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Posts Tagged ‘Family business’

Use Charitable Giving to Enhance Family Business Succession Planning

Posted by William Byrnes on October 28, 2010

Life insurance is often the cornerstone of an estate plan when a family business is involved.  As a follow-up to the article on supporting a surviving second spouse without liquidating the family business, this article describes a technique that introduces a charitable giving component into family business succession planning.

Consider the following scenario:

Your client Jonathan has two primary legacy planning objectives. Foremost is his desire to ensure a smooth transfer of the family business to his daughter, Eva. Jonathan also wants to make a sizeable lifetime gift to his favorite charity and provide a retirement nest egg for his wife.

For prior Advisor’s Journal coverage of family business succession planning using life insurance, see Supporting a Surviving Second Spouse without Liquidating the Family Business (CC 10-53).

See the AUS Main Libraries, Section 9 C2—The Law Of Wills, for a discussion of a spouse’s right to elect against the will.

We invite your questions and comments by posting them at AdvisorFYI or by calling the Panel of Experts.


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