Yum! Center For Global Franchise Excellence At The University Of Kentucky
7 episodes
9 months ago
Podcast Show Notes:
Introduction:
Kathy and Becca delve into essential planning considerations for late-stage business owners in this episode of Small Bites of Business Insights.
Highlighting the importance of estate planning, charitable planning, transition planning, and legacy planning for late-stage business owners.
Estate Planning for Late-Stage Business Owners:
Emphasizes the need for a comprehensive estate plan, focusing on treating children fairly or equally when the largest asset is the business.
Discusses strategies like bifurcating real estate from the business or restructuring stock classes to ensure equitable distribution.
Charitable Planning:
Explores tax advantages in charitable planning, showcasing how a charitable beneficiary for assets like an IRA can minimize tax implications and benefit charitable organizations.
Transition Planning:
Stresses the significance of transition planning, whether it's a sale, passing on the business, or changing ownership.
Advocates for careful planning to ensure the smooth transition of the business and its assets, addressing concerns of employees and future generations.
Sophisticated Wealth Transfer Strategies:
Explains complex wealth transfer strategies, highlighting valuation discounts and minority interest transfers to optimize the use of exemption amounts and facilitate business succession.
Legacy Planning:
Encourages the creation of a family constitution and storytelling about the wealth's origin, values, and intended use for future generations.
Suggests co-investing, forming charitable foundations, or engaging in meaningful family discussions to maintain family unity and shared responsibility for the wealth legacy.
Conclusion:
Reiterates the importance of careful planning and strategic considerations for late-stage business owners to ensure a smooth transition and a lasting family legacy.
Hosts:
Dr. Kathy Gosser, YUM! Assistant Professor of Franchise Management and Director of the Yum! Center for Global Franchise Excellence
www.business.louisville.edu/yumcgfe
Rebecca McDade, JD - Attorney
https://www.linkedin.com/in/rebecca-mcdade-86b8407a/
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Podcast Show Notes:
Introduction:
Kathy and Becca delve into essential planning considerations for late-stage business owners in this episode of Small Bites of Business Insights.
Highlighting the importance of estate planning, charitable planning, transition planning, and legacy planning for late-stage business owners.
Estate Planning for Late-Stage Business Owners:
Emphasizes the need for a comprehensive estate plan, focusing on treating children fairly or equally when the largest asset is the business.
Discusses strategies like bifurcating real estate from the business or restructuring stock classes to ensure equitable distribution.
Charitable Planning:
Explores tax advantages in charitable planning, showcasing how a charitable beneficiary for assets like an IRA can minimize tax implications and benefit charitable organizations.
Transition Planning:
Stresses the significance of transition planning, whether it's a sale, passing on the business, or changing ownership.
Advocates for careful planning to ensure the smooth transition of the business and its assets, addressing concerns of employees and future generations.
Sophisticated Wealth Transfer Strategies:
Explains complex wealth transfer strategies, highlighting valuation discounts and minority interest transfers to optimize the use of exemption amounts and facilitate business succession.
Legacy Planning:
Encourages the creation of a family constitution and storytelling about the wealth's origin, values, and intended use for future generations.
Suggests co-investing, forming charitable foundations, or engaging in meaningful family discussions to maintain family unity and shared responsibility for the wealth legacy.
Conclusion:
Reiterates the importance of careful planning and strategic considerations for late-stage business owners to ensure a smooth transition and a lasting family legacy.
Hosts:
Dr. Kathy Gosser, YUM! Assistant Professor of Franchise Management and Director of the Yum! Center for Global Franchise Excellence
www.business.louisville.edu/yumcgfe
Rebecca McDade, JD - Attorney
https://www.linkedin.com/in/rebecca-mcdade-86b8407a/
Podcast Show Notes:
Introduction:
Welcome to the first episode of "Small Bites of Business Insights" focusing on Wealth Planning and Estate Planning with special guest Becca.
