Tax-smart family business succession

Article Abstract:

Succession planning must consider the distinct circumstances of the family-owned business and the individuals involved for it to be efficient. Different succession planning strategies offer different federal tax benefits to the business owner. Strategically planned stock gifts protect owners from probate and related costs. Buy/sell agreements, on the other hand, provide the estate and the business liquidity while recapitalizations, or E organizations, ensure that the relinquishing shareholder will receive dividends in the future. Other succession planning strategies must be considered, including stock redemptions, stock sales, private annuities, employee stock ownership plans, B reorganizations, D reorganizations and charitable transfers.

Family-owned business enterprises, Succession planning (Business), Transfer (Law), Business registration

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Tax and nontax factors in the transfer of an interest in a closely held business

Article Abstract:

Succession planning is not a formula approach for transfer of a business, but is custom designed for each business and the individuals involved. The tax and nontax advantages and disadvantages of several planning techniques are presented. Common strategies are gifts, buy-sell agreements, recapitalization, and stock redemption. Other options include sale of stock, private annuities, employee stock ownership plans (ESOPs), and 'D' reorganization.

Planning, Close corporations, Closely held corporations, Family corporations

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Tax strategies especially designed for disabled or handicapped individuals

Article Abstract:

Tax situations unique to disabled people are discussed. Tax planning strategies for people who are disabled or who care for the disabled are described. Some of the benefits that disabled individuals receive are exempt from taxation, some benefits are partially tax-exempt, and some are not exempt. Itemized deductions allowed for handicapped individuals and the tax credits available to disabled people are also discussed.

Laws, regulations and rules, Tax accounting, Disabled persons, Tax deductions

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