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Trust and Estate Planning for Family Businesses, Part 2
Most successful businesses are owned by one or more families. Because they are family owned, these companies create many special planning challenges. Ownership and control do not shift among non-owner managers. Rather, succession in ownership and management is a momentous and often highly emotional process for members of the family. Frequently, these transitions are caused by the retirement or death of members of a family member. And these transitions, if not carefully planned and delicately handled, can be ruinous, damaging the family and their company. This program will provide you a practical framework of trust and estate planning and succession planning for family businesses.
Day 1:
- Succession planning in family businesses
- Counseling clients on how to avoid family drama on succession
- Valuation issues for financial and tax purposes
- Buy-sell planning with family members or key employees
- Selling to third parties where intra-family succession is not possible
- Planning for the incapacity of the founding generation
Day 2:
- Life insurance trust planning – or as a compensating asset to certain heirs
- Structuring private annuities to transfer a business and provide income to founders
- Self-cancelling installments notes and intentionally defective irrevocable trusts
- Use of GRATS and “redemptive freezes”
Speaker:
Daniel L. Daniels is a partner in the Greenwich, Connecticut office of Wiggin and Dana, LLP, where his practice focuses on representing business owners, corporate executives and other wealthy individuals and their families. A Fellow of the American College of Trust and Estate Counsel, he is listed in “The Best Lawyers in America,” and has been named by “Worth” magazine as one of the Top 100 Lawyers in the United States representing affluent individuals. Mr. Daniels is co-author of a monthly column in “Trusts and Estates” magazine. Mr. Daniels received his A.B., summa cum laude, from Dartmouth College and received his J.D., with honors, from Harvard Law School.
Disclaimer: All views or opinions expressed by any presenter during the course of this CLE is that of the presenter alone and not an opinion of the Oklahoma Bar Association, the employers, or affiliates of the presenters unless specifically stated. Additionally, any materials, including the legal research, are the product of the individual contributor, not the Oklahoma Bar Association. The Oklahoma Bar Association makes no warranty, express or implied, relating to the accuracy or content of these materials.