Webinar Transcript (10/16/2025): “Structuring Buy-Sell Agreements Right: What Advisors & Owners Need to Know”
Host: Jonathan I. Shenkman, President & Chief Investment Officer of ParkBridge Wealth Management (Contact: jonathan@parkbridgewealth.com)
Presenter: Jack Elder, Esq. LL/M, Kestra Insurance Planning)
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Jonathan Shenkman: Good morning, and welcome to the Park Bridge Wealth Management Fall Webinar Series. This program is entitled, Structuring Buy, Sell Agreements Right, What Advisors and Owners Need to Know.
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Jonathan Shenkman: As always, my name is Jonathan Shankman. I'm the President and Chief Investment Officer of ParkBridge Wealth Management. 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, and 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 focused 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.
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Jonathan Shenkman: 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, and you can read my work in a variety of periodicals, including Barron's, 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 at Jonathan on Money. Additionally, you can check out my weekly podcast, which is also called Jonathan on Money.
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Jonathan Shenkman: and you can listen to that on Apple, Spotify, or wherever you get your podcasts. Today, we're privileged to hear from Jack Elder, who's the Head of Advanced Planning at Kestra Insurance Planning. In this role, Jack partners with financial advisors, RIAs, and wealth managers to deliver sophisticated insurance-based solutions
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Jonathan Shenkman: for their clients. With a background as both an attorney and a tax specialist, Jack brings deep expertise in estate planning, business succession, and wealth transfer strategies.
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Jonathan Shenkman: He focuses on designing customized plans that integrate life insurance into advanced planning techniques, including buy-sell agreements, non-qualified deferred compensation, and legacy planning. He works closely with advisors to simplify complex planning concepts and translate them into actionable strategies that enhance client outcomes.
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Jonathan Shenkman: And before joining Kester Insurance Planning, Jack advised high-net-worth families and business owners on tax and succession planning. Today, Jack's going to be speaking about structuring buy-sell agreements right, what advisors and owners need to know.
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Jonathan Shenkman: And with that introduction, I'll turn the program over to Jack.
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Jack F. Elder: Thank you, Jonathan, appreciate it, and good morning to everyone who's tuned in live, and good morning or afternoon or evening to those who listen later. I, I'm gonna just take a quick minute to share my background so you see my perspective in this. Think of me as supporting
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Jack F. Elder: Jonathan. I am not here to get legal work from you, or I'm not here to get insurance engagements, I am here to support Jonathan. So, quickly, I was… I started off as an estate planning attorney in the DC area, in the early 2000s, and we did
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Jack F. Elder: We were an estate planning boutique firm. We did… we did
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Jack F. Elder: mostly business succession, estate planning documents. Everyone back then was subject to estate taxes, because the exemption was $675,000, so all of our clients had estate tax problems. So we were navigating estate tax problems
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Jack F. Elder: A long time ago. Plus, on top of that, Maryland, DC, and Virginia all had a separate estate tax. In 2007, we had a complex engagement where it was a business case, our client
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Jack F. Elder: owned a business, it was a second marriage, and there was going to be unequal distribution of wealth in a blended family, which can be complicated. The advisor to the client, the financial advisor, brought along someone who basically has my job description today, which is a specialty player that an advisor can call off the bench for complex
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Jack F. Elder: planning scenarios where insurance might provide an enhancement. That was in 2007. In 2008, I started seeing that firm around town in DC, and they eventually made an offer for me to leave the law firm environment and work for them, and that's what I've been doing ever since. So…
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Jack F. Elder: My space has been supporting advisors like Jonathan, you know, and when there's a protection product in the mix.
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Jack F. Elder: Life insurance, annuities, DEI, long-term care.
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Jack F. Elder: Where, one of those products might provide an enhancement.
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Jack F. Elder: That's… that's me. That's where I… that's where I live, that's the only thing I do. I don't practice legal advice, I don't sell insurance, nothing. Think of me almost like as a consultant, to… to support Jonathan's practice. And if an insurance product is sold, or an annuity product is sold, I'm compensated, my firm is compensated by the… by the carrier to market their products. On that note.
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Jack F. Elder: We don't… we're not affiliated with a single carrier, or any carriers. We are open architecture. So, if… if there is an insurance engagement that I'm supporting Jonathan on, we look at the entire market. We're brokers, you know, product and carrier agnostic. So, that's where I'm coming from. Think of me, like Jonathan said, worked with high net worth families.
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Jack F. Elder: I'm a lawyer with a master's in tax. This is all I do is look at planning scenarios where insurance could be in the mix. And today, we are going to talk about, and I'll share my screen here. Today, we are going to talk about buy-sell agreements. So, buy-sell agreements… let me just get my screen up here.
