Webinar Transcript (11/13/2025): Business and Real Estate Succession Planning
Host: Jonathan I. Shenkman, President & Chief Investment Officer of ParkBridge Wealth Management (Contact: jonathan@parkbridgewealth.com)
Presenter: Avi Z. Kestenbaum , Esq. LL.M., Partner, Meltzer, Lippe, Goldstein & Breitstone, LLP (Contact: akestenbaum@meltzerlippe.com)
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Jonathan Shenkman: Good morning, and welcome to the Park Bridge Wealth Management Fall Webinar Series. This program is entitled Business and Real Estate Succession Planning. As always, my name is Jonathan Shankman, I'm the President, Chief Investment Officer of Park Bridge Wealth Management.
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Jonathan Shenkman: In that role, I serve in a fiduciary capacity to help my clients achieve their financial objectives. The goal of my programs is to bring professionals together to help them better serve their clients. This is done by educating attendees on the latest topics in wealth planning, and by encouraging collaboration between a client's attorney, CPA, and financial advisor where appropriate.
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Jonathan Shenkman: My practice focuses on working with high net worth families, businesses, and not-for-profits. I manage individual investment portfolios, trust accounts, corporate retirement plans, and endowments to help my clients achieve their financial goals. In addition to the 20 or so events I run every year, I also do a fair amount of writing on the topics of investing and financial planning.
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Jonathan Shenkman: You can read my work in a variety of periodicals, including Barron, CNBC, Forbes, Kiplinger, The Wall Street Journal, and Trust and Estates Magazine, to name just a few. You can see all my work on my website at parkbridgewealth.com forward slash articles, or by following me on social media, Jonathan on Money. Additionally, you can check out my weekly podcast, which is also called Jonathan on Money, and you can listen to that on Apple, Spotify, or wherever you get your podcasts.
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Jonathan Shenkman: Today, we're privileged to hear from Avi Kestenbaum, who's a partner at New York-based law firm Meltzer Lippey. Avi co-chairs the firm's trust and estates practice group, and has a leadership role in the firm's tax-exempt organization practice group, business and real estate taxation, trust and estate litigation, and private wealth and taxation groups.
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Jonathan Shenkman: Avi provides creative and sophisticated domestic and international tax, estate planning.
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Jonathan Shenkman: An asset preservation council to CEOs of major corporations, ultra-high net worth individuals, multinational businesses, and large charitable organizations. He has also successfully represented many clients, including individuals, trusts and estates, businesses, and charitable organizations with IRS and state audits.
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Jonathan Shenkman: His practice places special emphasis on domestic and international tax and trust planning, big picture philosophy, family, business, accession planning, and effectively dealing with estate disputes. Avi has published dozens of articles in leading national tax, estate planning, and tax-exempt organization publications, and he's also a member of the Trust and Estates magazine Editorial and Advisory Board, where he is chair of the Modern Practice Committee.
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Jonathan Shenkman: He's also an adjunct professor at Hofstra University School of Law. He's an ACTEC Fellow and recognized in Super Lawyers and Best Lawyers in America. And today, Avi's going to be speaking about business and real estate succession planning. And with that introduction, I'll now turn the program over to Avi.
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Avi Z. Kestenbaum: Thank you very much, as always, Jonathan. My privilege and pleasure to be here. Thank you to all who are listening. As I always say, it's much more difficult to listen than to speak. Everyone loves to talk, and
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Avi Z. Kestenbaum: Not as easy to listen. So we have a lot to cover in my approximately 27 minutes, so you'll excuse me if I speak rather quickly.
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Avi Z. Kestenbaum: As usual, my goal is to
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Avi Z. Kestenbaum: help the listeners or viewers understand the points, the main issues. We're not going to solve everything in the 27-minute program, especially not in this very, very complex topic of business and real estate succession planning.
