Using Family Trusts (CONT’D FROM PAGE 32)
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ing bonds which would provide guaranteed but limited income. Start Early Starting the trust planning process early will help protect your family business assets from a sudden loss through an unexpected lawsuit or death. “Planning should start as soon as your business has assets worth protect- ing,” says Bill Babb, Senior Consultant at the Family Busi- ness Institute, Raleigh, North Carolina ( familybusines- sinstitute.com ). “You want a smooth and safe transition program in place before the death of someone in an own- ership position.” When seeking outside help to plan your trust, toss a wide net. A family business transition has implications for income and estate taxes, the protection of assets, and the outstanding agreements of banks and creditors. Because so many areas are involved, experts suggest assembling an advisory team that consists of an attorney, an accoun- tant, a management consultant and a banker. Having bank lenders represented is especially im- portant. “It often happens that when a key person dies the banks get squirrely and call outstanding notes,” says
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Babb. “To avoid that, take the initiative long before the actual transition takes place by helping your bankers de- velop working relationships with whoever will be taking over the reins of the business.” If designing a trust takes resources away from man- agement duties, the result is worth it. “Protecting family business assets requires a commitment of time, effort and money,” says Babb. “It’s easy to procrastinate and allow the decision-making process to get bogged down. But no one has the promise of tomorrow. The risk of delay is that your business assets go to creditors and the IRS rather than to the people you want to receive them.” Consider A Philanthropic Trust Some family businesses accumulate more wealth than can be productively utilized by the next generation. Some of those assets might be put into a charitable trust. “History shows us that successful families pass down not only wealth, but also values,” says Arlene Cogen, a certified financial planner and philanthropic leadership
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