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Jack F. Elder: have been in the news, to the extent buy-sells are ever in the news. They've been in the news, in the last, 15 months, because there was a Supreme Court case that made it, you know, a case that made it to the Supreme Court, where buy-sells were central to it. So, it has stirred up
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Jack F. Elder: some good conversations. And so today, I wanted to share with you, some… some what is a buy-sell, what are the considerations that you need to have in mind. And I'm going to try to speak as I go along to both advisors and owners.
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Jack F. Elder: And anything that… that triggers a question for you today, and I'll repeat this at the end, go ahead and reach out to Jonathan, and he'll loop me in. So think, you know, because, like, think of me as, like, as I went through it, I'm the specialty player, Jonathan calls off the bench, he's the quarterback. So if you have, like, questions that arise, or you need a…
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Jack F. Elder: You know, you want your buy-sell reviewed, or you want your insurance, like, hey, we have insurance that's…
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Jack F. Elder: for our buy-sell, we got it 8 years ago, it was a 10-year term. What do we need to do, right? All those questions
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Jack F. Elder: send to Jonathan, and I'll be supporting him in the background. So… Let's start off with…
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Jack F. Elder: What is a buy-sell? The way I think of it is… so you've got co-owners in a company.
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Jack F. Elder: and it could be an LLC, C-Corp, you know, S-Corp, it does a partnership, and they co-own the company. The buy-sell is an agreement that
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Jack F. Elder: controls what happens if certain trigger events occur, and I'll go through some of what those triggers are, but in general, you're thinking death, disability.
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Jack F. Elder: divorce, creditor problems, you know,
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Jack F. Elder: What do you do if a competitor tries to sit… to purchase the company? What do you do if a partner leaves? If you get a new partner, how is that partner integrated into the firm to protect the firm's goals and revenues? So, the purpose is, it ensures business continuity.
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Jack F. Elder: So, it provides procedures and pathways, if any of these triggers occur.
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Jack F. Elder: It prevents ownership disputes, and the classic ownership dispute would be, let's say Jonathan and I are in business together.
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Jack F. Elder: I unfortunately, kicked the bucket, and now Jonathan is in business with my estate, and with my…
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Jack F. Elder: my lovely wife, but she's not a part of the business, and my kids, because they are, you know, the beneficiaries of my estate, so now they're entitled to 50% of the profits of the business, and they're not contributing to it, because they have other things going on, whether it's travel soccer, or working as a teacher in a school, which is what's going on in my house, and then Jonathan's stuck
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Jack F. Elder: doing 100% of the work for 50% of the profits, and you can see what happens. My… let's say Jonathan's starting to feel like, man, this isn't fair, and it isn't, and then my wife is feeling like, gosh, how come revenues have dropped? We really need… we're counting on this. So she starts looking in the books and records, and you can see where this goes towards a dispute. The same thing could happen if I were to become disabled and not be able to contribute.
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Jack F. Elder: How do we deal with these things? Or, let's say, I get in a car accident, and I lose a large
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Jack F. Elder: judgment, and now Jonathan's at risk of being in business with a creditor. Or, God forbid this would ever happen, but Jenny and I get divorced, and Jenny gets half my assets in the business, and so Jonathan's… instead of having a 50-50 partner, he's got a 50-25-25 partner. A buy-sell is designed to avoid these scenarios, so it protects stakeholder interests and provides peace of mind.
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Jack F. Elder: In two different ways.
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Jack F. Elder: First, Jonathan's not concerned that he's gonna be in business with, you know.
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Jack F. Elder: you know, if… let's play out the worst case scenario, I pass away.
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Jack F. Elder: my interest goes to Jenny. You know, Jenny remarries.
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Jack F. Elder: Right away, the pool boy, which she's able to afford because she's… Taking all of our, our…
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Jack F. Elder: the money we'd be reinvesting in our company, and then dies, and now Jonathan's in business with the pool boy, right? So there's the worst possible situation. So there's two pieces of protection here if you have a buy-sell that's funded with insurance. First, Jonathan doesn't need to worry about that, because he knows if, God forbid, one of these triggers is flipped.
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Jack F. Elder: something's gonna happen that we have thought through intentionally to make sure the business continues. That thing is going to be Jonathan Buys Me Out. And we're going to have a plan for how that happens.
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Jack F. Elder: And I like it, because now I know that my wife and kids will be taken care of if, God forbid, I'm not there for them, right? So it's peace of mind for my family, as the, you know, the deceased in this example, and for Jonathan and his family, because he knows that business is going to continue, and continue to thrive.
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Jack F. Elder: So…
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Jack F. Elder: I mentioned life insurance, now I'm gonna just say why these two tools are critical, life insurance and DEI.
