All in the Family: Tax Advice for the Family Business
This seminar addressed the many unique issues that arise in operating a so-called "family business" – a business controlled by a single individual or a single family group.
The discussion provided clear, cogent strategies for managing the challenges of running, growing and transitioning a family business, including:
- How to bring family members into the business, and manage sibling rivalries
- How to transition ownership and control (often different concepts) from the parents to the younger generations, without triggering Code §§ 2036 and 2038 problems
- Clever uses of redemptions and stock options in family-owned S corporations, and transitioning "tax free" from an S corporation to an LLC
- Estate planning for families with one business and multiple children who have different levels of interest and participation in the family business
- Sophisticated family transition techniques, including GRATs, CLATs, and installments sales to defective grantor trusts