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Avi Z. Kestenbaum: Towards the end, I'm going to focus on some of the tax issues, but for most of this, it will be on what I think are even more important than the, the tax issues, and…
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Avi Z. Kestenbaum: hopefully we'll all learn something from this. So…
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Avi Z. Kestenbaum: I'm gonna be candid, and feel free to have, different, ideas, and to disagree with me, but this is what
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Avi Z. Kestenbaum: I've learned in now close to 30 years of practice in actually dealing with, many businesses, many real estate owners and developers, many estate litigations, which sadly occur all too often with family businesses.
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Avi Z. Kestenbaum: So, why is business succession planning, including for real estate owners, why is this the most complex and, in my opinion, failed area in the entire estate planning field?
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Avi Z. Kestenbaum: We're all aware of so many families fighting. When there's money, there's a fight. When there's a business, there's a fight. When there's real estate, there's a fight. To me, it seems like, it's more probable than not that if there are a lot of assets and business and significant real estate involved.
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Avi Z. Kestenbaum: If there's not a fight, that there'll be some acrimony, bad feelings, that occur down the road, like, why? Like, what's going on here?
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Avi Z. Kestenbaum: So…
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Avi Z. Kestenbaum: Firstly, unlike cash or securities, we can't just divide a business, we can't just divide real estate. I mean, sometimes you can with real estate, but we'll get to that real estate has some special considerations. But, like, what's going on here?
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Avi Z. Kestenbaum: So, you have some materials that I provided to Jonathan, which he gave out, including some prior research, that I did, and some articles that I wrote. And I'm just going to read a, just one paragraph to you.
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Avi Z. Kestenbaum: There are natural and inherent conflicts between families and businesses. Families are emotional, while businesses are logical. Families value tradition and heritage and resist change, whereas businesses succeed during changing times by adapting and growing.
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Avi Z. Kestenbaum: Generally, families accept family members unconditionally, while businesses rank employees and fire those who aren't productive. Families seek to treat and reward everyone equally, yet businesses reward employees for performance and achievement.
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Avi Z. Kestenbaum: Family business succession planning is especially difficult because of the emotional and psychological complexity of family dynamics, most notably the relationship among siblings.
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Avi Z. Kestenbaum: When siblings work within the family businesses, sibling rivalry and jealousies are heightened, particularly if one sibling reports to another sibling, or if one sibling is chosen for a leadership position over another.
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Avi Z. Kestenbaum: Other times, there's conflict between siblings who work for the family businesses and siblings who don't. The insider siblings often resent the outsider siblings for not working in the family business, yet still being supported from the business or inheriting a piece of it.
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Avi Z. Kestenbaum: While the outsider siblings often feel left out from the working relationship.
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Avi Z. Kestenbaum: The insider siblings share with their parents, and perhaps feel the insiders received an unmerited silver spoon.
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Avi Z. Kestenbaum: There, there, there you have it.
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Avi Z. Kestenbaum: Families should be about love, oftentimes unconditional love.
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Avi Z. Kestenbaum: And businesses, they should be logical. They should be in the business of maximizing money, profits, doing some good as well, but very different than family.
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Avi Z. Kestenbaum: Another reason why this is so complicated is because this is a multidisciplinary area. If somebody wants a will or a trust, they go to an estate planning attorney. Somebody wants to do a litigation.
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Avi Z. Kestenbaum: They go to a litigation attorney. Somebody wants their tax returns done, they go to an accountant.
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Avi Z. Kestenbaum: When it comes to, both real estate and business succession planning.
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Avi Z. Kestenbaum: there's a lot going on. There's a tax component, there's a business component, there's concern about employees, the families could fight, and to me, there's kind of a gap that no one person can do all of it.
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Avi Z. Kestenbaum: But it is important, whoever is quarterbacking this at least understand all the issues. And that's where we get to the next point. Do the advisors really know? So, the advisors who are saying, do this, do that, here's my advice.
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Avi Z. Kestenbaum: Do they even know? Do they know what works? Do they know why some businesses succeed and others don't?
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Avi Z. Kestenbaum: This is not, an exact science, but there is some science to this, and how many of the advisors really studied what works
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Avi Z. Kestenbaum: what doesn't? How likelihood is there to be a fight? What's effective? What's not? This isn't a tax planning technique where we've got code, we've got regulations, we've got case law. This is way more complicated.
