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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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Gary A. Zwick and James J. Jurinski


This chapter discusses strategies to help family businesses and their owners deal with liquidity problems. Although the federal estate tax imposed on the death of a majority family business owner was probably the most common cause of a liquidity crisis, the estate tax has never been the sole cause of a crisis, and is now a less common liquidity threat for smaller family businesses. Unexpected events like recessions, increased competition, technological changes, and even interest rate spikes can all trigger a cash flow crisis. Planned expansions and scheduled loan balloon payments can also create a cash flow crisis. The chapter discusses the place of insurance planning in a liquidity analysis. The tax code provides relief measures including extensions to pay estate tax, and estate plans can be designed to minimize liquidity problems. The chapter details these techniques which are typically unavailable without advance planning or a redeploying of business or family assets.

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