This the 4th of 11 articles based on our firm’s book The Art, Science and Law of Business Succession Planning. In the last article we discussed the five essential objectives a good succession plan needs to address. In this article we will discuss the first objective in more detail–maximizing the value of the business. Number 1: Maximize […]
In a recent Private Letter Ruling the IRS declared that sales of property between spouses and the spouses’ grantor trusts do not trigger income taxation. This ruling validates a planning technique using special trusts called Spousal Lifetime Access Trusts (SLATS) and transactions between the spouses and these trusts. This type of planning is used to […]
In our last article we discussed why a well-constructed succession plan is necessary. In this article, we review the five essential objectives the plan needs to address. The five objectives are: 1. Maximize the value of the business; 2. Minimize taxes; 3. Provide for the continuity and survival of the business; 4. Treat your children […]
(This is second of our 11-part series of articles based on our book The Art, Science and Law of Business Succession Planning. Complimentary copies are available to the clients and friends of the firm.) “Why do I need succession planning?” “Can’t I just hand my business over to my children?” “Why can’t I just leave […]
If you own a family business, you should be thinking about your succession plan, whether you plan to sell the business to fund your own retirement or pass it on to your descendants or other key employees. To get you started, below are six questions to ask yourself. We answer each in our book, The […]
This is the third and final article in a series on undue influence in Wisconsin. The second method of challenging a will or gift made during a lifetime on grounds of undue influence, a so-called inter vivos conveyance requires that the party establish only two elements. Doing so raises a rebuttable presumption of undue influence. […]
This is the second in a series of three articles on undue influence in Wisconsin. In Wisconsin, the four elements of classic undue influence cases are susceptibility, opportunity, disposition and a coveted result. In addition to classic undue influence in Wisconsin, there is a second method of challenging a will or gift made during lifetime, […]
This is the first of a series of three articles on undue influence in Wisconsin. Unscrupulous people sometimes use undue influence to change wills and obtain gifts from the elderly, sick, or weak. Increasingly, the public has come to realize this is a form of elder abuse. Undue influence cases involve predominantly factual determinations and […]
It has been estimated that over 90% of all business information today is created electronically. Use of social networking websites, such as Facebook, on-line photography accounts like Flicker, e-mail passwords and word processing files, is increasingly more common. Various media commentators have addressed the need for individuals to consider their electronic data and on-line postings […]
The grantor retained annuity trust (GRAT) has been a staple vehicle for estate planning since it was first introduced twenty years ago by the Revenue Reconciliation Act of 1990. A GRAT can effectively transfer property from a grantor to a beneficiary, while greatly reducing the amount of tax the grantor would otherwise owe on the […]
