Family Business Succession Planning

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For a GRUT to be successful: • The grantor must outlive the term of years • The GRUT document must be properly drafted • • Potential tax advantages of a GRUT include: • • Because of the retained interest, the value of the transfer for federal gift and estate tax purposes may be discounted • Principal remaining in the GRUT at the end of the term of years is removed from the grantor s gross estate for federal gift and estate tax purposes • While not a tax advantage, if the value of the trust property increases, payments to the grantor increase, possibly providing protection against inflation • Key tradeoffs • If the GRUT property performs poorly or is depleted, there may be less than anticipated transferred to the remainder beneficiaries and little or no tax savings and gift taxes paid and/or any applicable exclusion amount used may be wasted If the grantor does not outlive the term of years, any property remaining in the GRUT is includable in the grantor s gross estate for federal gift and estate tax purposes If the GRUT is unsuccessful, any costs incurred to create and maintain the GRUT will be wasted If the value of the trust property decreases, payments to the grantor decrease, and may not provide enough income If payments to the grantor increase because the value of the trust property increases, the additional payments will be included in the grantor s gross estate for federal estate tax purposes unless consumed or given away How is it implemented • Hire an experienced attorney to draft the GRUT document • Have property that is transferred to the GRUT professionally appraised • Transfer property to GRUT (i.e., retitle assets) • File gift tax return(s) Planning for Succession of a Business Interest Flowchart Page 5 of 9, see disclaimer on final page Business Succession Planning Alternatives Lifetime gifts Bequest Lifetime sale Estate sale Buy-sell agreement If you want to: Sell your business interest Not appropriate Not appropriate You may be able to sell your b

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