TITLE

Classic Family Business Estate Planning Mistakes: A Case Study

AUTHOR(S)
Rivers, Wayne
PUB. DATE
October 2012
SOURCE
Family Business Advisor;Oct2012, p1
SOURCE TYPE
Periodical
DOC. TYPE
Case Study
ABSTRACT
The article presents a case study involving the mistakes in estate planning of a family-owned ranch in California. It says that estates should be divided among the children more equitably. It offers a solution for a situation wherein the whole property goes to the surviving spouse before it is passed to the next generation. It cites various aspects of a successful estate plan such as good intentions, open communication, and transparency.
ACCESSION #
87654580

 

Related Articles

  • Is Your Family Business A Sitting Duck?  // Advisor Today;Dec2001, Vol. 96 Issue 12, p66 

    Addresses issues that must be considered in effective estate planning. Importance of keeping the family business in the family; Significance of a transition scale to a business owner; Description of a partial and a full buyout.

  • Saving the family-owned business. Mouber, David // LP/Gas;Dec2002, Vol. 62 Issue 12, p12 

    Focuses on the role of the estate planner in ensuring the continuation of family businesses. Preservation of assets; Consideration on fair market returns; Assistance of legal personnel.

  • Communication Key To Estate Planning. Hoekman, David // Grand Rapids Business Journal;12/20/99, Vol. 17 Issue 51, pB2 

    Offers advice on how family-owned business executives should handle estate planning. Need for family members' knowledge of plan development; Difficulty in encouraging business owners to act on estate planning; Benefits of estate planning to businesses.

  • Split Dollar Equalizes Family Firm Owner's Estate. Guillemette, Bruce A. // National Underwriter / Life & Health Financial Services;9/11/2000, Vol. 104 Issue 37, p7 

    Proposes a solution for equitable distribution of a family business owner's estate when some of the owner's children are involved in the business and others are not. How the business is usually split among the children; Mechanics of a buy-and-sell agreement to be made by parents and children...

  • Protecting the family silver. Woolley, Emma // Money Management;11/25/2010, Vol. 24 Issue 44, p35 

    The article discusses the importance of estate planning to protect the assets of family-owned business enterprises.

  • Valuing family business is step 1 in estate planning. Mazza, Edward // National Underwriter / Life & Health Financial Services;9/4/95, Vol. 99 Issue 36, p7 

    Advises on family business valuation for estate planning. Estimation of the potential tax exposure and attendant liability of the business against the cost of developing a supportable value; Internal and external factors in valuation planning.

  • Estate planning really does pay. Kaplan, Thomas E.; Aronoff, Craig E. // Nation's Business;Mar97, Vol. 85 Issue 3, p53 

    Discusses what family businesses can do about estate planning. Findings of a Gallup Organization poll of 1,000 family-business owners about estate taxes; Family businesses who are at risk; The benefits of estate planning; Importance of getting good advice early.

  • Critical planning for the closely held business. Goldsmith, Jessica Galligan // Westchester County Business Journal;5/28/2012, Vol. 48 Issue 22, p24 

    The article reports on the challenges facing owners of closely held family businesses in terms of succession planning to ensure that the business remains within the family which include operating agreement, transfer restrictions, and estate planning in New York.

  • Money not the only measure of family business success: PwC's David Smorgon. Smorgon, David // BRW;10/7/2015, p1 

    The article reports on the fall in family business due to family reasons. It mentions that ninety nine percent of families' time is spent on the business. It focuses on the lack of effective and regular communication between family members and the breakdown in the trust and respect among family...

Share

Read the Article

Courtesy of VIRGINIA BEACH PUBLIC LIBRARY AND SYSTEM

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics