Succession & Estate Planning Fundamentals for Business Owners

On July 7th, DWT lawyers Matt Loftin and Keith Baldwin participated in a panel discussion in Olympia, Washington, sponsored by the Association of Washington Business ("AWB"). The topic was “Succession & Estate Planning Fundamentals for Business Owners,” and the panel was organized and led by Kristofer Gray, CFP, of Integrity Financial Corporation. Matt discussed estate and gift tax exemptions at the state and federal levels as well as the alphabet soup of Grantor Retained Annuity Trusts (GRATs), Defective Grantor Trusts (DGTs), Family Limited Partnerships (FLPs), Charitable Remainder Trusts (CRTs), Charitable Lead Trusts (CLTs) and Family Foundations. Keith discussed the timing, process and challenges in getting a company ready for transfer to the next generation, to management buyers, or to third parties in an acquisition.  Other panelists included accounting, banking, family business consulting and insurance professionals. The presentation was part of a continuing program available on request to AWB members and industry groups.