The episode delves into the basics of estate planning, aiming to educate listeners in three parts.
Estate Planning Basics:
Estate planning involves determining how assets are distributed to beneficiaries after the individual's passing.
It includes wills and trusts, allowing one to specify asset distribution and whether it occurs immediately or through trusts.
Is Estate Planning Only for the Wealthy or Older Individuals?
Estate planning isn't exclusive to the wealthy or elderly; it's about deciding how to distribute assets, regardless of wealth.
Without an estate plan, state laws decide asset distribution, which may not align with personal preferences.
Concerns Regarding Lack of Estate Planning:
Without an estate plan, state laws determine asset distribution, often resulting in unintended outcomes.
Effective estate planning helps minimize taxes, ensuring more wealth goes to family rather than to the government.
Understanding Wills:
A will, created during one's lifetime, dictates asset distribution upon death, often involving the probate process.
Probate involves transferring assets from the deceased individual to beneficiaries through a court-supervised process.
Executor and Guardian:
The executor administers the estate after one's passing, overseeing tasks like tax filing and asset distribution.
A guardian cares for minor children in case both parents pass away, ensuring their well-being and managing any inherited assets.
Probate Process:
Probate is the legal process of transferring assets from the deceased to beneficiaries, involving court oversight.
Assets are collected, debts settled, and assets then distributed according to the deceased individual's will.
Joint Tenancy and Alternatives:
Joint tenancy can bypass probate by automatically transferring assets to the surviving joint owner.
However, more complex estates might benefit from a revocable trust to avoid probate effectively.
Conclusion:
Becca provides valuable insights into estate planning, emphasizing the importance of taking control of asset distribution through proper planning.
Stay tuned for the next episode, where the discussion will delve deeper into the world of trusts in estate planning. stage business planning.
Hosts:
Dr. Kathy Gosser, YUM! Assistant Professor of Franchise Management and Director of the Yum! Center for Global Franchise Excellence
www.business.louisville.edu/yumcgfe
Rebecca McDade, JD - Attorney
https://www.linkedin.com/in/rebecca-mcdade-86b8407a/
Small Bites Of Talking Wealth Planning
Podcast Show Notes:
Introduction:
Kathy and Becca delve into essential planning considerations for late-stage business owners in this episode of Small Bites of Business Insights.
Highlighting the importance of estate planning, charitable planning, transition planning, and legacy planning for late-stage business owners.
Estate Planning for Late-Stage Business Owners:
Emphasizes the need for a comprehensive estate plan, focusing on treating children fairly or equally when the largest asset is the business.
Discusses strategies like bifurcating real estate from the business or restructuring stock classes to ensure equitable distribution.
Charitable Planning:
Explores tax advantages in charitable planning, showcasing how a charitable beneficiary for assets like an IRA can minimize tax implications and benefit charitable organizations.
Transition Planning:
Stresses the significance of transition planning, whether it's a sale, passing on the business, or changing ownership.
Advocates for careful planning to ensure the smooth transition of the business and its assets, addressing concerns of employees and future generations.
Sophisticated Wealth Transfer Strategies:
Explains complex wealth transfer strategies, highlighting valuation discounts and minority interest transfers to optimize the use of exemption amounts and facilitate business succession.
Legacy Planning:
Encourages the creation of a family constitution and storytelling about the wealth's origin, values, and intended use for future generations.
Suggests co-investing, forming charitable foundations, or engaging in meaningful family discussions to maintain family unity and shared responsibility for the wealth legacy.
Conclusion:
Reiterates the importance of careful planning and strategic considerations for late-stage business owners to ensure a smooth transition and a lasting family legacy.
Hosts:
Dr. Kathy Gosser, YUM! Assistant Professor of Franchise Management and Director of the Yum! Center for Global Franchise Excellence
www.business.louisville.edu/yumcgfe
Rebecca McDade, JD - Attorney
https://www.linkedin.com/in/rebecca-mcdade-86b8407a/
