The Wall Street Journal reported that one-third of all family businesses are operated by husband and wife teams, representing a substantial number of all businesses. READ MORE
No matter what your net worth, it’s wise to have a comprehensive estate plan in place, and the earlier you do this, the better. Without an estate plan, decisions may be made without regard to your wishes and may not fully consider your heirs’ needs. The following are what I consider to be the three most common estate planning mistakes. READ MORE
There are a number of books written on succession planning and transitions in family businesses, and it is impossible to synthesize all of that information into a short blog. So, keep in mind as you read this, that succession planning is a complex subject, and this is intended as a high level overview. In subsequent posts we will discuss particular aspects in greater depth. Following are 10 suggestions to ensure a smooth leadership transition for your family business.
During the week of January 14, 2013, I was fortunate to attend the Annual Heckerling Institute Conference on Estate Planning in Orlando, Florida. It is the nation’s leading conference for estate planners, including accountants, attorneys, trust officers, insurance advisors and wealth management professionals. The sessions offered a comprehensive coverage of the latest estate planning techniques and strategies.
As a family business owner, your company’s future viability depends on several factors, including the value of your business. Your business may likely be the most significant asset of your estate, in terms of value for estate tax purposes and for business succession. So it may be wise to have your business valued sooner than later, to start dispersing that value to family members (children, grandchildren, etc.) or others. This will reduce the value of your estate, thus decreasing the tax burden when the business is eventually transitioned to the next generation.