MacKay Discusses Business Succession Planning With Kiplinger's Retirement Report
Karen K. MacKay was quoted in the May 2014 issue of Kiplinger’s Retirement Report, one of the nation’s leading estate planning publications. In the article Planning to Pass on Your Family Business, Karen discusses techniques to equalize bequests among all children when transferring a business to one child. She also discusses the use of nonvoting shares or similar interests as a means of providing those children not involved in running the business with some equity and a potential cash flow.
She explains that because the business is often the largest asset of the estate, the voting shares remain with the children actively involved in the business. She says if you are giving a business to one child, you might give his or her siblings a larger share of other assets, such as real estate, investment accounts, or life insurance proceeds.
If you would like more information on strategies for business succession planning or your own estate planning needs, please contact Karen at 312-840-7009 or kmackay@burkelaw.com.
