Succession Planning Case Studies

Size: px
Start display at page:

Download "Succession Planning Case Studies"

Transcription

1 Succession Planning Case Studies Prepared by NCFC Business Consulting INTRODUCTION The following are brief descriptions of how some intergenerational business succession plans have been implemented. These case studies were developed from our experiences and are not intended to be recommendations for others or to be an all-inclusive review of the numerous ways these complex plans might be implemented. The examples have been altered to preserve the anonymity of families and businesses involved and to simplify the planning concepts. Intergenerational business succession and estate planning are extremely individualized topics, for which generalization is often inappropriate. While these case studies may be useful to stimulate some ideas and facilitate discussion, it would not be prudent to develop plans for any specific business without a full review of the circumstances of that business by qualified tax legal, financial services and business advisors. Sales Case Study Background; One of the most direct models for intergenerational business succession is for the senior members of the business to sell a portion, or the entire, business to one or more of the junior members of the business. Such sales may be done in planned phases, may be financed by lenders or by the sellers. Installment sales contracts are common in these transactions. Since sales are typically taxable events, it is important for all parties to seek professional tax advice and to be sure all the implications of a contemplated sale are understood prior to implementing these strategies. Sales may create income from interest and cash-flow from principal payments, which can be used to fund senior members retirement, diversify investments, distribute to family members who may not be involved in the operation of the business, or for many other uses. Like most business succession models, issues of equity (fair versus equal) must be addressed and communicated effectively if those involved are to be committed to these strategies. An example of a business succession implemented through sales is that of retirement-aged parents with two adult children (juniors), both of whom have established successful professional careers. The property had a substantial mortgage, but more than fifty percent equity. The parents wished to convert the character of their income from active business income (sale of crops, etc.) to passive or investment income (interest). Because the combined incomes of the juniors were greater than the parents income their accountant had advised that the juniors had more capacity to shelter income taxes through paying interest and realizing depreciation expenses associated with the property. The sale transferred all future appreciation to the juniors, allowed the parents to realize a predictable and passive income from interest income and allowed the juniors to deduct the interest and depreciation (from a re-started depreciation schedule) from the purchase of the business assets (orchards and equipment) on their individual income tax filings.

2 The juniors formed a LLC and elected individual tax treatment so they could combine the income or losses from their share of the business with their employment income on their individual tax filings. The terms of the installment sale included no down payment and interest only payment for the first five years, then principle and interest amortized over 25 years. The sale was done subject to the existing mortgage and the lender agreed not to exercise the due on sale provisions of their note. In this scenario, the parents used a portion of the payments they received from the juniors to pay the existing mortgage, for which the parents were still liable. It is likely that a major amount of principle will still be due when the installment note is inherited by the juniors. At that point, the children would most likely cancel the note and own the property free and clear if the parents first mortgage is fully paid at that time. Five years have passed since the installment sale, and the juniors will begin annually paying principal payments, as well as interest, on their installment note. Recently, the parents and juniors have been discussing the potential for the juniors to get a new first mortgage to pay off their installment note, which would require paying off the parents existing first mortgage. The orchard is now in full production and can support a new first mortgage for the full principal balance of the installment note. The parents would realize substantial after-tax sales proceeds and have about $500,000 to invest after paying off their mortgage. Activity As a group, discuss the case, choose a spokesperson for the group and record the following to be presented to the larger group of participants: ü How did implementing this succession plan meet the senior family members ü How did implementing this succession plan meet the junior family members ü What conflicts where avoided or mitigated?

3 Succession Planning Case Studies Prepared by NCFC Business Consulting INTRODUCTION The following are brief descriptions of how some intergenerational business succession plans have been implemented. These case studies were developed from our experiences and are not intended to be recommendations for others or to be an all-inclusive review of the numerous ways these complex plans might be implemented. The examples have been altered to preserve the anonymity of families and businesses involved and to simplify the planning concepts. Intergenerational business succession and estate planning are extremely individualized topics, for which generalization is often inappropriate. While these case studies may be useful to stimulate some ideas and facilitate discussion, it would not be prudent to develop plans for any specific business without a full review of the circumstances of that business by qualified tax legal, financial services and business advisors. Spin-off Split-up Case Study Background; Many family farms and ranches have been organized as C Corporations. While many business and tax advisors recommend that C Corporations not hold title to real estate or other appreciating assets, many corporations (especially those formed when individual marginal tax rates were much higher than corporate rates) currently hold substantial amounts of land and improvements. While corporate stock facilitates partial ownership, as well as facilitating transfer (including gifting), of those interests, it can complicate the ability to meet the objectives of individual stockholders. IRS code provides, within guidelines, for corporate assets to be reorganized into successor corporations through what is known as spin-offs or split-ups (also know as Type D or Section 355 reorganizations) without creating a taxable event. Since the legal and tax implications of reorganization can vary widely, no reorganization should be attempted without appropriate professional counsel. With that counsel to guide the process, the concept of most business reorganizations is similar. Most involve allocating the capital or net assets held by an individual, or entity, in one entity to a successor entity in such a way that the individual maintains the same equity as they held in the original entity. The individual gains the ability to use their separate assets to more appropriately meet their individual objectives. This case involves land owned by a family C Corporation, of which the stock is owned by parents who are approaching 60 years of age, and their three adult children (juniors) who range in age from 30 to 40. The parents have gifted ten percent of the stock to each junior (total of 30%). The parents would like to hand over control and management responsibilities to the juniors. Sales of the land held by the corporation would trigger significant corporate income tax liabilities (no capital gains rate for corporations) and double-taxation when sales proceeds would be distributed to the shareholders. The family s accountant recommended converting the corporation to an S Corporation to gain favorable tax treatment (income or losses passed to the stockholders to be reported individually), in order to avoid the double tax issue for potential future sales of assets (there is a ten-year

4 conversion period). The juniors were not convinced of the wisdom of the selling even after full conversion of to S Corporation tax treatment, which expanded the widening gap between the objectives of the stockholders. The solution in this case was to accomplish a corporate reorganization. In this process, the juniors equity in the form of corporate assets was divided into three new corporations, each owned fully by one of the juniors. Once the new corporations were established and funded with an appropriate share of assets (land, equipment and cash equaling 10% of the original corporate capital) from their earlier corporation, each junior could direct their own assets to meet their individual objectives. In this case, two juniors joined their successor corporations as a new LLC and continued to operate the land, including land owned by the other junior s corporation as well as land owned by the parents corporation. After completing the ten-year transition, the third junior plans to sell the land held in his S Corporation and, by way of tax-deferred (1031) exchanges, to convert those assets to commercial real estate, which may yield more net rent and appreciation than what may be realized from the farmland. Activity As a group, discuss the case, choose a spokesperson for the group and record the following to be presented to the larger group of participants: ü How did implementing this succession plan meet the senior family members ü How did implementing this succession plan meet the junior family members ü What conflicts where avoided or mitigated?

