Business Succession and Estate Planning: Protecting and Assuring the Successful Continuation of Your Business While Preparing for Tax Law Shift and Addressing Labor Force Challenges
Partner Resnick Succession Group, Pennsylvania, United States
Typically, the more successful business owners become, the more vulnerable they become. Join this session to learn techniques to combat those vulnerabilities and assure that the business remains successful! Among the areas of focus will be why profitable businesses ultimately fail, the importance of business owners coordinating business succession plans with estate plans, addressing active vs. inactive children within a family business (does it make sense to leave the business and related businesses to all your children?), liquidity issues, valuation methodologies that will satisfy the IRS while lowering the tax bill, the proper type of buy-sell agreement that allows for maximum tax savings/cost efficiency and frequent insurance funding mistakes that oftentimes result in massive tax liabilities that could have been legally avoided. The session concludes by tying in many of the areas of the seminar discussion into a compelling real life family business case!
Special attention will be given to current labor challenges and how to retain key personnel as well as upcoming changes to the federal estate tax law that may make succession and preservation of businesses even more challenging!