$59.00
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.
Michael Clear is the Chair of our Private Client Services Department where he leads our group of over 30 lawyers and allied professionals. As a Partner in the firm’s Private Client Services Department, Michael regularly counsels clients on the far-reaching financial implications of estate planning, estate and trust administration, probate litigation, and business succession planning. Michael’s estate planning practice includes assisting individuals and families in tax-efficient and practical estate and gift planning, including the preparation of wills, revocable living trusts, insurance trusts, and entities to own special family assets such as vacation homes and collections.
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