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Avi Z. Kestenbaum: The other point is, is that the advisors, they may not be business owners themselves, or running businesses, yet they're giving advice. You know, almost like psychologists who give
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Avi Z. Kestenbaum: Advice to their patients, to their clients.
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Avi Z. Kestenbaum: And, you know, they're doing the best they can with their background, their understanding of the human brain, emotions, whatever psychological, you know, issues arise. But, you know, it's very difficult to give particular advice to somebody who you don't know their exact situation, you're not living their life, and you may not have experience
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Avi Z. Kestenbaum: In that… very particular situation.
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Avi Z. Kestenbaum: Make no mistake, real estate is like any other business. I think one of the reasons we see so much fighting when it comes to family real estate
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Avi Z. Kestenbaum: is because people think, oh, the real estate's easy, I'm gonna put one child in charge, the other ones will just get some profits. Easy, it's not like an operating business.
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Avi Z. Kestenbaum: Well, wrong, it is. And we see so many estate disputes involving real estate, because the sibling who's not in charge and may want out.
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Avi Z. Kestenbaum: And they have different feelings. They're gonna fight about this just like they'll fight about any other business. Maybe one of the differences is real estate could be divided, which we'll get to later, but other than that.
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Avi Z. Kestenbaum: Please don't treat the real estate as different than any other business. It's the same. And I think too many take it for granted, and that's why we see so many estate disputes and litigations involving real estate.
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Avi Z. Kestenbaum: Real estate has some particular tax issues, including if the real estate has been depreciated, there's been refinancings, and there's negative capital, which means that the capital accounts are below zero, so if there's a sale.
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Avi Z. Kestenbaum: there's a disposition. The tax is not only on the gain from zero, but on the negative amount as well, and those of you who are in real estate understand this, and it makes planning with real estate extra complicated, and it makes the step up in basis at depth.
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Avi Z. Kestenbaum: even more important.
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Avi Z. Kestenbaum: Also, in terms of planning with real estate, we're dealing with potential real estate transfer tax issues. I mean, city and state, when real estate is transferred, could be subject to transfer taxes, unlike shares of businesses.
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Avi Z. Kestenbaum: Also, we could be dealing with lenders and mortgages and restrictions in how we do the planning. So on the tax side, there are particular issues with real estate.
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Avi Z. Kestenbaum: Okay.
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Avi Z. Kestenbaum: I'm now gonna turn to, I call it…
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Avi Z. Kestenbaum: Facts and Factors in Family Business Succession Planning. It's in, the materials that, I provided to Jonathan and
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Avi Z. Kestenbaum: he emailed out to you, and if you don't have it in front of you, it's totally fine. But I'd like to go through some of these, because I think it really highlights what the issues are.
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Avi Z. Kestenbaum: So, number one.
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Avi Z. Kestenbaum: We don't need the exact percentages, but very few businesses actually succeed to the second and third generations. These are well-known studies, very few businesses make it to the second generation, even fewer to the third.
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Avi Z. Kestenbaum: And again, you can… with AI, you can find this for yourself, but you'll trust me that that's true.
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Avi Z. Kestenbaum: The older statistic was 30% of family businesses passed to the second generation, 12% to the third, 3% to the fourth. Those numbers I saw 10, 15 years ago, I don't know if it's the same, but you get the gist. Okay.
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Avi Z. Kestenbaum: 85% of the crises faced by family businesses focus around the issue of succession.
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Avi Z. Kestenbaum: That's a big statistic. 85% of the issues have to do with succession. Now, that may not even all be about family. It may be who's the CEO, who are the managers, but consider that, and we'll also speak a little bit more about that soon.
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Avi Z. Kestenbaum: Most businesses in the United States are considered family businesses, and many business owners either have retired or will be retiring in the next few years.
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Avi Z. Kestenbaum: The analysis of the family business succession failures. So, why doesn't it work? Why are these businesses not making it down the generations? Well, 60% arise from relationship issues, how everyone involved is getting along.