5 Succession Planning Case Studies Prepared by NCFC Business Consulting INTRODUCTION The following are brief descriptions of how some intergenerational business succession plans have been implemented. These case studies were developed from our experiences and are not intended to be recommendations for others or to be an all-inclusive review of the numerous ways these complex plans might be implemented. The examples have been altered to preserve the anonymity of families and businesses involved and to simplify the planning concepts. Intergenerational business succession and estate planning are extremely individualized topics, for which generalization is often inappropriate. While these case studies may be useful to stimulate some ideas and facilitate discussion, it would not be prudent to develop plans for any specific business without a full review of the circumstances of that business by qualified tax legal, financial services and business advisors. Shifting Business Opportunities Case Study Background; This strategy is especially useful for businesses that provide services such as custom farming, processing, etc. in which the primary assets are made up of inventories or accounts receivable. The concept is that the value of the business is associated with the opportunity to continue creating new inventories or receivables. To the degree those inventories or receivables can be shifted to a new entity with a different owner or owners, this strategy may be useful in transferring the value and future earnings. The business rationale for retiring parents to refer customers or accounts to junior members of their family, typically involves the parents desire to be less involved in day to day management, and or operating risks. This case study involved a father and son. The father owned orchards, held as a corporation. As the son become involved in the business, they decided to expand the business to include a processing plant that would package and sell the orchard products to the wholesale market. They formed a new division of the corporation (still owned by the father) for the processing business, which was operated by the son. The father s corporation provided funds for the processing business start-up and the processing facilities were constructed on the land held by the father s corporation. After a few years, the processing business had grown to the point where it was very profitable (much more profitable than the production division of the corporation). By that time, they were buying and processing products from many other orchards and selling those products to wholesalers. The processing division had developed a net worth of nearly $1,000,000 in the form of inventories and account-receivable. By this time, the father was approaching retirement and with the help of his attorney, accountant and business consultant, began to develop a business succession plan, including estate planning (planning to reduce estate tax liabilities). The accountant advised that it would be helpful for the value of the processing business and future growth of that business to be in the hands of the son, since he was

6 already running the processing business and the father did not need the income. Such a transfer would also reduce the value of the father s estate to a point at which other estate planning strategies might reduce or eliminate estate tax liabilities. The succession plan included forming a new entity (in that case an LLC) owned solely by the son. The LLC was named to provide continuity of the ongoing processing business. The LLC borrowed money from the father s corporation for start-up expenses and rented the existing facilities. The father encouraged his son to do processing for the existing customers, while letting the existing customers know that he wanted to retire, and that his son would continue to run the procession business through the new entity. Since the son had been running the processing business, the producers from whom products were purchased and the buyers they sold to, saw very little change. Over a period of a year or so, the corporation was no longer in the processing business and all the previous processing and sales, plus new volume, was being handled by the son s LLC. The result was that the father s estate value declined by nearly $1,000,000 as inventories and receivables in his corporation were depleted. The net worth of the son s business increased by a like amount as that business built inventories and receivables. In this case, because of careful planning and strict adherence to professional tax advice, there was no taxable transfer of assets, while the objectives of the family business succession and estate planning were accomplished. Shifting of business opportunities may not yield the same tax and legal consequences for different business circumstances, but may be a viable strategy for some businesses. Activity As a group, discuss the case, choose a spokesperson for the group and record the following to be presented to the larger group of participants: ü How did implementing this succession plan meet the senior family members ü How did implementing this succession plan meet the junior family members ü What conflicts where avoided or mitigated?

7 Succession Planning Case Studies Prepared by NCFC Business Consulting INTRODUCTION The following are brief descriptions of how some intergenerational business succession plans have been implemented. These case studies were developed from our experiences and are not intended to be recommendations for others or to be an all-inclusive review of the numerous ways these complex plans might be implemented. The examples have been altered to preserve the anonymity of families and businesses involved and to simplify the planning concepts. Intergenerational business succession and estate planning are extremely individualized topics, for which generalization is often inappropriate. While these case studies may be useful to stimulate some ideas and facilitate discussion, it would not be prudent to develop plans for any specific business without a full review of the circumstances of that business by qualified tax legal, financial services and business advisors. Partitioning of Jointly-held Real Estate Case Study Background; Common or undivided ownership of real estate including farms and ranches, can be a challenge for business succession planning. Common ownership in this case refers to undivided, joint ownership by individuals (as opposed to entities). This situation often results when land is inherited without adequate planning or through intestate succession (without a will). The result would be that several individuals names would appear on the deed. In these cases, the owners do not own a specific parcel of land, but rather own an undivided interest in the entire property. There are legal procedures for accomplishing real estate partitions. Since the legal procedures are often costly, adversarial and result in divisions that are seldom satisfactory to the recipients, the focus will be on voluntary (nonjudicial) partitions. Voluntary partitions result from mutual agreement of the owners about how to divide the real estate among themselves. This process allows business owners to direct their separate real assets to meet their individual objectives. This case provides and example of how a voluntary real estate partition might accomplish business succession objectives. It involves a father, through his will, transferred a substantial amount of farmland to a newly formed partnership owned by his three adult children. Two of the partners were farmers and the third was not involved in the business. The two farmers formed an operating partnership, which rented the land from the landowning partnership. This arrangement continued for more than twenty years. As the farming partners approached retirement and wanted their business to succeed to their adult children (juniors), it became necessary to divide the land held in the partnership. Through several meetings with their business advisors, they decided they could avoid the cost and complication of appraising the land and arrive at an equitable division of the land by using the county tax assessor s values. They were not so concerned about absolute values as they were that the values would be equitable in a relative way. They each drew maps of how they thought the land should be divided based on those values and logistical factors (proximity, shared wells, drainage, access, etc.) and shared those maps with each other.

