THE FAMILY BUSINESS. The Jones Family Business CASESTUDY

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1 THE FAMILY BUSINESS The Joes Family Busiess CASESTUDY

2 Workig with cliets to trasitio a family busiess i the cotext of overall estate plaig ca be very emotioal ad dautig for a variety of reasos. It is ofte helpful to approach the process i orderly steps, begiig with where the family is ow, followed by a discussio of what they evisio for the future. Havig a goal i mid provides focus ad allows for iput by various experts. The followig examples illustrate how such trasitio plaig might work for a family with diverse eeds ad iterests. CASE STUDY: JAMES AND JANET JONES James E. Joes is a 80-year-old busiess ower who has bee married to Jaet for 50 years ad has three adult childre. He lives i Florida. He ows a 76% iterest i his family busiess, valued at $9 millio based o a total busiess value of $11.8 millio. This assumes a 25% discout for lack of cotrol ad marketability. He also ows $9.5 millio of additioal assets $3 millio i real estate ad $6 millio of liquid assets. Jaet has $500,000 i her ame. Of the $6.5 millio i liquid assets, he ivested $100,000 i a start-up compay 20 years ago the ivestmet is ow worth $1 millio. Oe child, Frak, is ivolved i the busiess. Two others, James Jr. ad Sarah, are ot ivolved i the busiess. The busiess also has several key employees. James wats to trasfer cotrol of the busiess to Frak ad provide as equally as possible for James Jr. ad Sarah. 2 ATLANTICTRUST.COM

3 He wats to miimize estate taxes ad esure that his wife is comfortable after his death. He has made gifts of 24% of the compay to his childre durig his lifetime ad has used $1 millio of his lifetime applicable exclusio amout. He is iterested i charitable givig as part of his family legacy pla. James E. Joes 100% 76% ($9M) 8% EACH ($933K EACH) James E. Joes Revocable Trust Joes Properties Family Busiess James Jr. Frak James E. Joes Marital Trust James E. Joes Family Trust Sarah Joes Family Real Estate Other Ivestmets CURRENT ESTATE: ASSETS OF JAMES AND JANET JONES Cash ad Ivestmets Ivestmet Assets Real Estate / Other Persoal Residece Family Busiess (S-Corp) TOTAL James Jaet Childre Total $ 6,000,000 $ 500,000 $ 6,500,000 $ 3,000,000 $ 3,000,000 $ 9,000,000 $ 2,800,000 $ 11,800,000 $ 18,000,000 $ 500,000 $ 2,800,000 $ 21,300,000 ATLANTICTRUST.COM 3

4 CURRENT ESTATE PLAN: JAMES AND JANET JONES (Assumig 2015 Tax Laws) Will James E. Joes Revocable Trust Durig James life, pricipal ad icome as he directs or i the trustees discretio for James, Jaet or for their childre s health, educatio, maiteace ad support. At James death: Jaet Joes $500,000 GST Exemptio, if ay Uified Credit - $4.43M Remaider Remaider $13.57M Exempt Family Trust Federal estate tax exempt GST exemptio may be allocated Icome ad pricipal, i the idepedet trustees discretio for Jaet ad for their childre Jaet has limited power to appoit property to childre, with property to be distributed at her death; property that is ot appoited by Jaet will pass to the childre s trusts Assumig Equal Distributio Upo Jaet s Death Noexempt Family Trust Federal estate tax exempt Icome ad pricipal, i the idepedet trustees discretio for Jaet ad for their childre Jaet has a geeral power to appoit property as desired, to be distributed at her death; property that is ot appoited by Jaet will pass to the childre s trusts QTIP Marital Trust Fuded with the balace of property Will be subject to federal estate tax at Jaet s death GST exemptio may be allocated Icome to Jaet aually Pricipal to Jaet i the idepedet trustees discretio Jaet has a limited power to appoit property, to be distributed at her death; property that is ot appoited by Jaet will pass to the childre s trusts Federal estate tax both estates approximately $3.5M (A portio may be eligible for deferral uder IRC 6166) Frak Trust $5M Icludes busiess ad other assets James Jr. Trust $5M Icludes busiess ad other assets Sarah Trust $5M Icludes busiess ad other assets Assumig Distributio of the Busiess at Death to Frak Frak Trust $9M Icludes busiess ad other assets James Jr. Trust $3M Icludes other assets Sarah Trust $3M Icludes other assets Total Assets Icludig Lifetime Gifts Frak Trust $9.9M James Jr. Trust $3.9M Sarah Trust $3.9M 4 ATLANTICTRUST.COM

