Estate Planning for Family Businesses Our Panel Moderator: Wayne - - PowerPoint PPT Presentation

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Estate Planning for Family Businesses Our Panel Moderator: Wayne - - PowerPoint PPT Presentation

Oct 01, 2023 365 likes •503 views

Estate Planning for Family Businesses Our Panel Moderator: Wayne Madsen, Wealth Management Division Manager Broadway Bank Wealth Management Bill Bayern, Estate Lawyer Langley & Banack Law Firm Brian Korb, PhD, CFA, CFP, Portfolio

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SLIDE 1

Estate Planning for Family Businesses

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Our Panel

Moderator: Wayne Madsen, Wealth Management Division Manager

Broadway Bank Wealth Management

  • Bill Bayern, Estate Lawyer

Langley & Banack Law Firm

  • Brian Korb, PhD, CFA, CFP, Portfolio Manager

Broadway Bank Investment Management Group

  • Kevin Rademacher, CFP, Wealth Advisor

Broadway Bank Wealth Management

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SLIDE 3

The Doe Family Tree

John Doe MPB Chairman (70 yrs) William MPB Employee (48 yrs) Clay MPB Employee (30 yrs) Minor Child Minor Child Clay’s Spouse Rich MPB Employee (30 yrs) Minor Child Rich’s Spouse Bob (28 yrs) Amy MPB CEO (45 yrs) Minor Child Minor Child Amy’s Spouse Nick (43 yrs) Sally Doe (75 yrs)

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Question One

What are the basic estate planning documents the Doe’s should have and their purposes?

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For your Estate Planning Toolbox

Fundamental Tools:

  • Last Will and Testament
  • Durable Power of Attorney
  • Medical Power of Attorney
  • Directive to Physicians
  • Authorization to Release

Medical Information Other Tools:

  • Probate and Estate

Administration

  • Living Trust
  • Nonprobate Assets
  • Buy/sell Agreements
  • Life Insurance Planning
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Question Two

What are some ways for a business

  • wner/family to handle

distributions for a ‘William’ type beneficiary?

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SLIDE 7

Question Three

How would a business owner/family handle distributions to a ‘Nick’ type beneficiary?

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Question Four

What would happen if John is disabled and unable to manage his affairs? What are the consequences if he dies?

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Question Five

What are some basic strategies that could be implemented to lower estate taxes and ensure business continuation at John’s death or disability?

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SLIDE 10

Advantages of a Bypass Trust

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SLIDE 11

The Doe’s Homework (aka your homework)

  • Spend time thinking about and talking through what the family

wants (objectives and goals for the business and family)

  • Research and hire competent advisors (lawyer, accountant,

banker, etc.)

  • Create (or update) the documents you need based on your goals

and objectives

  • Develop a business succession plan that supports the goals and
  • bjectives, and the documents you’ve created
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SLIDE 12

In Conclusion

You are going to die, planning is critical!

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Q&A

Questions?