8 With a minimum of disagreement, they reached an amicable division of the property without dividing any existing legal parcels. They implemented the partition by contracting to have some new boundary lines surveyed and obtaining title insurance for their transfers from the landowning partnership to each individual. Once the partition was complete, the farming partnership continued to rent all of the land from the individual owners, just as it had from the landowning partnership. The farming partnership then developed a business plan for several of the junior to succeed the original partners. In this way, the farm remained in the family and each of the senior partners was able to establish their own individual business succession plans with separate assets. Activity As a group, discuss the case, choose a spokesperson for the group and record the following to be presented to the larger group of participants: ü How did implementing this succession plan meet the senior family members ü How did implementing this succession plan meet the junior family members ü What conflicts where avoided or mitigated?

9 Succession Planning Case Studies Prepared by NCFC Business Consulting INTRODUCTION The following are brief descriptions of how some intergenerational business succession plans have been implemented. These case studies were developed from our experiences and are not intended to be recommendations for others or to be an all-inclusive review of the numerous ways these complex plans might be implemented. The examples have been altered to preserve the anonymity of families and businesses involved and to simplify the planning concepts. Intergenerational business succession and estate planning are extremely individualized topics, for which generalization is often inappropriate. While these case studies may be useful to stimulate some ideas and facilitate discussion, it would not be prudent to develop plans for any specific business without a full review of the circumstances of that business by qualified tax legal, financial services and business advisors. Generation Skipping Trusts Case Study Background; The generation skipping trusts allowed the original owners (grantors) to manage the trust assets during their lifetimes and for the income to go first to them and their surviving spouses, then to their children. The property (or proceeds) would typically be distributed to the grantors grandchildren when the last of the grantors children pass away. After the grantors and their spouses die, the income from the property (rent from the operating entity) is typically divided equally among the grantors children. This income sharing arrangement equalizes the value of the inheritance for all the grantor s children and separates capital gain from the land assets from operating income. After the death of the grantors children the trust assets (land) would be distributed to the grantors grandchildren according to the terms of the trust agreement. In this scenario, the land might be preserved as an operating unit for fifty or more years without being subject to inheritance and the associated probate fees or estate taxes. During that time, the farming entities of the grantors children (those who continue to operate the business) would have the use of the land at reasonable rental rates, providing an assured base of operation with which to expand their own businesses. While the grantors children would never inherit the land, they would have a lifetime income from the land held in trust, and their children would receive a portion of the land, which was held in trust for their benefit. This scenario provides a good way to provide an equal inheritance to all the grantors children regardless of their involvement in the farming operation (equal shares of net operating income, from land rent) and equal shares of land proceeds to all the grandchildren. It keeps the land together for another generation and makes it available to the grantors children who want to farm, but doe not require them to be farmers, as the land could be operated (rented or custom farmed) by others. The concept in this case is that the heirs may not need to hold title to the land in order to derive income from it and to use it as a base to expand their individual businesses. A future succession plan for distributing the land from the trust to the grandchildren may be needed and may vary widely based on

10 circumstances (including tax and other regulations) at that time. We have assisted with such succession plans that involve forming a new entity to receive the distributed land and establishing buy-sell agreements between the owners of that entity so they can equitably determine values and terms for transferring entity interests among themselves. This process allows those who want to sell their interest to reinvest in other assets and for those who want to continue to farm to keep the land together for an indefinite period of time beyond the distribution of trust assets. This provides an alternative to selling the land and dividing the proceeds among the grandchildren. Activity As a group, discuss the case, choose a spokesperson for the group and record the following to be presented to the larger group of participants: ü How did implementing this succession plan meet the senior family members ü How did implementing this succession plan meet the junior family members ü What conflicts where avoided or mitigated?

Estate Planning. Farm Credit East, ACA Stephen Makarevich

Estate Planning. Farm Credit East, ACA Stephen Makarevich Estate Planning Farm Credit East, ACA Stephen Makarevich Farm Business Consultant 9 County Road 618 Lebanon, NJ 08833 1.800.787.3276 stephen.makarevich@farmcrediteast.com 1 What is Estate Planning? 2 Estate

More information

Transferring Business Assets

Transferring Business Assets Transferring Business Assets In the future, you may either want to transfer your business to heirs or sell your business to employees, competitors, or others. Planning for transfer of a family business

More information

Estate Tax Concepts. for Edward and Tina Collins

Estate Tax Concepts. for Edward and Tina Collins Estate Tax Concepts for Edward and Tina Collins Joseph Davis, CLU, ChFC 215 Broad Street Charlotte, North Carolina 26292 Phone: 704-927-5555 Mobile Phone: 704-549-5555 Fax: 704-549-6666 Email: joseph.davis@aol.com

More information

White Paper Estate Freeze Technique: Private Annuity

White Paper Estate Freeze Technique: Private Annuity White Paper Estate Freeze Technique: Private Annuity www.selectportfolio.com Toll Free 800.445.9822 Tel 949.975.7900 Fax 949.900.8181 Securities offered through Securities Equity Group Member FINRA, SIPC,

More information

Kuno S. Bell on How Best to Sell Your Ownership in a Rental Real Estate Partnership

Kuno S. Bell on How Best to Sell Your Ownership in a Rental Real Estate Partnership Kuno S. Bell on How Best to Sell Your Ownership in a Rental Real Estate Partnership By Kuno S. Bell, Pease & Associates, Inc. 3.01 Introduction The statement that you own real estate through a partnership

More information

TAX PLANNING FOR CANADIAN FARMERS

TAX PLANNING FOR CANADIAN FARMERS April 2014 CONTENTS Annual tax planning issues Income tax deferral Incorporating your farming business Long-term planning issues Taxation of capital gains Maximizing your capital gains exemption claims

More information

Harry's Goals and Objectives: After meeting with his team of advisors, Harry has defined his goals and objectives as: From Randall Fisher

Harry's Goals and Objectives: After meeting with his team of advisors, Harry has defined his goals and objectives as: From Randall Fisher Transferring Business Interests to Family Members: Sale of Non- Voting Stock Interests to Grantor Dynasty Trusts Volume 5, Issue 9 Some of my clients have family-owned or closely held business interests

More information

TOP 20 USES FOR LIFE INSURANCE In Estate, Business Succession, and Financial Planning

TOP 20 USES FOR LIFE INSURANCE In Estate, Business Succession, and Financial Planning TOP 20 USES FOR LIFE INSURANCE In Estate, Business Succession, and Financial Planning Permanent life insurance is not just about death benefits. It s an essential tool in estate, business succession, and

More information

Purchasing U.S. Real Estate

Purchasing U.S. Real Estate Purchasing U.S. Real Estate Tax Considerations for the Non-U.S. Investor Updated October 2015 Table of Contents Introduction... 2 Ownership in Personal Name... 2 Buying for Personal Use... 3 Buying for

More information

Estate planning strategies using life insurance in a trust Options for handling distributions, rollovers and conversions

Estate planning strategies using life insurance in a trust Options for handling distributions, rollovers and conversions Estate planning strategies using life insurance in a trust Options for handling distributions, rollovers and conversions Life s better when we re connected Table of contents Find your questions review

More information

Family Business Succession Planning

Family Business Succession Planning WILLIAM DELMAGE President 22 Hemingway Drive East Providence, RI 02915 (401) 435-4239 103 wmd@wdandassociates.com www.wdandassociates.com Family Business Succession Planning Page 2 of 9 Transferring Your

More information

CASE District IV Conference Fort Worth, Texas. March 25, 2013. What true assets does your family possess?

