So you’ve made the milestone decision to sell your family or closely held business to a sophisticated buyer—perhaps a “financial buyer” (i.e., a private equity fund) or a “strategic buyer” (i.e., a competitor) —and, to your shock and dismay, the purchase price is not simply one, lump-sum payment of cash on the barrel head at closing. You will first notice…
Digital assets, including email accounts, blogs, websites, video channels, social media accounts, digital photos and other files stored on a web-based cloud, are more prevalent in today’s digital economy, which is why they are of increasing importance in the estate planning process. Gaining access to these accounts will be critical for the executor – whether it’s to close the accounts…
The major reason why family businesses fail to transition between generations is dysfunctional family dynamics, not taxes. In September of 1997 (when taxes were much higher than they are now), the Journal of Business Venturing published a survey of family business owners about the factors for the breakdown of family business transitions. The study, and findings published in article “Correlates…
The U.S. Department of Health and Human Services Office of Inspector General (OIG) has issued an “early alert” titled “The Centers for Medicare & Medicaid Services Has Inadequate Procedures to Ensure That Incidents of Potential Abuse or Neglect at Skilled Nursing Facilities Are Identified and Reported in Accordance With Applicable Requirements.” This early alert preceeds the full report of the…
As the baby boomers grow older in the US, the volume of unwanted keepsakes and family heirlooms is likely to grow to incredible proportions. Simultaneously, there will be a growing number of delicate conversations between generations as to what to do with all the “stuff!” According to a 2014 United States census report, more than 20 percent of our population…
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A recent survey shows that only 52% of married couples will celebrate their 15th wedding anniversary. A marriage ends in only two ways, namely, divorce or death. The ownership and control of a family business are jeopardized when family business assets are owned by a deceased family member or are owned by a party to a divorce. While another survey…
CMS (Centers for Medicare & Medicaid Services) has proposed new rules which would reverse Obama administration rules banning pre-dispute binding arbitration provisions for long-term care facility (nursing home) contracts. The new rule would allow binding arbitration provisions as a condition of admission with minimal requirements. The provisions in nursing home contracts were prohibited as a condition of admission due to…
Tim Warner, Chairman of the Litigation Group at Cavitch, a practicing mediator and arbitrator and a litigator for almost twenty five years, was recently published in the Cleveland Metropolitan Bar Journal in the July/August 2017 edition. Tim’s article, “Mediation Advocacy for Litigators,” delivers a step by step approach for litigators to follow in order to achieve the goal of mediation;…
In most cases an IRA account inherited by a child from a parent can currently continue to be held in a tax-free state, except that the child will be required to take required minimum distributions over their lifetime. This can allow significant tax savings to those inheriting IRA and retirement assets. Brewing in the US Senate is a bill favorably…
