News & Analysis as of November 15, 2024

Succession Planning

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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 -

Why You Need a Succession Plan and an Estate Plan

Adler Pollock & Sheehan P.C. on 11/7/2024

Spoiler alert: In the acclaimed HBO series “Succession,” the patriarch of a family run business, Logan Roy, fails to name a clear successor. After his sudden death, the family is ripped apart. Eventually the business is sold...more

Business Owner's Guide: Use of Life Insurance for Buyouts

Tucker Arensberg, P.C. on 8/7/2024

It is typical to have provisions in the governing documents for your company which contemplate the death and buyout of the owners. Most often, those buyout obligations are funded by the purchase of a life insurance policy on...more

Agricultural Estate Planning: Securing Your Land's Future

Newburn Law on 4/19/2024

In the world of farming and ranching, ensuring your land's future is vital. That's where agricultural estate planning comes in. It's all about smoothly transitioning your farm or ranch to the next generation, maintaining its...more

Estate Planning for the Business Owner, Part 1: The Business Owner as a New Client

Blank Rome LLP on 4/19/2024

For most business owners, the business is the most valuable item on their balance sheet. From an estate planning perspective, the equity in the business is also often the best asset to use for lifetime transfers to pass value...more

Steps for the Long-term Success of Your Brand & Business

Farella Braun + Martel LLP on 9/6/2023

Family wineries face certain common issues when it comes to succession planning, and there are steps you can take to help ensure the longevity and success of your brand and business. Step 1 – Develop a Plan - Benjamin...more

Does Your Family Situation Call for a Spendthrift Trust?

Adler Pollock & Sheehan P.C. on 9/6/2022

You’ve likely spent most of your adult life accumulating wealth that you intend to eventually pass on to your loved ones. But are you concerned that the beneficiaries of your estate might squander their inheritance?...more

Attention Business Owners: It’s Time to Talk About Estate Planning

Adler Pollock & Sheehan P.C. on 3/9/2021

If you’re a small business owner, you probably don’t have a minute to spare in your busy workday, especially if you’re struggling to recover after a turbulent 2020. Estate planning may be one of the last things on your mind. ...more

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

Cole Schotz on 3/3/2021

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

Valuing Closely Held Businesses: The Reality Of Economic Control?

Farrell Fritz, P.C. on 8/26/2019

A Time for Planning? It’s late August – again. As usual, many business owners are looking forward to having all of their employees back at work and ready to make the final push for a successful year. Others, nearing...more

Top 10 Estate Planning Mistakes & How to Avoid Making Them

Ward and Smith, P.A. on 6/13/2019

As estate planners, we have seen it all over the years. What we have learned is that people make some common mistakes. Whether due to procrastination, lack of follow through, or ignoring their own mortality! This article...more

The Federal Generation-Skipping Transfer Tax: the Often Forgotten Transfer Tax

Burr & Forman on 4/12/2019

Many people are aware of the federal gift tax and the federal estate tax (sometimes referred to as the ‘death tax’). These are the transfer taxes which are imposed on transfers during life, by gift, or at death. In 2019, a...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

Personal Planning Strategies - September 2018

Proskauer Rose LLP on 9/10/2018

With over a century of combined experience, the lawyers of Proskauer's Private Client Services Department regularly provide their diverse clientele – from business entrepreneurs and corporate executives to sports figures and...more

What Could Go Wrong? The Importance of Business Succession Planning

Ward and Smith, P.A. on 4/23/2018

Most business owners expect that their company will continue to operate after they stop working. However, successfully transitioning control of a business rarely occurs without thoughtful planning. Consideration must be...more

Tax Law Uncertainty Should Not Delay Farming Business Succession Planning

Downey Brand LLP on 9/27/2017

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 Planning—Bet the Farm on It

Ward and Smith, P.A. on 5/16/2017

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

Estate Planning NOW: Preparing for a New Government

Lewitt Hackman on 12/1/2016

It’s impossible to predict what any future president will do, or what Congress will approve. But in light of comments president-elect Donald J. Trump made on the campaign trail, and given that Grand Old Party members will...more

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

Bond Schoeneck & King PLLC on 11/9/2016

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

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 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

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

Family-Controlled Businesses -- Tax Targets Again: Newly Proposed 2704 Regulations and Presidential Candidates' Positions

Burr & Forman on 8/31/2016

It's August of an election---year, and not just any election---year, a presidential election year. So, in less than 80 days, we'll all go to the polls and elect a new president. While Benjamin Franklin might have been right...more

The End to Discounts for Transfers of Interests in Family Business Entities

Dickinson Wright on 8/30/2016

The ability to use transfer and liquidation restrictions in legal documents to reduce the value of an interest in a family-controlled (or “closely-held”) business entity (e.g., partnership, corporation, limited liability...more

Proposed Treasury Regulations Would Severely Limit Valuation Discounts

Holland & Knight LLP on 8/29/2016

Earlier this month, the U.S. Department of the Treasury unveiled its long-awaited proposed regulations targeting valuation discounts commonly used in estate planning, thereby overturning decades of settled law. As drafted,...more

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