Buy-Sell Agreements represents over 30 years of work and study of buy-sell agreements for closely-held or family businesses of all shapes and sizes. I’ve drafted or edited hundreds of buy-sell agreements and reviewed over a 1000 more. In my opinion, it’s the hardest agreement to draft and get right. Buy-Sell Agreements will define what I mean by a buy-sell agreement, identify the three types of buy-sell agreements, describe what I mean by a “triggering event,” describe the tax consequences of a buyout and much, much more!
Buy-Sell Agreements truly is a labor of love. My family was negatively impacted by a poorly drafted buy-sell agreement, and I possess incredible passion around this subject to hopefully prevent my readers from suffering needlessly from a poor buyout provision. It’s truly the first book of its kind written for the lay audience to explore the depths of buy-sell agreements as deeply as I go in this book.
Buy-Sell Agreements is chock-full of examples of real-world buy-sell situations so that it hopefully is easy to follow along. I wrote this book for you!!!
Won’t you join me on an exploration of buy-sell agreements?
The Tools & Techniques of Estate Planning, 19th edition, applies the trusted Tools & Techniques approach to all aspects of modern estate planning, enabling you to:
- Help your clients plan every aspect of their estate, including tax, investment, insurance, and estate administration decisions
- Help your clients effectively preserve their assets under current law
- Handle a wide variety of estates and specific circumstances
- Save significant amounts of time with exclusive estate planning tools
In addition to everything that made the first eighteen editions of The Tools & Techniques of Estate Planning so effective and popular, this new edition delivers several enhancements including:
- Cover-to-cover updates to reflect changes in tax code that were enacted in the 2017 Tax Cuts and Jobs Act
- A new chapter on planning techniques that utilize the new Section 199A Qualified Business Income (QBI) deduction
- Significantly updated chapters on trust planning and income tax considerations in estate planning
This book features easy-to-understand, real-world examples from expert authors on what techniques are best suited for a wide variety of circumstances, and equally important advice on how to avoid future problems. Readers will learn the most important issues and planning techniques to help clients plan every aspect of their estate. In these pages you’ll also find reliable, practice-based analyses of hundreds of recent cases and rulings, helping you assist your clients in making the best decisions for themselves and for their families.
This book has been fully revised, expanded and enhanced to help you meet the needs of every client looking to make the most of their charitable giving.
The Tools & Techniques of Charitable Planning, 3rd Edition, includes:
• New tools to help planners deal with higher capital gain tax rates
• New chapter on Charitable Life Estates
• Techniques specifically geared toward organizing and strengthening the approaches used by planned giving teams within charitable organizations
• Tools for meeting the expectations of continuing growth in the value of assets often used to fund charitable gifts
• Exploration of recent trends toward using CRUTS rather than CRATS
• Insights into the best techniques to meet planned giving goals in a low-interest-rate environment, including the use of CLATs
• New content on Type III supporting organizations
• Expert tips on using charitable gift annuities in death
Comprehensive updates throughout the book will help you understand the new tax rules, including the effects of the Net Investment Income Tax on donors, beneficiaries, and trusts.
The tools and techniques in this book are practical and proven, compiled by a team of the foremost experts in the field. Numerous charts, graphs and tables are included, simplifying everything from the basic charitable deduction rules to the most complex charitable giving techniques.
The single-volume The Tools & Techniques of Charitable Planning, 3rd Edition, provides instant access to all of the vital information absolutely necessary for guiding each client through their important charitable planning decisions.
It also includes tax issues, premarital and relationship formalization considerations, lifetime estate planning options, and more!
Highlights of the 3rd Edition
This newest edition has been completely revised, featuring several new and updated chapters including strategies to help clients plan for various scenarios. This edition provides valuable insights into the following areas:
- Clients in long-term polyamorous relationships
- Planning for single clients
- Clients with nonmarital children
- Client goals related to cryonics and cloning, including techniques for the creation of personal revival trusts
- Clients with intellectual property assets
- Clients’ pet-related legacy goals
- Modern philanthropy trends in estate planning
- New technologies and trends in conception and their legal implications, including posthumously conceived children
- Updates to trust planning and income tax considerations in estate planning
- Planning for longer lifespans and fading capacity
- Digital assets and intellectual property, which may have a lifespan that exceeds its creator
Written by experts in the subject matter, this publication is filled with practical advice and examples in an easy-to-understand language, helping you assist your clients in making the best decisions for themselves and for their families.
Detailed discussion is included of various cases outlining errors that appraisers have made in appraisal reports, as well as in-depth discussion of the current appraisal industry issues that are impacting tax valuations.
- Examines concepts and topics including level of value, the role of estate planners in the business valuation process, the use of appraisers in estate planning and litigation, and the appraiser identification/selection process
- Provides insight into the nature of the major appraisal trade associations
- Offers insights into preventing errors from getting into appraisal reports
This helpful guide provides you with the detailed discussion you need on the various business valuation standards that have been promulgated by the Appraisal Standards Board as well as several appraisal trade associations.
Make plans for the future of your unique family! Every family is different, and blended families — defined as those with children from previous marriages or couplings included — can be even more difficult to plan for. When dealing with complicated family situations, cookie-cutter estate plans just don’t work! Estate planning can be difficult as the subject matter can seem complex for non-lawyers, and family members can be hesitant to clearly voice their opinions on touchy matters. However, planning the future of your family’s estate is crucial for the emotional and financial well-being and stability of all family members, and having everything in order will bring invaluable peace of mind. Estate Planning for Blended Families outlines estate planning specifically for blended families, addressing the special concerns and issues that may arise from the process in this very special of circumstances. By providing various examples of different blended families, L. Paul Hood, Jr. gives advices and focuses on techniques of estate planning for blended families in many different situations. Whether you are a member of a blended family looking to plan your estate or an attorney looking for advice, this book can help you move forward with confidence. This book includes a CD-ROM full of supplemental resources and helpful tools to better plan your family’s estate.