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Avi Z. Kestenbaum: 25% of the failures relate to lack of competence and being unprepared for issues, and only 10% due to tax and traditional estate planning issues. So, I'm a tax lawyer, I deal with taxes.
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Avi Z. Kestenbaum: 80, 85% of my time, that's what people want to focus on, but listen to that statistic. It's been out there for many years. Most of the reasons why businesses fail, and by far the greater percentage, is not because of tax reasons.
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Avi Z. Kestenbaum: If that's the one thing you take from this program, that's great, that you have to focus on the non-tax issues, and so many people, they spend 90% focusing on the tax planning.
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Avi Z. Kestenbaum: 10% on the other issues, and that's the biggest mistake, because the taxes are not going to kill the business. The taxes are not going to generally be the thing to cause the family war, children never speaking with each other again, not showing up to family weddings, cousins not knowing the other exist.
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Avi Z. Kestenbaum: It's not usually because of taxes, the vast majority of the time.
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Avi Z. Kestenbaum: Okay,
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Avi Z. Kestenbaum: There was a study by Price Waterhouse a number of years ago that businesses are full of nepotism. Two-thirds of family businesses award family members roles in business without measuring them.
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Avi Z. Kestenbaum: Other issues in family business, failure to separate home and work. You know, the office issues spill over into the family, and the family dining room table spills into the office.
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Avi Z. Kestenbaum: Age different… different… differentials, different ages of the children, grandchildren, different needs, different outlook and perspectives.
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Avi Z. Kestenbaum: And consider this.
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Avi Z. Kestenbaum: If I, start working for a law firm, or I open up a business.
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Avi Z. Kestenbaum: and I have a partner. I'm choosing my partner. I'm literally choosing who I want to go into business with, and obviously most partnerships don't work, even when it's chosen. Imagine a family business where
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Avi Z. Kestenbaum: I'm not choosing my sibling as my partner. It's being handed to me. So on top of all the sibling rivalries, emotional issues, everything from childhood, I'm getting a partner that I didn't ask for, and I didn't choose on my own. And that, to me, that's a powerful fact.
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Avi Z. Kestenbaum: So…
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Avi Z. Kestenbaum: Some other factors. There are actually 6 transitions going on in business succession planning. Not one. It's not just the transition of the business.
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Avi Z. Kestenbaum: You've got the owner's transition, you know, the senior generation who might be the owner. You have the family's transition. You have the business's transition, you have the management's transition, you have the ownership's transition, and the estate transition. It's not one
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Avi Z. Kestenbaum: moving the business down a generation. There are multi-components here, and they may, in many cases, contradict each other.
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Avi Z. Kestenbaum: Oftentimes, the parent or senior generation will delay or avoid the planning, because they don't want to deal with it. They don't want to deal with the aggravations, but that is a big mistake, because they'll get worse down the road if not dealt with.
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Avi Z. Kestenbaum: The other point, when I deal with my clients on this, I tell them.
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Avi Z. Kestenbaum: We're not going to solve this in one or two meetings. This is not, let's have a meeting, you know, like drafting a will, we'll go through your wishes. This is way more complicated. There are so many more issues involved, and
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Avi Z. Kestenbaum: If somebody really wants to do this well, they really have to focus on the issues, what needs to be done. This is not… this is not simple.
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Avi Z. Kestenbaum: Okay.
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Avi Z. Kestenbaum: Typical management problems that occur in family businesses and during the succession. Inadequate, informal organization, meaning it's not working, it's not a well-run corporation, everything is sort of ad hoc.
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Avi Z. Kestenbaum: Attempting to ignore conflicts, which leads to stressful situations when the owner dies.
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Avi Z. Kestenbaum: disgruntled family members, and compensation. To me, compensation is a big one. Even if one figures out how to have one or two children inside, in, running the business, and the other children as passive owners, or trusts as passive owners.