CASE District IV Conference Fort Worth, Texas. March 25, 2013. What true assets does your family possess? HOW TO INITIATE GIFT PLANNING DISCUSSIONS WITH DONORS The Charitable Planning Process CASE District IV Conference Fort Worth, Texas March 25, 2013 Laura Hansen Dean, J.D. Attorney at Law (Texas, Indiana)

More information

IN THIS ISSUE: July, 2011 j Income Tax Planning Concepts in Estate Planning

IN THIS ISSUE: July, 2011 j Income Tax Planning Concepts in Estate Planning IN THIS ISSUE: Goals of Income Tax Planning Basic Estate Planning Has No Income Tax Impact Advanced Estate Planning Can Have Income Tax Implications Taxation of Corporations, LLCs, Partnerships and Non-

More information

Family Business Succession Planning

Family Business Succession Planning Concannon Wealth Management 1525 Valley Center Parkway Suite 310 Bethlehem, PA 18017 610-814-2474 www.cwm.us.com Family Business Succession Planning June 01, 2013 Page 1 of 9, see disclaimer on final page

More information

Business Succession Planning. 2011 Morgan Stanley Smith Barney LLC. Member SIPC

Business Succession Planning. 2011 Morgan Stanley Smith Barney LLC. Member SIPC 2011 Morgan Stanley Smith Barney LLC. Member SIPC 2011-PS-541 Expires: February 2012 Date of First Use: February 2011 Updated/Reviewed: February 2011 Overview Why Succession Planning is Important Common

More information

FNMA Self-Employed Income Calculations

FNMA Self-Employed Income Calculations FNMA Self-Employed Income Calculations FNMA considers any individual that has a 25% or more ownership interest in a business to be self-employed. BUSINESS STRUCTURES Knowledge of the structure of the business

More information

Financial Strategies for Selling a Farm or Ranch

Financial Strategies for Selling a Farm or Ranch Financial Strategies for Selling a Farm or Ranch By: Christopher Nolt, LUTCF and John Clark, CPA An Educational Resource From Solid Rock Wealth Management Selling a farm or ranch typically creates significant

More information

Cushing, Morris, Armbruster & Montgomery, LLP

Cushing, Morris, Armbruster & Montgomery, LLP Cushing, Morris, Armbruster & Montgomery, LLP Some strategies for liquidating in a tax-efficient manner an interest in a closely held business, real estate, or a private investment fund 1. Liquidate interest

More information

Your U.S. vacation property could be quite taxing by Jamie Golombek

Your U.S. vacation property could be quite taxing by Jamie Golombek June 2015 Your U.S. vacation property could be quite taxing by Jamie Golombek It seems everywhere we look, Canadians are snapping up U.S. vacation properties. Though your vacation property may be located

More information

Farmland Preservation An Estate Planning Tool

Farmland Preservation An Estate Planning Tool Fact Sheet 779 Farmland Preservation An Estate Planning Tool If current trends are left unchecked, Maryland could lose 500,000 acres of farmland, forests, and other open spaces to development over the

More information

Investment Objectives and Management

Investment Objectives and Management DISCLOSURE STATEMENT DESERET POOLED INCOME FUND The Corporation of the President of the Church of Jesus Christ of Latter-day Saints (the "Church") has created the Deseret Pooled Income Fund, (the "Fund")

More information

Step 1: Data Gathering Personal Factors John and Mary Client are both age 55

Step 1: Data Gathering Personal Factors John and Mary Client are both age 55 Step 1: Data Gathering Personal Factors John and Mary Client are both age 55 The Clients have three children: Junior, age 30; Anne, age 27, Carol, age24. All three children are married and have their own

More information

Estate Planning. Insight on. The basics of basis. Does a private annuity have a place in your estate plan? Estate tax relief for family businesses

Estate Planning. Insight on. The basics of basis. Does a private annuity have a place in your estate plan? Estate tax relief for family businesses Insight on Estate Planning June/July 2015 The basics of basis Basis planning can result in significant tax savings Does a private annuity have a place in your estate plan? Estate tax relief for family

More information

HERMENZE & MARCANTONIO LLC ADVANCED ESTATE PLANNING TECHNIQUES - 2015

HERMENZE & MARCANTONIO LLC ADVANCED ESTATE PLANNING TECHNIQUES - 2015 HERMENZE & MARCANTONIO LLC ADVANCED ESTATE PLANNING TECHNIQUES - 2015 I. Overview of federal, Connecticut, and New York estate and gift taxes. A. Federal 1. 40% tax rate. 2. Unlimited estate and gift tax

More information

Estate Planning Purposes and Techniques

Estate Planning Purposes and Techniques ABSTRACT When the 2001 Economic Growth and Tax Relief Reconciliation Act expired in 2010, Congress extended the law through the end of the year 2012 and increased the estate tax exemption. The American

More information

Is your Farm s Entity the Best Option?

Is your Farm s Entity the Best Option? Is your Farm s Entity the Best Option? Executive Women in Agriculture December 4, 2015 polly@dobbslegal.com (765) 470-7090 Speaker Introduction Polly Dobbs, Esq. Owner, Dobbs Legal Group, LLC Estate planning

More information

ESTATE PLANNING FOR THE COMMERCIAL BUILDING OWNER. by: Donald B. Tipping, II

ESTATE PLANNING FOR THE COMMERCIAL BUILDING OWNER. by: Donald B. Tipping, II ESTATE PLANNING FOR THE COMMERCIAL BUILDING OWNER by: Donald B. Tipping, II Estate planning is the on going process of placing and owning your assets in the most tax advantageous method to minimize estate

More information

Module 10 S Corporation/Corporation Study Guide Introduction

Module 10 S Corporation/Corporation Study Guide Introduction Module 10 Study Guide Introduction Running your own business presents many challenges. One of the most difficult is complying with complex and ever-changing tax laws. This small-business tax education

More information

How are trusts and estates taxed for income tax purposes?

