LexisNexis® Legal Newsroom
An Estate Plan is not a Business Succession Plan

A Closely Held Business can be passed on under a Will or Revocable Living Trust. From this it does not follow that the Will or Trust serves as a succession plan for that business. No two succession plans are identical, but one key question is whether the business should be sold by the parents while...

Foley & Lardner LLP: How S&P Downgrade of U.S. Debt Rating May Affect Family Wealth Succession Planning

By Gregory F. Monday and Wendy S. Rusch On Friday, August 5, 2011, Standard & Poor's downgraded the long-term credit rating for U.S. treasury debt from AAA to AA+. One of the ripple effects of this action may be to cause an increase in the safe harbor interest rates for intra-family debt...

McNees Wallace & Nurick LLC: Business Succession Planning

By Vance Antonacci Introduction The transition of a family owned or closely-held business is a significant undertaking even with the best laid plan. This article will outline the issues that should be considered by the business owner in transitioning a business. Types of Business Succession...

LLCs and Wills

By Stephen Taylor Oast & Hook has previously examined the growing popularity of the limited liability company ("LLC") as a valuable tool for estate and business succession planners and their clients. See "Limited Liability Companies: The Entity of Choice for Estate and Business...