Articles and Publications
On July 28, 2013, The Atlanta Journal-Constitution published “Family Firms May Not Get Passed Along,” written by cofounding partners, George D. Menden and Lawrence (Larry) H. Freiman.
The article discusses the challenges in passing a family-owned business from generation to generation. Unfortunately, federal (and in some cases, state) estate tax can lead to a fire sale of a family-owned business to raise money to pay estate taxes. As the article explains, the tax is applied to the transfer of a person’s assets at death at a current tax rate of 40 percent of the value of the estate which exceeds a specified exclusion amount (currently $5.25 million). In addition, the estate tax may also be applied at each succeeding generation, creating a dire need for family-owned businesses to put in place a solid financial and legal succession plan. Read the full article at www.ajc.com, or view as a PDF.
The article, Estate Planning is Not Just About Death and Taxes: A Formal Estate Plan Can Reduce Uncertainty about Many Aspects of Your Clients’ Futures, starts on page 12.
MendenFreiman named Law Firm Of The Month.
Death and Taxes 2012: Last Call to Protect Your Dealership for Heirs.