Individuals with substantial business holdings often face complicated estate tax issues. Failing to recognize and plan for these issues may adversely impact the ability of the estate to timely pay any estate tax it owes. What is more, a lack of planning can affect the ability of the business to continue operating in the manner envisioned by the current and succeeding owners.
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By exploring the essence of legacy and its impact on business performance, this report brings together the detailed analysis, academic insights, and the firsthand experiences of family business CEOS to contribute to a deeper understanding of the importance of balancing tradition and innovation for long-term success in family businesses. From this report, you can learn more about the steps you and your family can take to uncover the strengths of your legacy.
The concept of transferring ownership of a private business to a purpose trust was first popularized when the Patagonia transaction was announced—instead of “going public,” they were “going purpose” to allow the owner to monetize his stake in the business while at the same time ensure that the values of the business are preserved for future generations. This guidebook by Northern Trust offers insights for business owners who may be interested in exploring a purpose trust transaction structure for their own business.
With more business families going global, it’s imperative that family businesses consider the tax implications as well as the business and personal factors when planning a family business transfer. In this report, KPMG offers two case studies on taxing family business transfers and the significant disparities between tax regimes. The report also compares the vastly different tax implications of transferring the family business through gifting during the owner’s lifetime (including on retirement) and through inheritance across 57 countries, territories, and jurisdictions worldwide.
There are few issues in family business that create more conflict and tension than the employment of family members. The complexities involved and the breakdowns in communication and trust can contribute significantly to the alarmingly high rate of failed intergenerational transitions in family business. The good news is that there is a way for families to better position themselves to overcome those challenges by looking at the 10 most common mistakes family members make when it comes to hiring (and firing) for their business.