How are trusts and estates taxed for income tax purposes? Income Taxation of Trusts and Estates How are trusts and estates taxed for income tax purposes? What are the general income tax rules for trusts? What are the general income tax rules for estates? What

More information

The. Estate Planner. FAQs about donating real estate. The Roth IRA: Is it time to convert? It s intentionally defective?

The. Estate Planner. FAQs about donating real estate. The Roth IRA: Is it time to convert? It s intentionally defective? The Estate Planner September/October 2009 FAQs about donating real estate The Roth IRA: Is it time to convert? It s intentionally defective? How an IDGT can benefit your estate plan Estate Planning Red

More information

Family Business Succession Planning

Family Business Succession Planning Family Business Succession Planning Matthew S. Onstot Jason P. Wiltse Wealth Advisors 2400 86th Street, Unit 32 Urbandale, IA 50322 515-225-9500 515-537-5450 msonstot@wilonwm.com jpwiltse@wilonwm.com www.wilonwm.com

More information

Northeast Agribusiness Seminar New York Bankers Association

Northeast Agribusiness Seminar New York Bankers Association Northeast Agribusiness Seminar New York Bankers Association Inside Farm Family Business Transitions The Bankers Role 2015 Jeffrey M. Fetter, Attorney at Law Scolaro, Fetter, Grizanti, McGough & King, P.C.

More information

Planning Using and Business Valuation. For producer use only. Not for presentation to the public.

Planning Using and Business Valuation. For producer use only. Not for presentation to the public. Business Succession Planning Using Buy-Sell Agreements and Business Valuation This material was not intended or written to be used, and cannot be used, to avoid penalties imposed under the Internal Revenue

More information

Commercial Real Estate Investment: Opportunities for Income Generation in Today s Environment

Commercial Real Estate Investment: Opportunities for Income Generation in Today s Environment Commercial Real Estate Investment: Opportunities for Income Generation in Today s Environment Prepared by Keith H. Reep, CCIM Real Estate Investment Consultant In this white paper 1 Advantages of investing

More information

Incorporating your farm. Is it right for you?

Incorporating your farm. Is it right for you? Incorporating your farm Is it right for you? RBC Royal Bank Incorporating your farm 2 The following article was written by RBC Wealth Management Services If you have considered incorporating your farm,

More information

Succession Planning: Continuing Success

Succession Planning: Continuing Success Succession Planning: Continuing Success Succession Planning: CONTINUING SUCCESS INTRODUCTION... 3 STEP ONE: DEVELOPING THE PLAN AN OVERVIEW... 5 STEP TWO: GATHERING & ANALYZING RELEVANT DATA... 6 STEP

More information

IN THIS ISSUE: June, 2011 j Using a Limited Liability Company (LLC) to Transfer a Family Business

IN THIS ISSUE: June, 2011 j Using a Limited Liability Company (LLC) to Transfer a Family Business IN THIS ISSUE: Case Study Facts Consequences of No Planning Planning Objectives Phase 1: Reorganize & Recapitalize Phase 2: Create Dynasty Trusts Phase 3: Tom's Trust Installment Note Why Reorganize to

More information

The Charitable Remainder Trust: A Valuable Financial Tool for the Agricultural Family

The Charitable Remainder Trust: A Valuable Financial Tool for the Agricultural Family The Charitable Remainder Trust: A Valuable Financial Tool for the Agricultural Family An Educational Resource From Solid Rock Wealth Management By Christopher Nolt, LUTCF Introduction A charitable remainder

More information

PROTECTING BUSINESS OWNERS AND PRESERVING BUSINESSES FOR FUTURE GENERATIONS

PROTECTING BUSINESS OWNERS AND PRESERVING BUSINESSES FOR FUTURE GENERATIONS BASICS OF BUY-SELL PLANNING A buy-sell arrangement (or business continuation agreement ) is an arrangement for the disposition of a business interest upon a specific triggering event such as a business

More information

Grantor Retained Annuity Trusts

Grantor Retained Annuity Trusts Grantor Retained Annuity Trusts A GRAT may allow a person to share the future appreciation of an asset with the next generation with no gift tax. Executive Overview Transferring wealth can be a significant

More information

TAX PLANNING FOR THE SALE OF YOUR BUSINESS

TAX PLANNING FOR THE SALE OF YOUR BUSINESS TAX PLANNING FOR THE SALE OF YOUR BUSINESS REFERENCE GUIDE If you own a corporation that carries on an active business, you may be in a position at some point to consider the sale of your business. This

More information

KURT D. PANOUSES, P.A. ATTORNEYS AND COUNSELORS AT LAW 310 Fifth Avenue Indialantic, FL 32903 (321) 729-9455 FAX: (321) 768-2655

KURT D. PANOUSES, P.A. ATTORNEYS AND COUNSELORS AT LAW 310 Fifth Avenue Indialantic, FL 32903 (321) 729-9455 FAX: (321) 768-2655 KURT D. PANOUSES, P.A. ATTORNEYS AND COUNSELORS AT LAW 310 Fifth Avenue Indialantic, FL 32903 (321) 729-9455 FAX: (321) 768-2655 Kurt D. Panouses is Board Certified by the Florida Bar as a Specialist in

More information

Family Farm presented by Tom Bayer, Partner, Sikich LLP. tbayer@sikich.com 217.862.1704

Family Farm presented by Tom Bayer, Partner, Sikich LLP. tbayer@sikich.com 217.862.1704 Exit Planning for the Family Farm presented by Tom Bayer, Partner, Sikich LLP tbayer@sikich.com 217.862.1704 What is included in the Exit Planning process? Comprehensive approach hto exiting the farming

More information

A Sole Proprietor Insured Buy-Sell Plan

A Sole Proprietor Insured Buy-Sell Plan A Sole Proprietor Insured Buy-Sell Plan At a sole proprietor s death, the business is dissolved and all business assets and liabilities become part of the sole proprietor's personal estate. Have you evaluated

More information

SPECIAL ISSUES IN ESTATE PLANNING FOR PERSONS WHO OWN AGRICULTURAL LAND OR CONDUCT FARMING OPERATIONS. By Robert Serio

SPECIAL ISSUES IN ESTATE PLANNING FOR PERSONS WHO OWN AGRICULTURAL LAND OR CONDUCT FARMING OPERATIONS. By Robert Serio SPECIAL ISSUES IN ESTATE PLANNING FOR PERSONS WHO OWN AGRICULTURAL LAND OR CONDUCT FARMING OPERATIONS By Robert Serio SPECIAL ISSUES IN ESTATE PLANNING FOR PERSONS WHO OWN AGRICULTURAL LAND OR CONDUCT

More information

CI encourages you to share this content, however, in doing so, you may not alter its contents.

