New and Enduring Problems in Business Succession Planning
Business succession planning is vitally important to the long-term survival of a closely-held business. It requires focused consultation with the client (and often the other stakeholders in the business) and close attention to applicable state and federal laws. On top of all of this, every situation has unique aspects. Many closely-held business owners today have questions or concerns about the following:
- The income tax deduction for qualified business income
- Securing retirement income for the business owner
- Use of trusts in the disposition of closely-held business interests
- Transferring closely-held business equity among family members with divergent or conflicting interests
Charles A. Redd
Charles A. ("Clary") Redd is a partner in the St. Louis office of Stinson Leonard Street LLP. Clary concentrates his practice in estate planning, estate and trust administration and estate and trust-related litigation. He is an elected member of The American Law Institute, a Fellow of The American College of Trust and Estate Counsel and an Adjunct Professor of Law at Northwestern University School of Law. He also serves as Co-Chair of the Editorial Advisory Board of, and writes a regular column in, Trusts & Estates magazine. He is listed in The Best Lawyers in America and is nationally ranked by Chambers USA in its “Wealth Management” category.
Turney P. Berry
Turney P. Berry is a Member of the Executive Committee and the Chair of Wyatt, Tarrant & Combs’ 22 lawyer Trusts, Estates & Personal Planning Service Team. Turney is a Fellow of the American College of Trust and Estate Counsel and the American College of Tax Counsel, a Uniform Law Commissioner and member of the Joint Editorial Board for Uniform Trust and Estate Acts, a Trustee of the Southern Federal Tax Institute and a member of the Advisory Council of the Heckerling Institute on Estate Planning as well as a Member of the Advisory Board of Trusts and Estates Monthly and a Vice-Chair of the Charitable Planning section for the ABA Section of Real Property, Trust and Estate Law. He is listed in Woodward/White’s The Best Lawyers in America®.