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Tax and Financial Planning for the Closely Held Family Business

Gary A. Zwick and James J. Jurinski

Tax and Financial Planning for the Closely Held Family Business serves as a manual to help business advisers devise strategies for clients dealing with family issues. Guiding family businesses through the complex maze of organizational, tax, financial, governance, estate planning, and personal family issues is a complex, time-consuming, difficult, and sometimes emotional process. This book focuses not only on identifying the problems family businesses face, but on devising solutions and planning opportunities for both family businesses and their owners. Each chapter of this book contains creative planning opportunities that advisers can suggest and help implement in order to solve real problems in the family business.
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Chapter 9: SPECIAL PROBLEMS IN IMPLEMENTING INTRA-FAMILY TRANSFERS

Gary A. Zwick and James J. Jurinski

Extract

Once a family business owner has decided he or she wishes to transfer the business to his or her successor, there are many techniques to accomplish the transfer. Often it will be income and transfer tax issues that carry the day when deciding which techniques to use. Sometimes the simplest techniques are the best and then there are times when heroic efforts must be taken. This occurs often when a family business owner has neglected to plan in time to use some of the simpler techniques. This chapter takes the reader soup to nuts on succession techniques and provides creative ways to overcome a lack of diligence by the founding generation.

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