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Avi Z. Kestenbaum: Make sure to fix that compensation when the owner is alive. That is one of the biggest disagreements, where the children in the business feel they're not getting paid enough, and their, you know, their siblings who aren't doing very much are getting
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Avi Z. Kestenbaum: too well fed, and the children who, are not working in the business, they feel like their siblings
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Avi Z. Kestenbaum: they're making too much money. Well, that can at least be helped if the owner and the founder sets this in advance, sets the rules, and that's where we get into
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Avi Z. Kestenbaum: A plan is great, but there have to be very careful legal documents.
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Avi Z. Kestenbaum: You're dealing with trusts, you're dealing with operating agreements, shareholders' agreements. This is not simple, and this cannot be done simply. There's a lot of thought and proper documents that go into this, and like I said, it's very multidisciplinary, and it has to be treated that way, seriously, and there's time involved.
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Avi Z. Kestenbaum: One of the, greatest questions that I always ask my business owner client, is, what's more important to you?
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Avi Z. Kestenbaum: The business succeeding, Or your children getting along and being happy.
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Avi Z. Kestenbaum: Oftentimes, the answer isn't the same, and the business owner has to choose.
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Avi Z. Kestenbaum: What's more important? Now, for many of my clients, their greatest wish is their children will get along, their grandchildren will get along. As a parent, it's one of my greatest wishes as well. Well, you know what? If you're gonna do something with the business, which is best for the business.
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Avi Z. Kestenbaum: That may affect your greatest wishes that your children get along. So, again, you have to weigh all these factors against each other.
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Avi Z. Kestenbaum: Definitely get people involved who know this area. This cannot be a guessing game. Oh, I think you should do this, I think you should do that.
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Avi Z. Kestenbaum: Really, there are people who are experienced in this. Get an advisor who knows what they're doing. I will tell you the best, planning I saw for a family, and I didn't even do it. I inherited the family as a client.
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Avi Z. Kestenbaum: was this older man.
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Avi Z. Kestenbaum: before he was, you know, old and frail, he divided the real estate. He literally had different buildings going to different children. Now, you're gonna say, well, that… maybe that's not good for business, because when the family holds the real estate as a conglomerate, there are advantages.
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Avi Z. Kestenbaum: True, but this man decided it was more important that his children get along, and I will tell you, they get along great, because each one does what they want to do. Now, even if the
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Avi Z. Kestenbaum: patriarch or matriarch feels that they want outside managers, that's fine, but still, separating to the extent possible is highly recommended. Now, sometimes it's difficult.
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Avi Z. Kestenbaum: You've got cross-collateralized properties, you've got lender restrictions, you've got mortgages, they're tied together. Okay.
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Avi Z. Kestenbaum: But at least try to work on a plan to separate overtime, because otherwise, you're leaving it to your children, oftentimes, to figure out. They will end up fighting, it'll be worse later.
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Avi Z. Kestenbaum: How many businesses, again, succeed down two, three generations? And again, the same applies to real estate. I'm aware of a few families that this has worked, but it's rare, and it usually doesn't work. All you need is one disgruntled child
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Avi Z. Kestenbaum: Spouse, grandchild.
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Avi Z. Kestenbaum: Somebody with a mental illness, somebody with an axe to grind, and, you know, disaster can happen very, very frequently, including when there are trusts involved, because trusts, yeah, they can help.
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Avi Z. Kestenbaum: But there are a lot of rules where the trust is set up, what information the beneficiaries are entitled to, that's a big one. No one running a business wants to be constantly badgered and having to provide information, and how the documents are set up can help with that.
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Avi Z. Kestenbaum: Again, this planning should be done when the owner is alive and strong. It will have a much better chance of working.
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Avi Z. Kestenbaum: Ownership and control. One of the most important concepts when it comes to business planning is
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Avi Z. Kestenbaum: Control and ownership are two different things. Somebody can be an owner and not have control. Somebody can have control and not be the owner. And, you know, this is a concept where, you know, again, potentially speaking, there could be
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Avi Z. Kestenbaum: trusts for children as the owners, but only, you know, a few of the children or a management team running the business. And that can help.
