I have a family business, but only one of my children is active in the business. How can we handle that?

Many clients own family businesses. Succession and estate planning for those businesses can involve many complex personal, business, estate planning and other issues. The situation may be particularly nettlesome when one or more children are involved in the business and others are not. This webinar will explore a range of practical issues clients raise in these situations and try to provide practitioners insights that may help serve this common client need better.

  • Should children in the business and not in the business be “equalized?”
  • What is “equal”?
  • Should children not in the business be given interests in the business? This is typically not done and would seem worrisome in that the decisions of those in the business versus those not in the business may be at odds.
  • Should interests be given to, or favored for, the child in the business?
  • How can this be determined?
  • How capable is the child involved in the business?
  • What if the child in the business harms the business?
  • Does that or should that torpedo the inheritance of all children?
  • What if the business itself fails due to no fault of the child in the business?
  • Should the child in the business purchase the interests of the business from the estate or others?
  • Should outright gifts ever be made of business interests?
  • What estate, gift and GST tax considerations are relevant to this planning?
  • How must business succession and estate planning be addressed as an integrated plan?

Speakers: Martin Shenkman, Esq. and Joy Matak, JD, LLM, Sax LLP Trusts & Estates Practice Leader.

Featured Charity: UJA

Email us your questions or ideas in advance and we’ll include them in our discussion

*This may constitute attorney advertising.

* No CPE, CLE, etc. is offered but a certificate of attendance will be provided.

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