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Description

Most successful businesses are owned by one or more families. Because they are family owned, these companies create many special planning challenges.

Ownership and control do not shift among non-owner managers or anonymous shareholders. Rather, succession in ownership and management is a momentous and often highly emotional process for members of the family. Frequently, these transitions are caused by the retirement or death of members of a family member. And these transitions, if not carefully planned and delicately handled, can be ruinous, damaging the family and their company.

This program provides a practical framework of trust and estate planning and succession planning for family businesses.

Part 2 topics include:

• Counseling clients on how to avoid family drama on succession
• Life insurance trust planning – or as a compensating asset to certain heirs
• Structuring private annuities to transfer a business and provide income to founders
• Self-cancelling installments notes and intentionally defective irrevocable trusts
• Use of GRATS and "redemptive freezes"