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Avi Z. Kestenbaum: But it still doesn't solve the problem if one or more of the children are unhappy with the sibling or the management team running it. And that's why
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Avi Z. Kestenbaum: maybe my greatest, piece of advice, in my own humble opinion, is I tell people, make sure there's a way to get out, a way to separate. When you lock people in, you lock those siblings and those grandchildren in, and there's no way to get out.
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Avi Z. Kestenbaum: That is when you have problems. Give an escape hatch, even if the… a child or grandchild who has an interest or an interest in trust
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Avi Z. Kestenbaum: can withdraw over 5 years, over 10 years, and have a mechanism with an appraisal process. And I have to tell you, I don't even love the whole appraisal process, where I pick an appraiser, you pick an appraiser, they meet in the middle.
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Avi Z. Kestenbaum: be very careful with your terms, even that could lead to fights. So,
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Avi Z. Kestenbaum: to me, very important, give the family members a way out. Even if it's at a lower value, even if it's over time, if you lock people together.
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Avi Z. Kestenbaum: It very often is not going to work and leads to the fights. And that's why those company operating agreements, buyout clause, valuations, so important. Just like, again, the compensation provisions. All of this needs to be very
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Avi Z. Kestenbaum: Very well thought out.
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Avi Z. Kestenbaum: I'm already coming up at the end of my time so quickly, so I just want to spend 2 minutes very quickly running through some steps that I provide. It's in one of my articles, and just for maybe a minute going through some of the tax issues.
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Avi Z. Kestenbaum: Number one, be candid. If you're a planner or an advisor, tell your clients, this will not work most of the time, and be very careful
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Avi Z. Kestenbaum: telling them what to do, and not to be cavalier, oh, do this, or this, or this, and you're good. No, this is complicated, even the best plan might not work. So, be very candid if you're an advisor, and if you're the client, be understanding how complicated this is, and it takes time and effort to
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Avi Z. Kestenbaum: to work.
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Avi Z. Kestenbaum: Get to know the business. Every business is different. Get to know the family. Every family is different. Understand the family dynamics, create realistic expectations. Expectations are key.
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Avi Z. Kestenbaum: When people in life are disappointed because their expectations aren't met.
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Avi Z. Kestenbaum: That's oftentimes when they start fighting and getting really, really upset. Set those expectations, it may mean family meetings, it may mean a lot of things, but figure out how to set expectations. Learn from businesses that have been successfully transitioned.
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Avi Z. Kestenbaum: You know, we're giving advice on how to successfully transition a business. Well, maybe we should study what works and what doesn't, and take away some of the guessing game. Work as a team, the accountant must be involved, the financial advisor must be involved, key business people must be involved.
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Avi Z. Kestenbaum: plan early, plan often, mission statements, consider family meetings, do this planning when the senior generation is strong and vibrant. If you wait until the senior generation is old and frail, not gonna work very well.
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Avi Z. Kestenbaum: Sensitive but strong and decisive decisions must be made. Can't be wishy-washy, you know, the senior generation about these decisions. Even though they're difficult.
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Avi Z. Kestenbaum: has to be strong, and focus on unifying and social philanthropic themes. It's well known that families who
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Avi Z. Kestenbaum: you know, they have some commonality. They're focused on charity, and different charities, and maybe sometimes the same charities. They're going to typically work better together, and they're going to have a better value system, which we didn't even get into setting family values.
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Avi Z. Kestenbaum: A little bit about, about the tax part, that I didn't mention. So, just in a couple of minutes. When you're dealing with real estate.
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Avi Z. Kestenbaum: Very important.
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Avi Z. Kestenbaum: Again, to try to get a step up in basis at death.
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Avi Z. Kestenbaum: Some of the estate planning techniques don't allow for a step-up in basis at death. You know, there's a sale for a note, there's a grat, there's no step-up in basis. One technique, the freeze partnership, where senior generation actually retains an interest in the real estate.
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Avi Z. Kestenbaum: but has a frozen preferred return, that will allow a step up in basis, and potentially could cure the negative capital, called a freeze partnership.
