Scot Kirkpatrick, Stephen Heymann and Jasmin Severino's article on “All in the Family – Transition Strategies for Family Businesses” in Bloomberg Tax
The attorneys advise, “Television’s Archie Bunker created estate planning poetry when he exclaimed: “Somebody’s gotta be dead. That’s life!” While the reality of death is uncomfortable to think about, all business owners must plan for it lest they leave their families a mess rather than a blessing. In the context of a family-owned business, the failure to properly plan for disability, death or the ultimate transition of the business can lead to disastrous financial consequences for the business and the family as a whole.”
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