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Revoking the Irrevocable (Trust) - Temecula/Murrieta Estate ...

Revoking the Irrevocable (Trust) - Temecula/Murrieta Estate ... | The Family Business | Scoop.it
What can you do when your estate plan includes something as permanent as an irrevocable trust that no longer serves its purpose? Fortunately, Forbes recently considered this question in an article aptly titled “How To Kill...
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Comment on the recent Forbes article posted here.

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Family Wealth Report - Americans Show Most Love For Art As Investment Of Passion - RBC/Capgemini Study

Family Wealth Report - Americans Show Most Love For Art As Investment Of Passion - RBC/Capgemini Study | The Family Business | Scoop.it
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Northwestern MutualVoice: Estate Planning: It's Not Just For The Rich And Famous

Northwestern MutualVoice: Estate Planning: It's Not Just For The Rich And Famous | The Family Business | Scoop.it
When we think of estate planning, many of us have an image of old money being transferred from one affluent generation to the next. But estate planning is not just for the wealthy—because it's not just about the money.
Matthew F. Erskine's insight:

It is not all about money, but it sure seems like most solutions from insurance companies involve giving them some!

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Letter From Germany: "Market Entry - Factors For Success And Stumbl...

Foreign asset managers entering the German market often seem to be reinventing the wheel, observes asset management consultant Markus Hill. Based on his convers
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A short Primer on hedge fund investing in Germany

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Where Not To Die In 2013 Update

Where Not To Die In 2013 Update | The Family Business | Scoop.it
The line-up of states with death taxes shifts again. Will North Carolina follow Indiana or Delaware’s lead on the fate of its state death tax?
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Business owners need to plan for retirement

Business owners need to plan for retirement | The Family Business | Scoop.it
For business owners, retirement planning involves more than just setting aside a nest egg. Whether they are looking to pass a family company on to the next generation or find a buyer, they have many decisions to weigh in advance.
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How Much Money Do You Need From An Exit To Be Financially Secure?

How Much Money Do You Need From An Exit To Be Financially Secure? | The Family Business | Scoop.it
In this session you will learn about: 3 things any owner can do right now to start preparing for an exit; 3 common pre-sale tax and estate planning opportunities; The most common mistake owners make when discussing an exit ...
Matthew F. Erskine's insight:

Although "Exit Strategy" is too often equated with "sale of the business"  the issues of valuation, taxation and finanical security are the same even if a sale of the company is not expected. 

 

For the owner of a family controlled business, the added isses are 1) how can I keep control of the business with me and my family?, 2) how do I get access to the experience and expertise for such things as raising captial for M&A on my own terms? and 3) HOw do I achieve both financial security for myself and my family wihtout puting the control fo the family business at risk?

 

Sometimes it is more about asking the right question rather than knowing the solution to set problems.

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2014 Fiscal Year Estate Tax Proposals | Estate Planning

2014 Fiscal Year Estate Tax Proposals | Estate Planning | The Family Business | Scoop.it
The Obama Administration Budget for Fiscal Year 2014 seeks to raise revenue from the estate tax system from three primary sources.

Via Chuck Hammond, PPC, CMFC
Matthew F. Erskine's insight:

For the first time in a decade, we have a permanent gift and transfer tax law, but the ongoing push to eliminate valuation discounting, close loopholes in the tax treatment of grantor trusts and subtantial increases in the income taxes for captial gains spells touble brewing for many of the family bsuiness succession plans. 

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hbr-marriott-choosing-ceo.pdf

Matthew F. Erskine's insight:

For the owner CEO of a family controlled business it is important to understand that your backgrounds make you very different than an outside professional manager for the business.  For better or worse, you have “grown up” inside the company, growing as the company grows.  A Board of Advisors brings needed technical skills and perspectives to management, as do those nonfamily employees in the business.  An outside professional, however, has learned their trade either in a classroom or in another (usually larger) company.   They have strengths and weaknesses which you can use to your benefit if you are aware of them.  In setting up a framework for coping with an emergency, you should consider these, so that a decision is not made in haste later. 

