The transition of a family-owned or closely held business is an important event for estate planning clients. Historically, inter vivos and testamentary trusts have played an important role in succession planning. Recent changes to the federal estate tax and gift tax laws, as well as the income tax laws, have caused practitioners to evaluate the usefulness of trusts in succession planning. Despite these recent changes, trusts should continue to play a role in succession planning for clients.
Tax Issues
Avoiding transfer taxes and income-tax planning are important parts of any succession plan. The closely held business interest is not liquid, often represents the bulk of a client’s estate and typically is the product of a lifetime of hard work.
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