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
In this episode of "Small Bites of Business Insights," Becca and Kathy delve into crucial aspects of wealth planning for early stage business owners. Here's a summary of their discussion:
Importance of Basic Estate Planning:
Establishing a will and a revocable trust helps control asset distribution and ensures assets go to intended beneficiaries.
Essential elements include powers of attorney for healthcare and property, and an advanced directive.
Building Liquidity Buckets:
Emergency fund: 6 to 12 months' worth of living expenses for unexpected circumstances.
Midterm and long-term goals: Saving for future plans like home purchase, education, or retirement.
Retirement planning: Establishing 401(k), SEP IRA, or IRAs to secure post-retirement financial stability.
Understanding Asset Titling:
Exploring various ways of holding assets, such as in an individual's name, joint tenancy, trusts, or business entities.
Choosing the right titling method can impact transfer taxes, probate avoidance, and creditor protection.
Choosing the Right Business Entity:
Assessing business risks, tax implications, creditor protection, wealth transfer strategies, and operational activity to determine the most suitable business structure (e.g., LLC, partnership, C corp, S corp).
Insurance for Business Owners:
Life insurance can assist in cash flow management, fund business buyouts, or create wealth for equalizing asset distribution among beneficiaries.
Long-term care insurance is vital for covering medical needs, especially during later stages of life, to preserve business and other personal assets.
Planning for Generational Wealth:
Emphasizing the importance of sound planning to secure and pass on wealth across generations while maintaining financial stability for the family and the business.
Seeking Professional Guidance:
Recommending consulting with estate planning attorneys and corporate attorneys to structure business entities effectively and ensure comprehensive financial planning.
The episode sheds light on fundamental aspects of wealth planning that every early stage business owner should consider. Stay tuned for the next episode, where they'll discuss mid-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/