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Anne Smart's curator insight, February 20, 2014 11:21 AM

Loyola's FBC Non-Family Executive peer group will hold its first meeting Fri. Feb 28. Contact asmart@luc.edu if you want to learn more.

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Guest Post: 25 Years Of Real Estate In One Chart | Zero Hedge

Guest Post: 25 Years Of Real Estate In One Chart | Zero Hedge | The Family Business | Scoop.it
With Bernanke now making it extremely clear that housing is all we have, the following may raise a few eyebrows. Accommodate, accommodate, accommodate, accommodate... that was and is the mantra.
Matthew F. Erskine's insight:

The accomidation by the Fed of, among other things, the housing market growth has lead to "the Great Disconnect", to use a term coined by A. Gary Shilling in his Insight monthly analysis.  With nearly 90% of 30 year mortgages as refinancing, this chart reflects the truth in this observation.

 

 

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Succession Planning not a priority for Small Business

Matthew F. Erskine's insight:

Ben Lobel reports that the low priority most small, family controlled, businesses on succession planning threatens both the survivial of the business during a gnerational trasnfer, and devalues the firm in  a sale to non-family buyers. 

 

The core problem is that business owners often have a hard time justifuling some of their scarce resources of time and money on something that has a benefit only in the distant future. 

 

The solution is to help owners more closely identify who and what they are today with who and what they will be in the future, relating the value of a succession plan to their current needs and goals. 

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Foundations, Asset Managers, and the King’s Children

Languages can build bridges, but languages can also disconnect: a realization which all too often holds true in the area of asset management. Professional journ
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Too often professionals seek to hoard information rather than clarify their client's situation.  The "soft" criteria for manager selction really is how well you can get beyond the pitch and into a collaboration with an asset manager. 

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For This Father and Son, Business is All in The Family - Patch.com

For This Father and Son, Business is All in The Family Patch.com Both find the other's business styles complimentary to their own, which is a good thing since the father and son duo are proud owners of 12 Batteries Plus stores in the greater metro...
Matthew F. Erskine's insight:

This is a heart warming story of father and son working together, but underlying issues are how to trasnlate this succession success into a deliberate policy to bring younger members of the family into the family business. 

 

Both governance and ownerhsip issues abound, but fundamentally, the engagement of the son while he was at college probably helped to inform him about what the franchise business was all about, and gave him confidence to enter the business when his piloting career fell apart. 

 

Using a family forum to report on the business and engage younger (even very young) members of the family in the whys and wherefores of the business is a successful tool to manage this type of engagememt.

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The Scenario Planning Option For Clients' Estates

The Scenario Planning Option For Clients' Estates | The Family Business | Scoop.it
Looking at the most probable future reduces uncertainties to a more manageable level while not concealing risks.
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Rolland ‘sad’ to sell Le Bon Pasteur

Rolland ‘sad’ to sell Le Bon Pasteur | The Family Business | Scoop.it
Matthew F. Erskine's insight:

A hallmark of sustainable family control of significant assets, such as Michael Rolland's family estate, is the presence of a process by which family members can withdraw their capital form the asset one a generation, but under terms and conditions that do not require the sale of the asset by the other family members.  Something the Rolland family did not have, and now regrets.

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Supreme Court Favors Ex-Wife Over Widow In Battle For Life Insurance Proceeds

Supreme Court Favors Ex-Wife Over Widow In Battle For Life Insurance Proceeds | The Family Business | Scoop.it
A basic and all too common estate-planning mistake led to years of litigation, and what seems like an unfair result.

Via Zars Media
Matthew F. Erskine's insight:

Annual review of how you want your assets to go, and checking that the documents like beenficiary designation of life insurance proceeds, is a necessity for everyone, but especially so for family business owners, where business plans may not be well integrated with estate plans. 

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The key role of line managers in talent management and succession planning

The key role of line managers in talent management and succession planning | The Family Business | Scoop.it
Murray Furlong - Hemsley Fraser This editorial was written by Murray Furlong, head of UK learning solutions at learning and development firm Hemsley Fraser. Are you managing talent effectively in your organisation?

Via Kip Michael Kelly
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