Letting Go: How to Prepare for the Next Opportunity in Your Life
Few things are as disruptive to family businesses as the former owner who won’t let go. This doesn’t mean the retired founder has no role. By acting as family leader, consultant or, if appropriate, member of the board you can continue to offer insight for the family and business.
What’s Next: How to Prepare for the Next Opportunity in Your Life
You are rightfully proud of how you turned the family business over to the next generation, just as it was planned. But did you plan for yourself and your spouse in the post-succession phase of life? How will your spouse react to the daily presence of a retired workaholic? How will you fill your days?
Succession plans often ignore these critical issues, impacting the overall success of the plan and happiness of the participants.
Communicate to Family about Your Intended Legacy Plans
Third, manage expectations among your children by communicating your plans for the future early and continue to relay those plans as they develop and evolve. Confirm and reconfirm that the child involved in the business wants to shepherd it into the future. Be open about your plans with your other children.
Alternative Legacy Options for Children Outside the Family Business
Second, confer with qualified professional advisers about the tools available to pass the family business to the involved child while providing a legacy that you deem appropriate to your other children.
Do You Consent?
August 12, 2015
by Tyson A. Crist, Partner
Professor Erwin Chemerinsky recently prognosticated that the Supreme Court’s ruling in Wellness International Network, Ltd. v. Sharif
, issued on May 26, 2015, will spawn “a great deal of litigation in courts across the country.” Chemerinsky: These 4 lesser-known SCOTUS decisions are sure to spawn more litigation
. The issue over which this litigation will supposedly occur is whether a party has implicitly consented to have a bankruptcy court finally decide a non-bankruptcy claim, typically state law based. Just a week ago, the Seventh Circuit Court of Appeals chimed in on this question, ruling in response to the Supreme Court’s remand of the Wellness
All in the Family: Tips to Pass Wealth to Children Who are Not Part of the Family Business
You are finally ready to think about passing the baton to the next generation. One child shares your passion for growing the business and responding to the changing marketplace. She has experienced positions both outside and inside the company, working her way up the ranks to understand the various facets of your industry. She seems to be a natural fit for the next generation of leadership and has indicated a long-term commitment to carrying forward the family enterprise. But you have more than one child to include in your estate plan, and you have reservations about “favoring” one over the others.
Congratulations to Indianapolis Airport Authority on Again Being Named Best Airport in North America
August 7, 2015
Ice Miller congratulates our client, the Indianapolis Airport Authority
, on being recognized as the best airport in North America for the fourth time in five years by the Airports Council International (ACI).
What are the Operational Requirements Relating to the Management of a Private Foundation?
While a private foundation can serve as an excellent means of achieving a donor’s charitable giving goals, there are many specific, complex requirements and restrictions placed upon a private foundation’s operations.
Does it Matter Where a Private Foundation is Formed?
Generally, no. Most states provide procedures for forming a private foundation and receiving exemption from state income taxes. More importantly, the federal tax benefits (e.g., the tax-exemption for the foundation and the charitable deduction) apply no matter where the private foundation is formed.