are forced to sell off business interests at “fire sale” prices to help pay federal estate taxes. To alleviate the tax strain, Internal Revenue Code Section 6166 allows heirs to...more

Ron Aucutt’s “Top Ten” Estate Planning and Estate Tax Developments of 2016

by McGuireWoods LLP on

In an always-anticipated annual tradition, Ronald Aucutt, a McGuireWoods partner and co-chair of the firm’s private wealth services group, has identified the following as the top ten estate planning and estate tax...more

Success in Succession: Using Strategic Planning to Address the “Missing Middle”

by Davis Wright Tremaine LLP on

Typically, only 12% of family businesses reach the third generation, and as little as 3% make it past the fourth generation. According to PwC’s recent global survey of over 2,800 family businesses in 50 countries, these...more

Trust and Estate: Family Feud — Hollywood May Call It Entertainment But It Is No Laughing Matter for Family Businesses, Part II...

INTRODUCTION - As discussed in Part One of this article, statistics show that most family-owned businesses fail after a generation or two. Specifically, only 30% of family-owned businesses survive the transition from...more

Shares Held by Japanese Company that Merged with Another Are Transmitted Not Transferred

by Allen & Overy LLP on

In JX Holdings Inc v Singapore Airlines Ltd [2016] SGHC 212 (29 September 2016), the Singapore High Court had to consider whether the Singapore shares held by a Japanese corporation that had merged with another Japanese...more

SJU Program: Educating and Engaging the Next Generation

The Initiative for Family Business and Entrepreneurship at St. Joseph University's Haub School of Business presented another interesting program for family businesses on October 27, 2016. The program, which was part of a...more

Corporate E-Note - October 2016

by Burr & Forman on

On November 30, 2016, Burr's Women in Business is sponsoring a panel discussion on "Cybersecurity: Are You At Risk?" at Five Rivers Delta Resource Center in Spanish Fort, Alabama. The panelists include Ed Castile, Deputy...more

Proposed Regs May Limit US Estate Plan

by Hodgson Russ LLP on

On August 2, 2016, the US Treasury issued long-awaited pro- posed regulations under Code section 2704 that make comprehensive and very significant changes to the valuation of interests in many family-controlled entities for...more

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