Succession Planning
- Introduction to Succession Planning
- Succession Planning Challenges
- What Should a Succession Plan Include?
- Succession Planning Questions to Ask
- How is Succession Planning Related to Estate Planning?
- Systematic Gifting
- Passing on a Successful Business
- Will Your Successors be Ready?
- Selling the Business to a Family Member
- What is a Buy-Sell Agreement?
- Components of a Buy-Sell Agreement
- Setting a Price for a Buy-Sell Agreement
- Funding a Buy-Sell Agreement
- Cross-Purchase Agreements
- Stock Redemption Plans
- Other Types of Buy-Sell Structures
- Choosing the Right Funding Method
- GRAT or GRUT?
- Family Limited Partnerships
- Replacement Planning
- Other Considerations When Exiting a Business
Systematic Gifting
Systematic gifting is a way to slowly transfer parts of your business to family members in order to reduce its assets and minimize estate taxes. As of 2019, you can gift up to $15,000 per person during the year without incurring a federal gift tax. The IRS won't track gifts under this amount, and your family members don't have to claim the gifts as income. You can gift someone cash from your business, and you can also gift stock in your company.
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