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Jack F. Elder: So…
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Jack F. Elder: life insurance, there's usually… so usually the way these agreements are set up is I… Jonathan and I are either gonna have life insurance and disability insurance in our business.
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Jack F. Elder: that if I pass away.
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Jack F. Elder: the business, you will use those proceeds to buy me out, and then Jonathan's interest grows from 50% to 100% through reverse dilution, right, because he becomes the last man standing. Or, I own a policy on Jonathan's life, and he owns one on mine, and we cross-purchase if something happens. So I pass away, Jonathan collects the proceeds, because he owns a policy on my life. He is required to use those proceeds, per the buy-sell agreement.
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Jack F. Elder: to buy out my estate, he ends up with
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Jack F. Elder: 100% of the business through… by purchasing my interests. Either way, he ends up with 100%. Either way, we have funded all or part, of that purchase price. So, if the business was worth, say, $10 million, we could each own $5 million insurance on each other.
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Jack F. Elder: the typical type of insurance needed in a buy-sell, I mean, you could use permanent insurance or term, but it's usually term insurance. So, if you had a successful business worth $10 million, so that means it's probably got… if it's worth $10 million, you know, then it's got, like, you know, gross receipts well north of that, right?
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Jack F. Elder: $30 million, something like that. You're talking about, in a business like that, the insurance costs are a rounding error. They're really, like, they're not free, insurance is not free, but term insurance is designed, like, the pricing on term insurance is…
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Jack F. Elder: the carrier… it's priced in the fact that carriers, generally speaking, don't pay a claim on term insurance, because they will look at your health, you know, 10-year, 20-year, 30-year term, whatever it is, and they'll make an assessment that they're probably not going to pay a claim on this, and so the pricing will reflect that. So, and…
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Jack F. Elder: If you have a business.
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Jack F. Elder: Or if you are an advisor who assists clients with business, and they don't have to buy a cell, that's, like, problem number one. You need that GPS to guide you on the back end. Number two, you should at least have term insurance, because it's not very expensive. And it's way… so, like, if it's…
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Jack F. Elder: 0.01% of the company's cash flows to have term insurance, like, just get it, you know? Just, you know, like, you're irresponsible not to. DI works very similarly. It could be owned by the business, or it could be cross-owned. And they have disability buyout insurance. So, you're… and you're, frankly, more likely to
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Jack F. Elder: to become disabled during your working years than your non-working year, right, than you are to die. So, that's another, you know, very…
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Jack F. Elder: obvious solution, if… if I become disabled, whether it's a car accident, or if it's cancer, it's… and by the way, this is not a critical illness policy. It doesn't, like, it's not like AFLAC that pays out if I have cancer. This is if I'm unable to perform the duties of the… of the job I have. The policy pays out to buy me out. So, if you think.
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Jack F. Elder: go blue color, gray color, white collar, the more… on that spectrum, white collar being the least likely that a disability would… like, I sit at a desk all day, right? So I could do this even if I, you know, was
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Jack F. Elder: wheelchair-bound. You know, so the pricing reflects that.
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Jack F. Elder: Right? So, what are the chances that Jack can't get to his home office, right? Well, pretty low. What's the… you know, like, so the policy would pay out in that example. And because it's unlikely, or it expects my disability to be short-term in surgery, cancer, car accident, then the pricing reflects that until I'm back in the game. And it replaces the income I'm bringing to the table.
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Jack F. Elder: and or provides Jonathan with enough to buy me out, or at least make a down payment in that direction. So…
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Jack F. Elder: Both products, life insurance and DEI, are critical for a buy-sell. Think of a buy-sell as the car and the life insurance and the disability insurance as the part of the engine that makes that car go. And they're critical pieces. And it helps avoid financial disputes in that
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Jack F. Elder: We're not in a situation where we're, we're,
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Jack F. Elder: having to, you know, one person's doing all the work. Let's say I… Jonathan is the smart guy, and I'm the guy who brings in business, okay? And we kind of have figured out a great way to split the labor. If you lose me.
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Jack F. Elder: I'm not bringing in business anymore, you know, Jonathan's perfecting it and doing it awesomely, but what starts to happen to our pipeline, you know, our funnel is starting to shrink, right? So that's a bad thing, and it creates financial disputes. And then.
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Jack F. Elder: For… for those of you out there, and I know there's a lot of people tuned in today, we would appreciate it, for those of you out there that advise clients, there's a role for you with buy-sells, understanding their… the…
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Jack F. Elder: family's financial goals, understanding how the business fits into the financial goals, and the buy-sell being a critical piece of that… of that puzzle. So, let's talk about… I mentioned two types of buy-sells earlier. There's two flavors, there's vanilla and chocolate, with variations on that theme.
