While the process of estate planning should, by its very nature, include the contemplation of our mortality and personal legacy, it often doesn’t. In fact, despite modern society’s general fascination with death and affinity for all things macabre—like zombies and vampires—the personal estate-planning process and documents, such as wills, often are designed to avoid the direct mention of death.
Trusts & Estates Articles
Living and working in today’s age of instant gratification impacts us all in our personal lives and our professional worlds. Many of our clients expect instantaneous responses to their questions, immediate solutions to their concerns and have unrealistic expectations that the estate-planning process will consistently be smooth and the end results will be excellent.
How to better address this sensitive issue with our clients. With business succession planning, there are many components and moving pieces involved, as well as tremendous obstacles. The most successful multigenerational family businesses share a commitment to charity and community development. Download the PDF for the full article.
The statistics are shocking and sobering. Very few family businesses successfully transition to the next generations. Estate planners may be unaware of the true reasons for this and therefore may be unable to properly help our clients.
John Ward’s Perpetuating the Family Business is not about saving taxes, rather it is about saving the family and its business. The book, a self-help guidebook to family business owners, is a synthesis of Ward’s experiences in advising such owners here and abroad.
In our practice and in the real world, it is usually easier to purchase real estate than to sell real estate. This often presents real world difficulties for businesses seeking to take advantage of the “like-kind” exchange provisions under section 1031 of the Internal Revenue Code.
Many tax and estate planing professionals are aware of the basic tax rules governing dedications for charitable contributions. They know the general distinctions between the limits on income tax deductions for contributions to private foundations, and for contributions to public charities.
The real estate wealth created over a lifetime (or over generations) can be lost absent tax and succession planning. For the large real estate portfolio, liquidity is usually a major concern.