Seminar: Is Your Business Survivable?
Closely held businesses, particularly those that are family owned, face an extremely difficult task in surviving to the second generation. In fact, less than one-third of all family businesses makes it to the second generation and less than 15% of those makes it to the third generation!
Some of the reasons for this startling statistic are the following:
Some of the reasons for this startling statistic are the following:
- No business succession and estate plan was ever developed.
- Not enough liquidity to pay Federal Estate Taxes. Estate taxes can devastate a business owner's estate. These taxes must be paid in cash within 9 months of the date of death. If cash is not available, assets are often sold to raise the money. Unfortunately, many times, this includes the sale of the business!
- An already existing business succession/estate plan may not be efficient or been updated to conform to changes in the tax code and/or family situations.
- Unable to determine how to treat children who are not active in the business. Does it make sense to leave part of the business to them?
- Not working with professionals who specialize exclusively in business succession and estate planning. All professionals (attorney, CPA, life insurance expert) should be specialists.
- Improperly arranged life insurance. Too often business owners utilize insurance for the purpose of providing liquidity, only to end up having the proceeds taxed or policies blow up with no value (even when premiums are paid). This results in an unexpected shortfall of cash when it is crucially needed. Confusion about the true impact of the federal estate tax law for business owners. Special attention is paid to the current state of the law and any proposed changes that business owner must be aware of.
Lee Resnick and Terry Resnick, identical twins, are partners in Resnick Associates, a nationally recognized business succession, estate planning, and life insurance advisory and implementation planning firm with offices in Kansas City and Harrisburg, PA. The educational seminars presented by Resnick Associates focus on the areas of business succession, estate planning, and liquidity issues for the privately held business owner so that he or she will be able to pass the business to the next generation or other successors. Attention is also given to non-family closely held businesses as techniques are explained that will assist these owners in preserving their estates.
Seminar: Is Your Business Survivable?
Date and Time
Tuesday Sep 24, 2019
8:00 AM - 10:00 AM CDT
Location
NARI Office
8015 Shawnee Mission Pkwy., #150
Merriam, KS 66202
Fees/Admission
Cost: $40 per person
Website
Contact Information
KC NARI Staff 913-362-8833 or
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