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Strategies for Transferring Closely-Held Business Ownership Without proper planning intergenerational transfers of closely-held businesses often surface family and liquidity issues that can prevent the successful transfer of control and ownership from occurring. The importance of dealing professionally with management and ownership succession plans and communicating them adequately during the lifetime of the senior family member owners can not be overemphasized. The purpose of this article is to discuss the current state of affairs in the world of closely-held business transfers. The focus will be on ways to defer income and estate taxes on future appreciation in a closely-held business; commonly referred to as an estate freeze. Estate tax savings are paramount in the transfer of control to a younger generation since a substantial amount of liquidity is necessary to pay death taxes at a time when the business? driving force is no longer around. more... Strategies for Transferring Closely-Held Business Ownership (Part 2) Transferring a business to a future generation is one of the most important decisions a closely-held business owner must make. In our first article we discussed estate freezes using a preferred interest to transfer a closely-held business to the next generation without undue estate and inheritance taxes. This article will cover various other techniques that can be used to accomplish the same goal. more... Selling Your Business? You May Be Able to Defer the Gains Perhaps you're the quintessential entrepreneur, for whom the thrill of business is in starting a company, making it grow, then selling it off to pursue other endeavors. Or maybe you've spent the better part of your life growing and nurturing a business, but now it's time to retire and sell the business. In either case, you may be worried about the capital gains taxes you may incur upon the sale of your business. Fortunately, you may be able to defer these gains. more... Innocent Spouse Relief: Is it for You? For many couples, the filing of a joint tax return is an annual event. As a result of this, both spouses are jointly and severally liable for all taxes they owe. The IRS can pursue collection activities against either or both individuals. In certain cases, one spouse may have deliberately omitted income or misrepresented deductions/losses. It would appear to be unfair to hold the "unaware" spouse responsible for any deficiency, especially when the couple has divorced or the misrepresenting spouse has died. more... |
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