News & Analysis as of September 20, 2024

Estate Planning › Family Businesses

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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 -

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

Rivkin Radler LLP on 9/9/2024

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

Business Owner’s Guide: Plan Your Exit

Tucker Arensberg, P.C. on 7/29/2024

As America’s largest generation approaches retirement age, we are seeing an influx of business owners looking for an exit ramp. Curiously, we are also seeing business owners of younger generations exiting, or planning to...more

All in the Family: Succession Issues in Family-Owned Businesses

Lowenstein Sandler LLP on 7/25/2024

On this episode of “Splitting Heirs,” Warren K. Racusin talks with Lowenstein partner Nick San Filippo IV, Chair of the firm’s Business Divorce practice, and Jeff Savlov, a partner in the family business and wealth consulting...more

Estate Planning for Your Real Estate Business: Tips to Preserve Value

DarrowEverett LLP on 7/23/2024

Real estate business owners face unique challenges that many business owners in other industries do not experience. The real estate market climbs and falls, contractor fees and material costs rise with inflation, and high...more

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

BakerHostetler on 7/18/2024

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

Tennessee Trust Bill Takes Effect and Makes Important Changes to the State's Trust Laws

Holland & Knight LLP on 7/10/2024

Tennessee Gov. Bill Lee approved Public Chapter No. 695 on April 11, 2024, as passed by the Tennessee General Assembly (Trust Bill). The new law became effective on July 1, 2024, and it made several important changes to...more

Q&A With Anne Paape, Managing Director and Senior Fiduciary Counsel at Cresset

Robins Kaplan LLP on 6/20/2024

The Spotlight had the pleasure of sitting down with Anne Paape, managing director and senior fiduciary counsel at Cresset and Cresset Trust Company, to talk about the historic transfer of wealth many countries are undergoing,...more

Estate Planning for the Business Owner Series, Part 4: Document the Transfer

Blank Rome LLP on 5/10/2024

Once a business owner has an understanding of the value of the business and the tax and cash flow impacts of the transfer, the next step is to document the transfer. This may be done by the client’s separate business legal...more

Unlocking Tax Savings: Family Limited Partnerships in Estate Planning

Kohrman Jackson & Krantz LLP on 4/29/2024

As Trump era estate tax cuts are likely coming to an end in 2025, wealthy business owners are increasingly utilizing Family Limited Partnerships (FLPs) to significantly save the family taxes when they are gone....more

Prenuptial Agreement Series (Part 1): Do I Need a Prenup?

Obermayer Rebmann Maxwell & Hippel LLP on 12/12/2023

A prenuptial agreement, or “prenup”, is a contract or agreement between prospective spouses made in contemplation and advance of marriage. A common misconception is that prenups are only needed if you are a celebrity or have...more

Disclaiming to Save Taxes

Rivkin Radler LLP on 11/6/2023

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

Navigating Q4 as a Family-Owned Business

Mandelbaum Barrett PC on 11/3/2023

As Q4 is in full swing and as 2023 begins to draw to a close, family-owned businesses find themselves at a crucial juncture, reflecting on the year gone by and strategically planning for the future....more

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

Amundsen Davis LLC on 9/8/2023

“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

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

Rivkin Radler LLP on 8/11/2023

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

Business Succession Planning Podcast with Janathan Allen

Allen Barron, Inc. on 8/8/2023

Allen Barron's podcast on Business Succession Planning focuses on one of the most important part of protecting an owner, member, partner, shareholder or investor in any company, and yet less than one in four businesses have a...more

Benefits of Succession Planning

Husch Blackwell LLP on 8/7/2023

Succession planning is a critical process for a business owner that can ensure the long-term sustainability and success of a company. Here are just a few of the benefits that can be gained from a well-structured plan....more

Common Business Succession Planning Strategies

Husch Blackwell LLP on 8/7/2023

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

Ensuring the Future: The Importance of Succession Planning for Business Owners

Husch Blackwell LLP on 8/7/2023

Every successful business thrives from careful planning and strategizing. While business owners are primarily concerned with building their business and maximizing their success, it is equally important for them to consider...more

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

Katten Muchin Rosenman LLP on 7/13/2023

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

Legacy Planning for the Farm and Agriculture Community

Pullman & Comley, LLC on 6/26/2023

Farmers and their families face unique challenges when they are planning for the succession of their businesses and the real estate associated with their farms. Oftentimes, farms are successively held and then given to...more

Beyond Taxes: 10 Important Reasons Why Everyone Needs an Estate Plan

Bowditch & Dewey on 6/1/2023

People often assume that if their estate isn’t taxable, they don’t need to have an estate plan. In 2023, a Massachusetts estate tax return must be filed if the value of the deceased person’s gross estate exceeds $1 million. A...more

The Corporate Transparency Act Webinar Recap

Nutter McClennen & Fish LLP on 5/12/2023

Watch the full recording. What Is the CTA? The CTA (31 USC § 5336; 31 CFR 1010) is intended to strengthen the federal government’s anti-money laundering efforts by requiring many business entities to report information...more

Business Succession Planning

Lathrop GPM on 5/10/2023

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

[Webinar] Family Business Succession – The Good, the Bad and the Lessons Learned - May 23rd, 12:00 pm - 1:00 pm ET

Warner Norcross + Judd on 5/5/2023

Join Warner Norcross + Judd LLP attorneys Charles Ash, Matt Johnson and Laura Morris for a webinar discussion on family business succession and the challenges and opportunities to a successful transition. In this webinar, we...more

Has Your Business Attorney Met Your Estate Planning Attorney?

Ward and Smith, P.A. on 5/1/2023

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

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Estate Planning › Family Businesses

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