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
Welcome to "Small Bites of Business Insights" where we continue the discussion on wealth planning, focusing on estate planning basics and delving into trusts.
Becca returns as a guest to discuss trusts and their advantages over wills in estate planning.
Trust vs. Will:
A trust is a living document effective upon creation, while a will takes effect after one's passing.
Trusts offer privacy, avoiding probate and keeping asset distribution details confidential.
Setting Up a Trust:
A living trust or revocable trust is created during one's lifetime for asset distribution upon death.
While online platforms like LegalZoom offer trust creation, due to complexity, consulting an estate planning attorney is advised.
Legal Changes and Tax Implications:
Estate laws constantly evolve, making estate planning a specialized and ever-changing field.
Tax implications for estate planning remain similar whether using a will or a trust, but differences arise with irrevocable trusts.
Irrevocable Trusts:
Irrevocable trusts are unchangeable after creation, often used for gifting assets during one's lifetime while retaining control through a trustee.
They provide protection from creditors and divorces, benefiting both the creator and the beneficiaries.
Control and Parameters in Trusts:
Trusts offer control from the grave, enabling creators to set conditions and guidelines for distributions to beneficiaries.
Trustees play a critical role in managing the trust, making investment decisions, and adhering to specified parameters.
Selecting a Trustee:
A trustee can be a family member, a friend, or a professional entity, based on the complexity and nature of the trust.
Estate planning attorneys help in choosing suitable trustees and setting compensation parameters.
Conclusion:
Becca provides comprehensive insights into trusts, emphasizing their advantages over wills in estate planning.
Tune in to the next episode where the discussion will cover crucial aspects of estate planning like power of attorney for property and healthcare.
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/
