Word: successional
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Realistically, the older generation should have a written succession plan by the time they are in their 50s, especially if adult children have been working in the business, says Michael Fay, senior partner and estate-planning attorney with the law firm Hale and Dorr in Boston. The plan should offer...
Along with a strategy, those passing on businesses need to follow an organized plan. They should seek advice from an estate-planning attorney and a financial planner who are experienced in working with family-owned small businesses. Experts say each family has to evaluate which method of succession is best...
Probably the best way to lower the tax burden of succession is by gifting shares of stock over a period of years to the next generation. If the business is going to remain in the family and has a sizable worth, gifting should be done over as long a time...
"I am concerned that to appearances there isn't any provision for succession next year," he says.
On the other hand, the custom of treating succession as a birthright obviously goes way beyond countries that actually label themselves monarchies. The other ruler-by-inheritance in the news lately is Kim Jong Il of North Korea. He didn't have to go through any of that nonsense either...