In an article published in the October 2017 issue of Estate Planning, Scot Kirkpatrick and Stephen Heymann discuss succession planning and passing on the family business. Kirkpatrick and Heymann explain that there is no success without a successor and succession plans for family businesses can take a variety of forms.
The article also discusses various considerations that come along with succession plans, such as charitable giving, buy-sell agreements, lifetime gifting and lifetime sales to family members. It dives deep into explaining tax consequences that should be considered to achieve the family’s objectives most profitably. “There is no ‘right’ answer for all situations; however, there are ‘prudent’ and ‘imprudent’ ones,” explain Kirkpatrick and Heymann.
For the full article, you may view the October 2017 issue of Estate Planning.