News & Analysis as of September 25, 2024

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 -

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

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

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

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

Introducing: The Austens

Burns & Levinson LLP on 2/22/2021

Welcome to the Austen family! Their father, Jack Austen, is a hardworking, self-made, immigrant who started a family real estate company. Some children were involved in the family company, some were not. Some children were...more

Helping Clients Identify Estate Planning Opportunities in a Low Interest Rate and Depressed Value Environment

Foley & Lardner LLP on 3/31/2020

Today’s historically low interest rates and depressed asset values make this an excellent time to engage in various estate planning techniques. Current conditions present several planning opportunities for transferring wealth...more

Succession Planning for Wineries and Vineyards - As wine families tend their grapes, so too should they tend their business...

Farella Braun + Martel LLP on 2/26/2019

Wineries and vineyards are unique assets to consider when crafting personal financial, estate and business succession plans for clients, both of which are crucial components of wealth management....more

Can a Family Business Succession Plan be Successful?

Gray Reed on 12/24/2018

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

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

Ward and Smith, P.A. on 10/11/2018

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

Family Affair: Potential Problems with Family-Owned Businesses

Ward and Smith, P.A. on 7/18/2018

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

Buy-sell agreements: When a smart business decision also makes estate planning sense

Adler Pollock & Sheehan P.C. on 6/11/2018

If a person owns a business with one or more individuals, drafting a buy-sell agreement is smart estate planning, as the business interests likely represent a substantial part of his or her estate. This article explores the...more

Insight on Estate Planning - April/May 2018

Adler Pollock & Sheehan P.C. on 4/2/2018

In This Issue: - Estate planning for your business: Use an ESOP to properly address your closely held company - Are your assets protected from creditors? - Preparing a parent for a nursing home - ESTATE PLANNING...more

Transfer Tax Considerations Under the Tax Cuts and Jobs Act

Holland & Knight LLP on 1/11/2018

• The U.S. House of Representatives and Senate ushered H.R. 1, the Tax Cuts and Jobs Act (the Act), through conference committee, and President Donald Trump signed the Act into law on Dec. 22, 2017. • Most of the Act's...more

Time to Transfer Early Stage Investments?

Jackson Walker on 10/10/2016

New rules may stop “cheap” transfers of business interests to kids and grandkids. Proposed IRS regulations that may be effective as early as the end of 2016 are designed to severely limit use of discounts on gifts or sales...more

IRS Proposes Regulations That Would Increase Wealth Transfer Taxes in Family-Controlled Entities

Skadden, Arps, Slate, Meagher & Flom LLP on 9/28/2016

The Internal Revenue Service (IRS) proposed regulations on August 2, 2016, under which transfers to family members of interests in family-controlled entities — including partnerships, limited liability companies (LLCs) and...more

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

Bond Schoeneck & King PLLC on 9/20/2016

INTRODUCTION - There are over five million family owned businesses operating in the United States.1 The Small Business Administration has indicated that over 90% of all businesses operating in North America are family...more

Proposed IRS Valuation Rules Could Have Major Impact on Family Wealth Transfers

Brooks Pierce on 9/16/2016

New rules proposed by the IRS on August 2 could severely limit or eliminate the use of discounts commonly applied to value interests in family businesses for tax purposes. These discounts, which have been approved in numerous...more

Proposed Tax Regulations Limit Availability of Valuation Discounts to Family Business Owners

Bradley Arant Boult Cummings LLP on 9/15/2016

For family business owners who desire to transfer ownership of part of their business to the next generation, the valuation of the business interest is often an important factor to consider. This is especially true for family...more

IRS Proposes New Rules Designed to Restrict Valuation Discounts in Family Transfers

Burr & Forman on 9/15/2016

Partnerships and LLCs are common choices of entity for family-owned businesses, due to their flexibility and the many uses to which they can be put – including pooling of family assets, succession planning, asset protection,...more

IRS Proposes Regulations to Limit Valuation Discounts for Family Businesses

Akin Gump Strauss Hauer & Feld LLP on 9/14/2016

On August 2, 2016, the Internal Revenue Service and the Treasury Department issued proposed regulations intended to substantially limit the use of discounts in valuing intra-family transfers of interests in family-controlled...more

Proposed 2704 Regulations: Significant Impact on Valuation Discounts for Family Businesses

Tucker Arensberg, P.C. on 9/13/2016

Background: On August 4, 2016, the Treasury Department and Internal Revenue Service issued proposed regulations addressing the valuation of certain business interests for federal estate, gift and generation-skipping tax...more

Proposed Treasury Regulations Regarding Valuation Discounts for Transfers of Family-Controlled Entities, if Enacted, Would Apply...

Dechert LLP on 9/9/2016

After years of anticipation, the U.S. IRS recently issued Proposed Treasury Regulations that would, if enacted in their current form, substantially eliminate most valuation discounts for family-controlled entities and result...more

Transfers of Family-Controlled Business Entities to Family Members Could Get More Expensive

Greenberg Glusker LLP on 9/6/2016

Transfers of Family-Controlled Business Entities to Family Members Could Get More Expensive - The Internal Revenue Service (IRS) recently released proposed regulations that will dramatically change the valuation of...more

The End of Family Business Valuation Discounts?

Ward and Smith, P.A. on 9/1/2016

Proposed Treasury Regulations Prompt Immediate Action - The Threat to Planning with Family Business Interests: Recently proposed regulations threaten a powerful planning technique – the use of valuation discounts...more

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