5 ANALYSIS AND RECOMMENDATIONS: JAMES JONES Breakig Dow the Process: Step 1: Valuatio of Busiess ad No-busiess Assets Particularly where equalizatio is a cocer, it is importat to kow the value of various family assets. Step 2: Review Prior Plaig/Giftig Each child has already bee give a 8% iterest. Step 3: Show Dispositio of Estate ad Estate Tax Exposure Kowig what is i place curretly helps cliets uderstad the issues ad articulate their wishes. Step 4: Address Liquidity Issues to Pay Estate Taxes Review life isurace, if ay, cosiderig owership ad isurability: - Key Ma, Cross Purchase, Secod to Die Aalyze availability of IRC Sectio Estate Tax 6166 deferral ad limitatios: - Available if busiess exceeds 35% of James adjusted gross estate - First 4 years, 2% o the first $1.47M - Remaiig 10 years, equal istallmets of pricipal ad icome Sectio 303 redemptio may be available for estate liquidity. James estate may be able to borrow moey to pay taxes. A well-crafted buy-sell agreemet ca determie the valuatio calculatio of the busiess for estate tax purposes, arrage a method for creatig liquidity for paymet of taxes ad provide certaity for the family. Step 5: Pla for Cotrol ad Equalizatio Should cotrol be trasferred to Frak before or after Jaet s death? - Does cotrol also mea owership, or will James Jr. ad Sarah retai a iterest i the compay? - If so, how should votig cotrol be arraged ad, if trusts, will the fiduciaries have votig power/cotrol (e.g., votig trusts)? - Should there be a recapitalizatio to segregate votig cotrol ad to create differet classes of stock votig ad o-votig, commo ad preferred? ATLANTICTRUST.COM 5

6 What does the buy-sell agreemet provide ad whe does it take effect? - At James death? At Jaet s death? At death of survivor? At other times? - What happes i the case of sale, death, retiremet, disability or divorce? - How will the buyout be fuded? - How will valuatio be determied? - Ca the compay obtai isurace to do a redemptio at the survivor s death to provide liquidity for estate taxes? Is there a employmet agreemet i place for Frak? What happes if Frak predeceases James ad Jaet? How ca equalizatio be achieved? - Isurace - Equalizatio uder wills - Real estate ad other assets - Corporate reorgaizatio to accommodate differet eeds/iterests ad create additioal etities Step 6: Begi Plaig for Estate Tax Miimizatio or Freeze Curret trasfers ca remove appreciatio from the estate, allowig assets to grow i the hads of future geeratios, or remove assets from the trasfer tax system etirely. Valuatio discout strategies ca augmet the power of lifetime givig. - Outright gift - Sale to grator trust - Sale to child/childre/trust - Grator retaied auity trusts Step 7: Address Maagemet Issues ad Key Employee Retetio ESOPs Phatom stocks Advisory boards Frige beefits Step 8: Cosider Charitable Plaig Optios There are various charitable givig vehicles available that ca be tailored to meet family philathropic goals, icludig curret family ivolvemet, a eed for a retaied icome stream to replace lost salary icome ad log-term family legacy wishes. - Private foudatio - Door advised fud - Charitable remaider trust - Charitable lead trust 6 ATLANTICTRUST.COM

7 Step 9: Puttig It All Together The fial step i ay plaig is to make sure that it matches the picture evisioed by the cliet. James E. Joes 76% Joes Properties Family Busiess $11.8M 8% Each Joes Family Real Estate $3M Other Ivestmets $1.95M After Taxes 50% Each James Jr. Sarah Buy Sell Agreemet Frak Votig Stock James Jr. No-Votig Stock Sarah No-Votig Stock James E. Joes Revocable Trust James E. Joes Marital Trust James E. Joes Family Trust James ad Jaet Joes Irrevocable Life Isurace Trust James E. Joes Charitable Remaider Trust Fuds Joes Family Foudatio At Termiatio Joes Family Foudatio James Jr., Frak, Sarah Directors Each family s story is differet, ad the course of the process will vary. Atlatic Trust has experiece i avigatig the developmet of a trasitio pla, so we ca help avoid coflict ow ad i the future. ATLANTICTRUST.COM 7

8 Atlatic Trust Private Wealth Maagemet icludes Atlatic Trust Compay, N.A. (a limitedpurpose atioal trust compay), Atlatic Trust Compay of Delaware (a Delaware limitedpurpose trust compay), ad AT Ivestmet Advisers, Ic. (a registered ivestmet adviser), all of which are wholly-owed subsidiaries of Atlatic Trust Group, LLC. This documet is iteded for iformatioal purposes oly, ad the material preseted should ot be costrued as a offer or recommedatio to buy or sell ay security. Cocepts expressed are curret as of the date of this documet oly ad may chage without otice. Such cocepts are the opiios of our ivestmet professioals, may of whom are Chartered Fiacial Aalyst (CFA ) charterholders or CERTIFIED FINANCIAL PLANNER professioals. Certified Fiacial Plaer Board of Stadards Ic. ows the certificatio marks CFP ad CERTIFIED FINANCIAL PLANNER i the U.S. There is o guaratee that these views will come to pass. Past performace does ot guaratee future comparable results. The tax iformatio cotaied herei is geeral ad for iformatioal purposes oly. Atlatic Trust does ot provide legal or tax advice, ad the iformatio cotaied herei should oly be used i cosultatio with your legal, accoutig ad tax advisers. To the extet that iformatio cotaied herei is derived from third-party sources, although we believe the sources to be reliable, we caot guaratee their accuracy. Approved For Public Use. Ivestmet Products Offered are Not FDIC-Isured, May Lose Value ad are Not Bak Guarateed. ATLANTICTRUST.COM 8 ATLANTICTRUST.COM

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