Fundamentals of Succession Planning

Learn the necessary considerations to define, execute, and implement an appropriate succession plan for a client.

Whether a business owner is ready or not to move on, the manner to effectuate a successful transfer is based on a similar identifiable process. This topic provides an outline of the considerations necessary to define, execute, and implement an appropriate succession plan for a client.

The process begins with a discussion of the transferor's motivations when transferring property, whether by choice or due to unforeseen events, what to have in place in the event of a desired transfer or a forced transfer, how to value the business for transfer, and concludes with an examination of the critical tax rules implicated by the transfer.

Lastly, the method of transfer can be affected by a number of factors. We will discuss which type of transfer works best in which situations, how to assure the business owner and their family can financially and personally weather the transfer, and what the estate planning and tax consequences are of a properly or improperly executed succession plan.

Faculty

Jennifer V. Abelaj

Jennifer V. Abelaj Law Firm

Nina Stillman

Handler Thayer, LLP