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Estate Planning › Closely Held Businesses › Family Businesses

Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the... more +
Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process.  less -
Rivkin Radler LLP

Owners of Closely Held Businesses: Time to check your buy-sell agreement

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Most closely held businesses, whether organized as a C or S corporation, LLC or partnership, have (or should have) a buy-sell agreement. A buy-sell agreement addresses what happens to an owner’s interest in the business when...more

BakerHostetler

[Podcast] Legacy Management – A Different Approach to an Age-Old Business

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Legacy management is an age-old business that has not changed in decades. We propose moving away from an episodic, transactional delivery model and removing siloes between a family’s advisors – allowing for a proactive,...more

Rivkin Radler LLP

Disclaiming to Save Taxes

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It’s not enough for the founder of a closely held business to have successfully established the business. The business has to grow, not only to increase profits, but also to make it more competitive and to diversify its...more

Amundsen Davis LLC

What the Show Succession Teaches Us About Planning for a Family Business

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“I love you, but you are not serious people.” This is the curse that Logan Roy, the founder and business titan of Waystar RoyCo, intones to his three stunned children during a poignant family moment. The three siblings...more

Rivkin Radler LLP

Transferee Liability for Estate Tax: The Downside of Being a Beneficiary

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Death of a Parent- In the context of a family-owned business, it is often the case that the matriarch or patriarch of the family is also the chief executive of the business. They may have founded the business, or they may...more

Husch Blackwell LLP

Common Business Succession Planning Strategies

Husch Blackwell LLP on

Thoughtful succession planning can pave the way for a smooth transition and a thriving future for a company and its stakeholders. Here are a few techniques that business owners should consider....more

Katten Muchin Rosenman LLP

Keep It in the Family: Three Tips for Preserving Family Business Interests

Katten Muchin Rosenman LLP on

As a family business owner, are you missing out on valuable estate and wealth transfer planning opportunities or jeopardizing your current plan altogether? Katten recently hosted a program that addressed common concerns,...more

Lathrop GPM

Business Succession Planning

Lathrop GPM on

Many successful business owners devote their lives to establishing, building, and maintaining a successful business. However, few successful business owners have properly considered what will happen after they are gone, and...more

Ward and Smith, P.A.

Has Your Business Attorney Met Your Estate Planning Attorney?

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Every business should have documentation that confirms its ownership, management, and governance structures. If the business has more than one owner, the documentation should address transfers of ownership interests and...more

Adler Pollock & Sheehan P.C.

Has Your Buy-Sell Agreement Recently Been Updated?

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A buy-sell agreement should be a critical part of your estate plan if you have an interest in a business that’s closely held or family owned. The agreement provides for the disposition of each owner’s interest after a...more

Rivkin Radler LLP

Dividing the Multi-Family Corporation

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Sibling Rivalry- You have probably encountered family-owned corporations in which the founder’s offspring are involved in the business to varying degrees. They may even own some equity, typically having received such equity...more

Adler Pollock & Sheehan P.C.

Family Businesses Would Be Wise To Consider IRC Section 6166

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It’s true that because of the current record-high gift and estate tax exemption amount, most families don’t have to worry about transfer taxes. However, there are high net worth individuals who must continue to work to reduce...more

Burns & Levinson LLP

Continuing the Family Business After Its Founder’s Passing: The Austen Family Legacy

Burns & Levinson LLP on

The adult children of Jack Austen – Kate, Charlie, and Claire – are gathering a few months after their father’s passing to remember him and discuss what to do with the family business, Oceanic Real Estate, LLC. ...more

Ward and Smith, P.A.

A Farewell to the Current Gift and Estate Tax Exemption?

Ward and Smith, P.A. on

We recently wrote about a window of opportunity to take advantage of the rising estate and gift tax exemption before it sets. It is becoming clearer that the window may be shutting fast. The opportunity to take advantage...more

Goulston & Storrs PC

To Sell Or Not To Sell: Five Things To Consider

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It’s the great American dream: Build a great company and then sell it for enough money that neither you nor the ones you love will ever have to worry about finances again....more

Cole Schotz

Business Succession Planning – Should I Own My Business In A Trust?

Cole Schotz on

Closely-held businesses come in all shapes and sizes. Some owners own 100% of their businesses. Some have partners. Some have children in the business. Some do not. A common question that a client asks the business and...more

Levenfeld Pearlstein, LLC

The Ins and Outs of Business Succession and Estate Planning for Closely-Held Businesses

Levenfeld Pearlstein, LLC on

Like humans, businesses have a life cycle.  And, just like us, major focus is put on the beginning and middle stages of the life cycle, with many people putting off late stage planning until it is too late. Clients often put...more

Lathrop GPM

Transferring Your Family or Closely Held Business: Part 1

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Transition planning to a family member or other “insider” requires time and forethought to successfully handle both the financial and operational considerations of a family or closely held business. Transitioning ownership...more

Ruder Ware

Farm Family Probate

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The family farm has always been unique from an estate-planning perspective. Unlike many traditional businesses, a farm business typically holds a disproportionate amount of illiquid assets such as real estate, equipment,...more

Adler Pollock & Sheehan P.C.

Insight on Estate Planning - August/September 2019: Covering all the bases Both your business and estate plan can benefit from a...

Adler Pollock & Sheehan P.C. on

A buy-sell agreement provides for the disposition of each owner’s business interest after a “triggering event,” such as death, disability, divorce, termination of employment or withdrawal from the business. However, to be...more

Nutter McClennen & Fish LLP

All in the Family: Succession Planning Tips for Family-Owned Businesses

Nutter McClennen & Fish LLP on

Why is it important for a family-owned business to have a succession plan in place? - Often the family business is the family’s largest asset. It is the parents’ retirement fund, the next generation’s opportunity to...more

Gray Reed

Can a Family Business Succession Plan be Successful?

Gray Reed on

Finishing a best-year-ever 2018 and being questioned daily by his second wife Anna Nicole about making her children officers and owners of the family business Buxboro State Bank, Big Daddy Ernest Bux concludes, at 65 years...more

Ward and Smith, P.A.

The Gifts of a Family Business: A Talk with Karen Albritton and Deana Labriola

Ward and Smith, P.A. on

This is the fourth article in a series about transitions and transactions for midsized companies... Karen Albritton: Growing up in a family business, and now advising closely held companies as a consultant, has given me an...more

Ward and Smith, P.A.

Owner Dilemmas: Should I Stay, Go, Lead, or Follow?

Ward and Smith, P.A. on

You’ve built a great business. You want to do the smart work of planning for an orderly succession and transition to the next generation of leaders and owners. You’ve planned well and have financial flexibility. Some...more

Ward and Smith, P.A.

Family Affair: Potential Problems with Family-Owned Businesses

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Some of the most heartbreaking situations we see in our closely-held business and estate practices are families torn apart over differences in dealing with family-owned businesses. When there are problems with...more

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