Nontax aspects of planning for a family business

Article Abstract:

Estate planning for family business succession involves evaluating the overall feasibility of continuation after the client's death, identifying a viable family successor, providing income for heirs not active in the business, and handling conflicts with siblings or other relatives. Partnership interests may have to be bought out by family business successors. Planning should also address issues such as minimizing conflict between successors and key employees, as well as preventing interference through use of limited partnership interests or nonvoting stock.

United States, Family-owned business enterprises, Family-owned businesses

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Apportionment can make tax payment more equitable

Article Abstract:

Apportionment of the tax burden on an estate may make tax payment more equitable to the estate and inheritors. Some schemes require every taker in a will to bear an equal tax burden, while others are structured to base each person's liability on their probate interest. Differing state laws will affect apportionment schemes, and the marital deduction needs to be considered when drafting such a plan. Also, such apportionment schemes often lead to malpractice claims, so plans should be drafted in a clear and concise manner that leaves nothing to doubt.

Transfer taxes

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Newest developments in Alaska law encourage use of Alaska trusts

Article Abstract:

The author describes changes in Alaska trust law that took place in 1998 with respect to self-selected spendthrift trusts. Additional changes in Alaska trust law that took place in 1998 are also discussed and an update is provided on gift and estate planning with Alaska trusts.

Alaska, Laws, regulations and rules, Trusts and trustees, Trustees, Trusts (Law), Spendthrift trusts

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