Business Succession Planning FAQ

March 25, 2014
How does someone inventory assets?

If a major asset is an interest in a closely-held business

When a major asset of one’s estate includes a closely held business, there are a number of “special” problems that arise. We discuss four problems in […]
March 25, 2014

What is a buy-sell agreement?

A buy-sell agreement is an agreement that sets the terms under which an owner’s interest in a closely held business is purchased upon his death. There […]
March 25, 2014

Business succession planning and when it should begin

Business succession planning is an umbrella concept that estate planners use to refer to the issues raised when a business owner—like a shareholder in a corporation, […]
March 25, 2014
IRS Introduces National and International Criminal Enforcement Initiatives

Who can I transfer my business to?

As explained below, there are multiple categories of people to whom the business owner may want to transfer the business, or the economic benefits of it. […]
March 25, 2014
FBAR Non-Compliance Results in Sanctions of $1,000 a day for a Taxpayer

What is the relationship between a family trust and my family business?

When the documentation is done correctly, usually the family business will be owned by one’s family trust. It is then possible for the business owner to […]
March 25, 2014
Georgia Return Preparer Forced to Close Business After Helping Clients Commit Tax Fraud

Is it easy to give my child my business?

Conceptually, making a plain bequest from you to your children is simple. However, in reality, there is more than meets the eye. The business owner must […]