CI encourages you to share this content, however, in doing so, you may not alter its contents. Copyright 2014 Karp & Langerman P.C. All Rights Reserved CI encourages you to share this content, however, in doing so, you may not alter its contents. ctinnovations.com 1 The Importance of Estate Planning

More information

Wealthiest Families Know: 2013 & Beyond

Wealthiest Families Know: 2013 & Beyond What the Wealthiest Families Know: 2013 & Beyond Determine How Estate Planning Strategies and Life Insurance May Help You Turn Your Goals into a Wealth Legacy Whether you acquired it or inherited it, wealth

More information

Instructions for Completing Indiana Inheritance Tax Return

Instructions for Completing Indiana Inheritance Tax Return Instructions for Completing Indiana Return This form does not need to be completed for those individuals dying after Dec. 31, 2012. For those individuals dying before Jan. 1, 2013, this form may need to

More information

The Effective Use of Reverse Mortgages in Retirement

The Effective Use of Reverse Mortgages in Retirement Page 1 of 8 Copyright 2009, Society of Financial Service Professionals All rights reserved. Journal of Financial Service Professionals July 2009 The Effective Use of Reverse Mortgages in Retirement by

More information

Private annuity/trust

Private annuity/trust Deferring Capital Gains Taxes With A Private annuity/trust TM The National Association of Financial and Estate Planning NAFEP, 1999 and 2001 Revision 2 DEFERRAL OF CAPITAL GAINS AND DEPRECIATION RECAPTURE

More information

The Wealth Plan For Mr. & Mrs. Sample Client

The Wealth Plan For Mr. & Mrs. Sample Client The Wealth Plan For Mr. & Mrs. Sample Client John G. Griffin, CLU Chartered Financial Consultant April 2015 - Initial April 8, 2015 Mr. and Mrs. Sample Client Big Time Productions, Inc. 123 Smart Money

More information

Bishop Gadsden s Complete Guide to Charitable Giving

Bishop Gadsden s Complete Guide to Charitable Giving Bishop Gadsden s Complete Guide to Charitable Giving Introducing Bishop Gadsden s Century Society An Invitation to Join the Century Society As our mission statement boldly says, Bishop Gadsden embraces

More information

Recapitalization: Estate Freeze Techniques

Recapitalization: Estate Freeze Techniques Inspire Capital Management LLC Michael P. McKee, CFP President 1681 Maitland Avenue Maitland, FL 32751 407-331-0076 mckee@inspirecapital.com www.inspirecapital.com Recapitalization: Estate Freeze Techniques

More information

FORMALIZING YOUR FIRM: LLC VERSUS S CORPORATION VERSUS C CORPORATION

FORMALIZING YOUR FIRM: LLC VERSUS S CORPORATION VERSUS C CORPORATION FORMALIZING YOUR FIRM: LLC VERSUS S CORPORATION VERSUS C CORPORATION by Stephanie L. Chandler 1 and Lisa S. Miller 2, Jackson Walker L.L.P. As we work with entrepreneurs in setting up the structures for

More information

U.S. Taxation of Foreign Investors

U.S. Taxation of Foreign Investors PART OF THE LEHMAN TAX LAW KNOWLEDGE BASE SERIES United States Taxation Of Investors U.S. Taxation of Foreign Investors Non Resident Alien Individuals & Foreign Corporations By Richard S. Lehman Esq. TAX

More information

INCORPORATING YOUR BUSINESS

INCORPORATING YOUR BUSINESS INCORPORATING YOUR BUSINESS REFERENCE GUIDE If you are carrying on a business through a sole proprietorship or a partnership, it may at some point be appropriate to use a corporation to carry on the business.

More information

LIMITED LIABILITY COMPANIES

LIMITED LIABILITY COMPANIES LIMITED LIABILITY COMPANIES AGRICULTURAL APPLICATIONS PRESENTED BY KENT B MILLER EXTENSION AG ECONOMIST KS FARM MGT ASSOC SE 103 ½ E. 9 TH, SUITE 202 WINFIELD, KS 67156-2858 620-221-6906 kentfmse@yahoo.com

More information

Gifts of Life Insurance

Gifts of Life Insurance Gifts of Life Insurance Effective Ways to Make Them If you have a desire to make a major contribution to support our good works, life insurance can be an excellent tool for helping you accomplish your

More information

Giving Closely Held Stock

Giving Closely Held Stock Gift & Estate Planning Giving Closely Held Stock SM Stewarding the Giver and The Gift >> Focus on the Family, Attn: Gift & Estate Planning 8605 Explorer Drive Colorado Springs, CO 80920 800-782-8227 giftplanning@fotf.org

More information

GIFTS: THE KEY TO ESTATE TAX SAVINGS

GIFTS: THE KEY TO ESTATE TAX SAVINGS GIFTS: THE KEY TO ESTATE TAX SAVINGS THE LAW FIRM OF ELLEN M. WINKLER 58 Atlantic Avenue Marblehead, MA 01945 Tel. 781-631-6404 Fax 781-631-7338 www.emwinklerlaw.com Estate taxes can take a significant

More information

An Overview of Business Insurance Copyright 2015 RegEd Inc. 2100 Gateway Centre Blvd. Suite 200

An Overview of Business Insurance Copyright 2015 RegEd Inc. 2100 Gateway Centre Blvd. Suite 200 An Overview of Business Insurance Copyright 2015 RegEd Inc. 2100 Gateway Centre Blvd. Suite 200 Morrisville, NC 27560 800-334-8322 email: info@reged.com All rights reserved. No portion may be reproduced

More information

Protect your business, your family, and your legacy.