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Avi Z. Kestenbaum: there could be a whole program on that today. It's typically a much better technique, because it could allow for a step-up in basis. What it also allows is
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Avi Z. Kestenbaum: for 6166. 6166 is a code section which allows the estate taxes
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Avi Z. Kestenbaum: For if the business comprises a large part of the estate, and there are a lot of rules, the estate taxes can be paid over 15 years. And there's a payment method, there's an interest charge.
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Avi Z. Kestenbaum: But it's terrific, because it means the estate taxes, which would otherwise be due right away, it can be deferred, it can be delayed 61-66 if the business is a large part of the estate. There are rules.
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Avi Z. Kestenbaum: active business, if there's a trust that owns it, you sometimes look towards the trustee. But it's very important, again, with real estate, if it's a freeze partnership as opposed to the owner retaining a note, it will more likely qualify for 6166, which the note doesn't qualify for.
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Avi Z. Kestenbaum: I'm not selling life insurance. Life insurance is great. Forgetting about for paying for estate taxes.
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Avi Z. Kestenbaum: also can be used to equalize, families. It's not going to be perfect. It's never going to be even-steven or very difficult.
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Avi Z. Kestenbaum: it's okay to leave one more cash and one more real estate. Maybe you're not so happy about it, but it'll lead to less fights. The joint revocable trust, sometimes we don't want to guess which spouse dies first to get the step-up, and maybe one spouse lives much longer than the other. Having the assets in a joint revocable trust
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Avi Z. Kestenbaum: Will potentially allow a step-up in basis upon the first step.
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Avi Z. Kestenbaum: We don't need to guess which spouse will pass away first. Oftentimes advantageous for all my clients who have low basis assets. Let's not guess which spouse passes away first.
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Avi Z. Kestenbaum: have it in the JRT, whoever dies first, there'll be a complete step-up, and then, you know, some better planning can be done after there's a step-up.
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Avi Z. Kestenbaum: My time is already out. I'd love to have more time and to continue, but thank you all again for bearing with me this morning.
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Jonathan Shenkman: Great, thank you so much, Avi. If anyone has any specific questions, new business opportunities, any other issues they'd like to discuss.
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Jonathan Shenkman: please feel free to reach out directly to Avi or myself where appropriate, and I'll be sure to include his contact information in the follow-up email to this program. And by the way, the handouts that Avi referred to were sent out in the reminder Zoom email the day before this program, and today, an hour before the program, so be sure to check that email for all the handouts. If you can't find the email, no worries, the handouts will also be sent out tomorrow morning as well. As I mentioned at the onset, the goal of these programs
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Jonathan Shenkman: stay up-to-date on timely wealth management-related topics, and to collaborate where appropriate. And I think we can all agree that the clients who are best prepared are the ones who are served by a team of knowledgeable advisors.
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Jonathan Shenkman: Three more quick items before I let you go today. First, my webinar series continues on Tuesday, November 25th, on legal protections for vulnerable young adults, promoting independence while providing safeguards, featuring Amy O'Hara, who's a partner at Lipman Crooks, based in Westchester, New York. I'll be sure to send out the invitation to this program in the coming days. In the meantime, if you have a friend or colleague who'd find these webinars of interest, they can subscribe to my webinar distribution list.
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Jonathan Shenkman: by emailing me with the word webinar in the subject line, and my email is jonathan at parkbridgewealth.com. Second, you can follow all my work on X and Instagram at Jonathan on Money, and by connecting with me on LinkedIn. You could also listen to my weekly podcast called Jonathan on Money, which is available on Apple.
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Jonathan Shenkman: Spotify, or wherever you get your podcasts, and you can watch my practical planning videos, which I post several times a week, by following me on YouTube at Jonathan on Money as well. And third, please take 30 seconds to fill out my survey at the end of this program. Helps me improve my webinars and provide timely and interesting content to attendees. I thank you in advance for that. And with that, this concludes today's session. Please stay safe and healthy, and have a wonderful day, everybody.