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Trusts & Estates Law | Tax Law

 

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HOW TO PLAN FOR THE
PEACEFUL PASSING OF YOUR
FAMILY BUSINESS FROM ONE
GENERATION TO THE NEXT
  
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Published in:

Aventura Lifestyles
Summer 1990 Issue
Business Section

Introduction

There will always come a time in the life of the owner of a family-operated business when he must face two equally unpleasant truths; one, that he is not immortal and two, that not all of his heirs are equally interested in or capable of taking over the family business. These issues create a potentially explosive situation. Mixing family and money is never easy. One would have to have the wisdom of Solomon and the patience of Job to make decisions which balance sound financial reasoning along with emotional factors; or one could (and should) seek the advice of a professional. This article is intended to present certain problems and alternative solutions in this unique area of law which mixes estate planning, finance, corporate law and taxes. Obviously, each family and each family business is different, but knowing the questions to ask of yourself, your children, and your attorney now can save a great deal of heartache and financial loss later.

How to Plan for the Peaceful Passing of your
Family Business from one Generation to the Next

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