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Succession Planning for Family Owned Businesses

Understand how to successfully implement a succession plan to transfer ownership of family-owned businesses.

Many family-owned businesses who are preparing to transfer ownership to the next generation often do not understand the considerations that need to go into making the decision in a way that benefits both the current owner and future owner financially. They also do not understand how the transition needs to be structured to minimize any tax burden and avoid drama amongst family members. This topic helps the family-owned business decide whether to transfer ownership of the business while they are alive or at the time of their death. The topic also helps outline the process for transferring the business in a manner that will maximize financial gain to all parties and minimize any tax burden. Failing to plan in advance for the transfer of the family-owned business causes significant tax burden and potential turmoil in the family. This topic is critical for business owners and their advisors so they can ensure they know how to implement a plan to transition ownership of the family-owned business.

Runtime: 79 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview of Business Succession Planning Process

  • Importance of Estate Planning for Successful Intra-Family Transfer
  • Role of Attorneys and Advisors in the Planning Process

Lifetime Transfer of a Business to Family Members

  • Deciding to Gift or Sell the Business
  • Use of Intentionally Defective Grantor Trust (IDGT)
  • Maintaining Control While Transferring Equity

Transfer of a Business to Family Members at Death

  • Dividing the Business Between Family Members
  • Estate and Income Tax Planning Issues
  • Second Marriage Business Planning Issues

Life Insurance's Role in Succession Planning

  • Funding Shareholders Agreements for Death or Disability
  • Death and Retirement Planning for Key Employees
  • Equalizing Inheritances Between Family Members

Ethical Obligations

  • Who Is Your Client?
  • Representing Multi-Generational Family-Owned Businesses
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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Anthony A. Marrone II

Anthony A. Marrone II

The Marrone Law Firm, P.C.

  • Managing shareholder of The Marrone Law Firm, P.C.
  • Practice includes estate planning, business succession planning, elder law, Medicaid planning, and estate and trust litigation
  • Author of “The Social Media Marketing Blueprint for Lawyers” and several other journal articles and blogs on social media, estate planning and elder law
  • J.D., cum laude, Syracuse University College of Law
  • Can be contacted at [email protected], 315-728-9433, www.themarronelawfirm.com, www.anthonymarrone.com or www.facebook/marroneelderlaw
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Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 399451
Published 2016, 2017
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