Protect your business, your family, and your legacy. An Educational Guide for Business Owners Protect your business, your family, and your legacy. Take a closer look at buy-sell agreements. Needs-based Strategies Your business is probably your single largest

More information

IDENTIFYING THE RIGHT TRUST FOR YOUR SITUATION PLAN FOR TOMORROW, TODAY

IDENTIFYING THE RIGHT TRUST FOR YOUR SITUATION PLAN FOR TOMORROW, TODAY IDENTIFYING THE RIGHT TRUST FOR YOUR SITUATION PLAN FOR TOMORROW, TODAY Life s ups and downs make it difficult to predict the future. Your family, your health, your career may all look fine today, but

More information

GIVE AND YOU SHALL RECEIVE CHARITABLE GIVING, CREATING A PLAN THAT S RIGHT FOR YOU

GIVE AND YOU SHALL RECEIVE CHARITABLE GIVING, CREATING A PLAN THAT S RIGHT FOR YOU GIVE AND YOU SHALL RECEIVE CHARITABLE GIVING, CREATING A PLAN THAT S RIGHT FOR YOU Contents 1 Give and you shall receive 3 Techniques summary 5 Planning for charitable giving NOT FDIC OR NCUA INSURED NOT

More information

Transferring Your Business Interest with a Buy-Sell Agreement

Transferring Your Business Interest with a Buy-Sell Agreement Besselman & Associates Patricia Ann Besselman CFP James M. Besselman, CLU, ChFC 111 Veterans Blvd. Ste. 360 Metairie, LA 70005 504-831-3506 pbesselman@besselmanandassoc.com Transferring Your Business Interest

More information

Tobacco Buyout Issues: Inherited or Gifted Tobacco Quota Buyout Installment Contracts

Tobacco Buyout Issues: Inherited or Gifted Tobacco Quota Buyout Installment Contracts Tobacco Buyout Issues: Inherited or Gifted Tobacco Quota Buyout Installment Contracts Guido van der Hoeven Agriculture Extension Specialist North Carolina State University T. Michael Till Extension Assistant

More information

EVERYTHING YOU ALWAYS WANTED TO KNOW ABOUT 1031 EXCHANGE (BUT DIDN T KNOW YOU SHOULD ASK )

EVERYTHING YOU ALWAYS WANTED TO KNOW ABOUT 1031 EXCHANGE (BUT DIDN T KNOW YOU SHOULD ASK ) EVERYTHING YOU ALWAYS WANTED TO KNOW ABOUT 1031 EXCHANGE (BUT DIDN T KNOW YOU SHOULD ASK ) Nancy N Grekin McCorriston Miller Mukai MacKinnon 5 Waterfront Plaza, 4 th Floor Honolulu, Hawaii 96813 529-7419

More information

FARM LEGAL SERIES June 2015 Choosing the Right Business Entity

FARM LEGAL SERIES June 2015 Choosing the Right Business Entity Agricultural Business Management FARM LEGAL SERIES June 2015 Choosing the Right Business Entity Phillip L. Kunkel, S. Scott Wick Attorneys, Gray Plant Mooty INTRODUCTION There are many types of business

More information

Gifting: A Property Transfer Tool of Estate Planning

Gifting: A Property Transfer Tool of Estate Planning Gifting: A Property Transfer Tool of Estate Planning by Marsha A. Goetting, Ph.D., CFP, CFCS, Professor and Extension Family Economics Specialist; and Joel Schumacher, Extension Economics Associate Economics

More information

BARBER EMERSON, L.C. MEMORANDUM ESTATE FREEZING THROUGH THE USE OF INTENTIONALLY DEFECTIVE GRANTOR TRUSTS

BARBER EMERSON, L.C. MEMORANDUM ESTATE FREEZING THROUGH THE USE OF INTENTIONALLY DEFECTIVE GRANTOR TRUSTS BARBER EMERSON, L.C. MEMORANDUM ESTATE FREEZING THROUGH THE USE OF INTENTIONALLY DEFECTIVE GRANTOR TRUSTS I. INTRODUCTION AND CIRCULAR 230 NOTICE A. Introduction. This Memorandum discusses how an estate

More information

I. Business Transfer Strategies

I. Business Transfer Strategies In many two-generation farming arrangements, the younger party begins by working for a fixed wage. Eventually, however, he or she will want to become an owner/operator not just an employee. Achieving this

More information

Non-Financial Assets Tax and Other Special Rules

Non-Financial Assets Tax and Other Special Rules Wealth Strategy Report Non-Financial Assets Tax and Other Special Rules OVERVIEW Because unique attributes distinguish them from other asset classes, nonfinancial assets may offer you valuable financial

More information

LAW OFFICES OF BRADLEY J. FRIGON, LLC PROBATE INTAKE FORM PERSONAL INFORMATION

LAW OFFICES OF BRADLEY J. FRIGON, LLC PROBATE INTAKE FORM PERSONAL INFORMATION Member National Academy of Elder Law Attorneys Member Special Needs Trust Alliance ** Certified Elder Law Attorney by the National Elder Law Foundation www.specialneedsalliance.com LAW OFFICES OF BRADLEY

More information

tax planning strategies

tax planning strategies tax planning strategies In addition to saving income taxes for the current and future years, effective tax planning can reduce eventual estate taxes, maximize the amount of funds you will have available

More information

Session 19 -Taxable acquisitions

Session 19 -Taxable acquisitions -Taxable acquisitions Acquire stock or assets? Assume that Buyer Corporation wants to acquire the business of Target Corporation Target's assets have appreciated and are worth more than their tax basis

More information

Willamette Management Associates

Willamette Management Associates Valuation Analyst Considerations in the C Corporation Conversion to Pass-Through Entity Tax Status Robert F. Reilly, CPA For a variety of economic and taxation reasons, this year may be a particularly

More information

IRREVOCABLE TRUSTS Memorandum to the Settlor and the Trustee

IRREVOCABLE TRUSTS Memorandum to the Settlor and the Trustee Memorandum to the Settlor and the Trustee by Layne T. Rushforth 1. GENERALLY This memorandum is for the settlor (creator) and the trustee (manager) of an irrevocable trust. There is a section for each

More information

A Corporate Insured Stock Redemption Buy-Sell Plan

A Corporate Insured Stock Redemption Buy-Sell Plan A Corporate Insured Stock Redemption Buy-Sell Plan While the death of a shareholder may have no legal effect on a closely-held corporation, without advance planning there are some very real practical consequences

More information

Attempting to Protect the Value Accumulated in a GRAT

Attempting to Protect the Value Accumulated in a GRAT INSIGHTS Attempting to Protect the Value Accumulated in a GRAT The primary goal of a GRAT is the ability to allow assets to potentially increase in value, then have the appreciated amounts pass on to beneficiaries

More information

EMPLOYEE STOCK OWNERSHIP PLANS

EMPLOYEE STOCK OWNERSHIP PLANS EMPLOYEE STOCK OWNERSHIP PLANS AN EXTRAORDINARY FINANCIAL AND EMPLOYEE BENEFIT TOOL FOR THE CLOSELY-HELD COMPANY Copyright 2015 Olson Mills Law Firm, LLC All Rights Reserved PART TOPIC PAGE INTRODUCTION...1

More information

Estate Planning. Some common tools used to help meet those particular needs include:

Estate Planning. Some common tools used to help meet those particular needs include: Estate Planning The Importance of Having an Estate Plan Having an estate plan is one of the most important things you can do for your family. It's not just about planning for estate taxes; it's about developing

More information

Risk Management Workshop series

Risk Management Workshop series Risk Management Workshop series Center for Rural Affairs North Central Risk Management Education Center University of Nebraska, Lincoln FARM & RANCH ESTATE PLANNING: AN INTRODUCTION By Joe M. Hawbaker,

More information

TRANSFER OF HOME TO CHILDREN THE PROS AND CONS. By Lois G. Andrews, Esq.

