Family Business Succession Planning: Now More Challenging Than Ever
A huge majority of American businesses are family-owned, yet only a distinct minority of these companies is successfully transitioned into the second generation, and only half of those make it intact into the third. Succession planning for a closely held business is often exceedingly difficult because of its substantial value, limited marketability and lack of liquidity and because of the emotional baggage it represents within the family.
In this session, we will explore:
- How the new IRC Section 2704(b) rules may impact even operating businesses
- Estate planning structures that may be compatible with family business equity
- Navigating the minefield of having children who are active in the business and those who aren't
- Anticipating and addressing family members' marriages and divorces