Unfortunately, they are often overlooked in a business plan. Don’t wait until a tragedy or conflict arises! Buy-Sell Agreements gives you everything you need to create a legal agreement that protects both the business and the interests of all partners involved. Consider this example: two friends incorporate a start-up, with each holding half the shares. The business is quickly very successful. One of the partners dies in a traffic accident. There is no buy-sell agreement and the deceased partner has left his shares to his brother, who wants the business to pay dividends, not reinvest for growth. That is the kind of problem a buy-sell agreement is designed to avoid: an “unfriendly” change in the equity holders of a business. The book takes you through the planning and detail steps to preparing a buy-sell agreement, explaining concepts and providing examples so when you work with a lawyer to write up the agreement you will understand the issues and save a lot of time and expense. In this book you will learn about: What a buy-sell agreement is and the reasons for having one. The three main types of buy-sell agreements: redemption agreements, cross purchase agreements, and hybrid agreements. The possible triggering events, which are the events that bring a buy-sell agreement into action, together with the potential various responses in the buy-sell agreement to triggering events once one has occurred. The different ways to pay for purchases pursuant to buy-sell agreements, including life insurance, and the impact of life insurance on valuation of the entity. How valuation can work in buy-sell agreements, including how the Internal Revenue Service (IRS) might value an interest in a family business entity. Common errors that people make in buy-sell agreements. Working with professional advisors. A chapter written expressly for your professional advisors. Seven examples of buy-sell agreements in action.
Select Articles & Additional Co-authored Works
“Defined Valuation Clauses-From Theory to Implementation,” co-author with Renee Gabbard, Estate Planning (September 2019)
“Issues in Income Shifting: What’s Past is Prologue,” Trusts & Estates (September 2019)
“Autopsy of a Gift Gone Bad: Parts I and II,” 30 Planned Giving Today Nos. 1-2 (January and February 2019)
”The Human Side of Estate Planning,” Parts 1-3; Trusts & Estates (July, August, and October 2018)
“How to Avoid Common Sources of Drafting Errors,” Estate Planning (July 2018)
“Innovative Trust Designs Better Serve Inheritors,” co-author with Richard A. Oshins, Esq., 44 Estate Planning No. 6 (June 2017), pp. 3-11.
“32 Core Beliefs,” Trusts & Estates (May 2017), pp. 45-54.
“Psychological Factors in Estate Planning,” co-author with John J. Guerin, Ph.D., Chapter 18, Financial Behavior: Players, Services, Products, and Markets (Oxford University Press 2017)
“Anatomy of an LLC Operating Agreement: The Fundamentals for Valuation Analysts,” The Value Examiner (Sept./Oct. 2012, pp. 24-29).
“Estate of Gallagher: The Rest of the Story,” co-author with Timothy R. Lee, Valuation Strategies (Vol. 15, No. 3 Jan./Feb. 2012 pp. 4-13)
“Gallagher Estate v. Commissioner Valuation Issues: a la Carte or Prix Fixe,” co-author with Timothy R. Lee, Business Valuation Alert (Vol. 12 Issue No. 4 Oct. 2011)
“Estate Planning for Couples: Should it Be a Solo or a Duet?” co-authored with Emily Bouchard, Forbes (April 10, 2020)
“Reviewing Business Appraisal Reports: The Devil is in the Details,” Tax Management Estates Gifts and Trusts Journal (August 2011)
“Must Synergistic Buyers be Considered in Fair Market Value Analysis?” Valuation Strategies Vol. 13, No. 6, pp. 28-33 (2010)
“Who Says Appraisers Agree on Everything? Ten Issues That Affect Valuations (Parts One and Two),” Valuation Strategies Vol. 11, No. 6, pp. and Vol. 12, No. 1, pp. 27-31 (2008)
“Hermeneutic for Evaluation, Selection and Design of Estate Planning Tools and Techniques,” Tax Management Estates, Gifts and Trusts Journal, pp. 155-175 (May 12, 2005)
“The Initial Estate Planning Interview,” 27 ACTEC Journal 297 (2002)
“Defined Value Gifts: Does IRS Have it all Wrong?” 28 Estate Planning No. 12, pp. 582-591 (2001)
“Did the IRS Answer the Wrong Defined Value Gift Question?” Probate Practice Reporter (Part 1-Aug. 2001; Part 2-Sept. 2001).
“The Initial Estate Planning Client Interview,” 2 CCH Journal of Practical Estate Planning No. 4, pp. 32-41 (Aug./Sept. 2000),
“10% Remainder Interest Requirement Poses Sticky Drafting Problems,” Tax Management Estates, Gifts and Trusts Journal, Vol. 24, No. 3, pp. 146-150 (May-June 1999).
“It’s Not Easy to Draft a Testamentary Charitable Remainder Trust,” Charitable Gift Planning News (October 1998)
Editor, The Louisiana Estate Planner, Vol. 20- (p. 1041-); co-editor (with Gerald LeVan, Esq.), Vol. 17, No. 12 – Vol. 19, No. 12 (pp. 842-1040); special editor (with Gerald LeVan, Esq. and Carey J. Messina, Esq.), Vol. 17, No.3 – Vol. 17, No. 11 (pp. 770-841).
“Trust Anxiety: Revocable Trusts in Louisiana,” 39 La. Bar Journal 574 (1991)
“Legislature Puts Trap in State Tax ‘Cookie Jar,’” 38 La. Bar Journal 415 (1990)
“Fifth Circuit Symposium: Federal Taxation,” 35 Loyola Law Review 493 (1989)