Category: Family Business
It is impossible to know how events will play out, both on a grand scale and in small and unexpected ways. Last minute decisions, like those of the rock musicians who won seats in bets and then were killed in the Buddy Holly plane crash in 1959, are often said to be a function of […]
Whether it’s a farm or a manufacturing facility, family businesses are a key part of the global economy. Family business owners are not always very good about keeping their estate plans up to date. Circumstances change: the value of the business may grow or shrink, relationships within the family may change, and tax laws change. […]
Successfully achieving a tax-efficient transfer of the family business across the generations requires good estate planning that is regularly updated to adapt to changing situations. Most family business owners do have estate plans in place, but they are often out of date, and this presents problems. Family businesses matter in a way that might be […]
If you’ve been in business for long, chances are you’ve heard at least a few tales of probate problems plaguing family members, would-be successors or remaining business partners. So, how can you avoid probate? Many small businesses have had problems with probate. In the worst cases, the problems have led to the end of the […]
For the first time in a decade, Congress has decided to seriously examine the burden the death tax — also known as the estate tax — places on grieving families and their small businesses and employees. Present law states that if a business owner passes away his or her heirs possibly only have to pay […]
Whether a family business is big or small, succession planning is important to avoid family feuding or damage to the business. Here are some tips for avoiding mistakes in succession planning. Will your business live on after you pass away? Many family businesses begin life as the dream of a driven founder who guides the […]
While some might think family-owned sports teams are more plagued than Boston was by the 86-year “Curse of the Bambino,” I encourage you to look past curses to investigate causes. Identify potential estate and financial planning challenges your business might face, and deal with them. You’ll have better odds your family ends up on the […]
Building a successful business takes hard work, careful planning and significant foresight. When a business has been able to maintain its success for a significant period of time, owners and/or executives must begin the task of succession planning. Family owned and operated businesses face particular challenges in this area. Building a family business is hard […]
“An irrevocable trust is a trust generally created during someone’s lifetime that is exactly what it says — it can’t be revoked.” Tom Benson and his grandchildren are in a fight over the ownership of the New Orleans Saints NFL football team and the New Orleans Pelicans NBA basketball team after his death. The family […]
It’s a high-stakes multi-million-dollar sibling rivalry that reads like a Hollywood movie script and is playing out in a federal courtroom in Covington. And an end to the nearly 20-year drama may be just six months away, as a judge set a trial date for early May 2015 in the case that pits brothers against […]