TRANSFER OF HOME TO CHILDREN THE PROS AND CONS. By Lois G. Andrews, Esq. IMPORTANT NOTE: TRANSFER OF HOME TO CHILDREN THE PROS AND CONS By Lois G. Andrews, Esq. The purpose of this outline is to familiarize the reader with the various laws relating to transfers of property.

More information

TRANSFER OF HOME TO CHILDREN THE PROS AND CONS. By Lois G. Andrews, Esq. and James L. Young, Esq.

TRANSFER OF HOME TO CHILDREN THE PROS AND CONS. By Lois G. Andrews, Esq. and James L. Young, Esq. TRANSFER OF HOME TO CHILDREN THE PROS AND CONS By Lois G. Andrews, Esq. and James L. Young, Esq. IMPORTANT NOTE: The purpose of this outline is to familiarize the reader with some of the various laws and

More information

Real Life Business Tax, Succession and Planning Topics. Cheryl A. Prout, CPA Marion Kopin, CPA Stephen J. McCann, Esq.

Real Life Business Tax, Succession and Planning Topics. Cheryl A. Prout, CPA Marion Kopin, CPA Stephen J. McCann, Esq. Real Life Business Tax, Succession and Planning Topics Cheryl A. Prout, CPA Marion Kopin, CPA Stephen J. McCann, Esq. Four Steps to Successful Business Succession Planning : Understanding the Need Selecting

More information

2015 Election to Claim the Qualified Small M706Q Business and Farm Property Deduction

2015 Election to Claim the Qualified Small M706Q Business and Farm Property Deduction 2015 Election to Claim the Qualified Small M706Q Business and Farm Property Deduction To be completed by the executor of the estate with a date of death after June 30, 2011, and qualified heirs. Decedent

More information

Understanding the taxability of investments

Understanding the taxability of investments Understanding the taxability of investments Managing your portfolio to help control your tax bill Investors need to consider many factors in the process of choosing investments. One at the top of many

More information

Multimedia Ways to Give Flash Presentation Contains these Sections: Playing a Part Bequests Wealth Replacement and Life Insurance Other Methods of

Multimedia Ways to Give Flash Presentation Contains these Sections: Playing a Part Bequests Wealth Replacement and Life Insurance Other Methods of Multimedia Ways to Give Flash Presentation Contains these Sections: Playing a Part Bequests Wealth Replacement and Life Insurance Other Methods of Giving Life Income Gift Plans What s Next 1 Playing a

More information

The Legal Side of Estate & Succession Planning Peter B. Scott, Attorney Coan, Payton & Payne, LLC

The Legal Side of Estate & Succession Planning Peter B. Scott, Attorney Coan, Payton & Payne, LLC The Legal Side of Estate & Succession Planning Peter B. Scott, Attorney Coan, Payton & Payne, LLC Speaker Introduction Peter B. Scott, Attorney, Coan, Payton & Payne, LLC Greeley, CO Estate planning and

More information

Transferring Your Family Business

Transferring Your Family Business Transferring Your Family Business Published by the Wealth Management Team at Baker Ave September 2013 Baker Avenue Asset Management is an independent registered Investment advisor headquartered in San

More information

tax planning strategies

tax planning strategies tax planning strategies In addition to saving income taxes for the current and future years, tax planning can reduce eventual estate taxes, maximize the amount of funds you will have available for retirement,

More information

2010 Risk and Profit Conference Breakout Session Presenters. 20. Farming: The Next Generation (Making Transition Actually Happen)

2010 Risk and Profit Conference Breakout Session Presenters. 20. Farming: The Next Generation (Making Transition Actually Happen) 2010 Risk and Profit Conference Breakout Session Presenters Kent Miller 20. Farming: The Next Generation (Making Transition Actually Happen) Kent Miller serves as an extension agricultural

More information

Module 10 S Corporation/Corporation Workbook Introduction

Module 10 S Corporation/Corporation Workbook Introduction Module 10 Workbook Introduction Running your own business presents many challenges. One of the most difficult is complying with complex and ever-changing tax laws. This small-business tax education program

More information

Script for Presentation of. Premier VI Private Annuity/Trust, Capital Gains Deferral

Script for Presentation of. Premier VI Private Annuity/Trust, Capital Gains Deferral Script for Presentation of Premier VI Private Annuity/Trust, Capital Gains Deferral Note to Presenter: A good handout or study guide to go with this presentation is NAFEP s, 7 page Deferring Capital Gains

More information

Do You Have the Right Life Insurance?

Do You Have the Right Life Insurance? Do You Have the Right Life Insurance? Having adequate life insurance should be an important part of your financial planning. The type(s) you choose will depend on your needs and goals. Life insurance was

More information

Ways to Remember Minnesota Veterinary Medical Foundation In Your Estate Plan

Ways to Remember Minnesota Veterinary Medical Foundation In Your Estate Plan Ways to Remember Minnesota Veterinary Medical Foundation In Your Estate Plan The Rewards of Charitable Giving Design a Plan That Fits Your Needs As you confront the challenges of the future, the Minnesota

More information

Life s brighter under the sun. Business Succession Planning Checklist

Life s brighter under the sun. Business Succession Planning Checklist Life s brighter under the sun Business Succession Planning Checklist Table Of Contents Table of Contents......................................................................... 3 The Family Business........................................................................

More information

BUSINESS SUCCESSION: PLAN NOW FOR SUCCESS

BUSINESS SUCCESSION: PLAN NOW FOR SUCCESS BUSINESS SUCCESSION: PLAN NOW FOR SUCCESS 6 STEPS TO ACHIEVE YOUR VISION As a business owner, you ve invested time and effort to build a business that supports your family and many others, including employees,

More information