There are many challenges and opportunities that confront owners of privately-held businesses as they reach the point in their lives and careers when they must consider appropriate succession planning. One of the most difficult planning issues to address with a successful entrepreneur is what should be done with the business that person created and developed throughout the course of a career. Succession planning is an area of concern too often put off by the persons who most need to address it. Planners need to understand the many options available for succession planning, both from a tax and non-tax perspective. This course discusses the various issues and alternatives that arise with respect to succession planning for the owners of privately-held businesses.
Upon successful completion of this course, participants will be able to:
- Recognize how to identify basis in a business.
- Identify tax rules pertaining to family business succession.
- Select components of buy-sell agreements.
- Cite techniques for transferring businesses to the next generation.
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