On June 27, Sean Cook, a partner at Warner Norcross + Judd, spoke with the hosts of the Family Business Forum radio show on WJR 760 AM.
He answered questions about how the new tax bill affects succession planning in family businesses and discussed ways to transfer the value of a business to the next generation without giving up control of the business.
He also answered questions on how the tax bill affects S-corps, C-corps and partnerships and whether entities should consider changing their structure to capture new tax benefits. He ended the program with a tax opportunity for family businesses thinking of expanding: 100% of capital expenditures can now be deducted thanks to improved bonus depreciation limits for the next five years.
Of special interest to our high net worth families: the other speakers on last night’s show included 3rd and 4th generation members of the Schostak family, both participants in the family business. Bobby and Jeffrey Schostak spoke about the values that supported the growth of the original business and the planning to perpetuate and expand the business over the next generations. They explained how they developed their family council and constitution and how they documented a plan for entry into the business by Jeffrey, a 4th generation family member. They also discussed how the 3rd generation is stepping away from the business and plans for interested family members in the large 5th generation to start learning about the business.
Warner attorneys like Sean Cook specialize in this type of complex succession planning, family governance (including councils, constitutions and meetings) and tax planning for family and closely held businesses. We encourage you to listen to the broadcast for two benefits: Sean’s information on how the tax bill may affect your business and succession planning, and a great example of a family which has successfully passed its business over generations using some of the sophisticated planning techniques Warner employs for families and their businesses.
Sean Cook is a regular speaker on the Family Business Forum radio show and a sponsor of the Family Business Forum organization. His legal practice focuses on tax, mergers and acquisitions, closely held businesses, trusts and estates, and general corporate and non-profit law.
Listen to Sean on last night’s broadcast and find other broadcasts on family business topics at https://www.familybusinessforumonline.com/radio-show-on-wjr/. Note that the playback seems to work best in Internet Explorer.
