A reader of this column (Joe, age 62) and his lawyer (Lenny) live in Florida. Joe started Success Co. from scratch and now employs 82 people, including his son, Sam, who runs its day-to-day operations. Joe recently went to Lenny to prepare his estate plan, armed with this information: His wife Mary is 63, and they have three children and seven grandkids. Joe spelled out his basic goals: Transfer Success Co. to Sam without Joe or his son getting killed by taxes. Treat the two nonbusiness kids equally. Keep control of his assets, particularly Success Co., for as long as he lives. Minimize or eliminate the estate-tax bite. Make a substantial contribution to charity if the gift does not reduce his children's inheritance.
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