Family business and investment entities, always subject to close scrutiny by IRS, need to be the subject of succession planning. This involves, with broadly different tax consequences, the use of Buy-Sell and Deferred Compensation Agreements. Reasonable and tax realistic equity buy-out and non-qualified deferred compensation (salary continuation) agreements should be an integral part of preservation and management of the family-owned, closely held business enterprise. This is especially important to promote family harmony and to avoid conflicts that could lead to protracted, expensive litigation.
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