Sale of a business is a complicated process. This presentation provides a high level overview of issues to be addressed to reduce the impact of income, capital gains and estate taxes when selling a business, with a particular focus on what kind of trust structures are available for this purpose. The presentation also reviews the fiduciary responsibilities of a trustee of a trust utilized as part of a business owner’s sale strategy and reviews considerations in selecting a trustee, including comparing a corporate fiduciary vs. a private fiduciary.
Learning Objectives:
- To understand what steps a business owner may take prior to a sale of a business.
- To understand planning options available to business owners and timing of events, including the creation and funding of various trust structures.
- To understand pros and cons of using a corporate trustee.
Speakers:
Alla Kutz is a Senior Wealth Manager and Fiduciary Specialist for BNY Mellon Wealth Management. In this role, she works directly with clients to address their investment and wealth management needs. Her responsibilities include administration of individual, testamentary and charitable remainder trusts, as well as private foundations. She also serves as a mentor and resource for Trust colleagues.
Ms. Kutz has more than 35 years of experience in the financial services industry. Prior to joining BNY Mellon, she served as Senior Vice President and Senior Trust Advisor for City National Trust & Estate in Beverly Hills for over 30 years. Alla’s professional experience includes an eight-year term as a financial representative specializing in insurance and financial planning.
Ms. Kutz is a Certified Financial Planner® (CFP®), Chartered Life Underwriter (CLU) and Certified Trust and Financial Advisor (CTFA). She’s a member of the Beverly Hills Bar Association and the Beverly Hills Estate Planning Council. Alla served as President of the Southern California Trust Officers Association and the Beverly Hills Estate Planning Council.
Elizabeth R. Glasgow is a Partner with McDermott, Will and Emery. Elizabeth focuses her practice on multigenerational wealth preservation and tax minimization, including the creation and implementation of dynasty trusts, business succession plans, asset protection strategies and charitable giving structures for business owners, real estate investors, entrepreneurs, and families managing inherited wealth. She provides comprehensive advice on a wide range of issues facing mobile high net worth individuals and geographically dispersed families, including coordinated income tax planning across multiple jurisdictions. She is also an experienced counselor to the non-profit community and works with a variety of tax-exempt entities in fulfilling their charitable missions by ensuring proper formation and management of their organizations.