Post-Mortem Access To Funds From Closely Held Business Interests
One of the more challenging aspects of planning for the owners of closely-held businesses is to provide sufficient liquidity to pay estate taxes and expenses of administration. Certainly, a client's business represents a life's work in value, but it can't be taken for granted that the business will easily yield up its value when it is needed upon the death of the owner. Careful planning is necessary to tap into the cash represented by business interests. This article provides an overview of the more common considerations and pitfalls presented in these circumstances. The authors conclude that it is preferable to take hold of these issues in planning; once the client is gone, getting cash from a business may not be so easy…if it ever was. To read the full article, please click on the link below.