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Jack F. Elder: So, let's just kind of go through
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Jack F. Elder: what they are. So a redemption, or an entity purchase, is the one I talked about where I said Jonathan's interests would grow by reverse dilution. So what I mean by that is the business is going to… and this was the subject of the Supreme Court case, which I'll focus in on in a few minutes, but the business
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Jack F. Elder: Owns the insurance.
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Jack F. Elder: Jonathan and I are working. I… I… a…
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Jack F. Elder: A need to buy me out is triggered. I die.
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Jack F. Elder: the business collects the proceeds from the life insurance company. It's been the premium payer. The agreement is between me, Jonathan, and the business. The business is going to be the buyer. I'm going to be the seller, or my estate will be, and I'm required to sell. In fact, the way these buy-sells are written, and this is both for redemption and cross-purchase, my death is literally an offer.
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Jack F. Elder: for me to, to have my shares purchased. So, I die.
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Jack F. Elder: triggering an offer. The business collects the proceeds, it has the money now to buy me out.
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Jack F. Elder: you know, in my example, we've got that $10 million company, 50-50, it buys me out for $5 million, leaving Jonathan as the last man standing. His interest went from $50 to $100,000 through reverse dilution. Now, a couple things to think about here.
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Jack F. Elder: cost basis. So if I buy… if I go out and buy IBM stock for $100 a share, and I sell it for $250 a share, what is my capital gain exposure?
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Jack F. Elder: Is it $2.50, or is it 150?
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Jack F. Elder: It's $150, because I have cost basis, right? I don't get taxed on the $100 I spent to buy that IBM stock. The same thing happens in an individual private company. So, in this situation where Jonathan's shares grow by reverse dilution, so we have a $10 million company, let's say he sells it after I die, he has $10 million of capital… assuming he had no basis, okay? He would have $10 million of capital gain exposure.
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Jack F. Elder: In a cross-purchase, he buys me out, so I die.
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Jack F. Elder: He collects the proceeds, he buys me out for $5 million, and then he turns around and sells the business for $10.
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Jack F. Elder: He has created basis for himself, because he bought me out. So just like that IBM stock example, we have it in the private scenario. He purchased $5 million worth of the company's stock. He turns around and sells it the next day. Is his capital gain exposure $10 million? Because that was the purchase price.
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Jack F. Elder: No, it's $5 million, because he created basis by purchasing my interests. Now, you might say, what difference does it make? If the business is, you know, who the acquirer is, Jonathan's taken over the whole thing. That's just not the way the rules work, right? So, the key here is
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Jack F. Elder: Generally speaking, cross-treat… cross-purchase treatment is better, if you can,
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Jack F. Elder: If you can create that situation. Now.
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Jack F. Elder: which one… which one is better, right? So I want to go through… there's two reasons why a cross-purchase is better, but I also want to create a situation where you… like, let's say it's me, Jonathan, and Rebecca.
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Jack F. Elder: And now it's… I'll make the… make it divisible by 3. It's a $9 million company. We each own 30%… 33%. So when I die, Jonathan and Rebecca are gonna buy me out
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Jack F. Elder: you know, 50… on a 50-50 basis, right? So they're gonna grow from You know, 33% to 50.
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Jack F. Elder: So they have to each… do they each own a policy on me? Do they co-own a single policy on me? You see how this works.
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Jack F. Elder: Because they would prefer cross-purchase treatment. So, because there's three of us, we can keep our books straight and organized. Jonathan and Rebecca and I each own two policies. I own one on Jonathan and Rebecca, and so on. So, when I pass away, they each collect, in this example, $1.75 million.
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Jack F. Elder: Or whatever it is, $1.8 million, to buy out my 33% interest. So they end up with
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Jack F. Elder: with, you know, each 50-50. That's… that's what… that's good, right? And that's better than having the business buy me out, because then Jonathan and Rebecca, if they turn around and sell the business, they don't get that, that basis.
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Jack F. Elder: Makes sense. But now let's say we have 6 owners, or 5 owners, right? And we don't all own the same amounts.
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Jack F. Elder: And we're not gonna purchase each other out in the same amounts. Now, a cross-purchase gets really tricky. If I have 5 people, I need to own 4 policies, right? And they might be different size policies, I gotta keep track of it. And then.
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Jack F. Elder: Think about this.
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Jack F. Elder: It's actually 20 policies, because all of us, alright, 16 policies, all of us would… oh, no, with 5 owners, it's 20 policies. All of us would need to own all these policies. It's a mess. So in those situations, what people do is they'll have a entity purchase, or a redemption purchase, and they're like, well, we're giving up a tax benefit, but at least we don't have this headache of having all these insurance policies.
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Jack F. Elder: and having to, stay organized with it. So, what's the right structure? It depends on your business.
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Jack F. Elder: And… but I think, and this is… this is…
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Jack F. Elder: you know, why buy sales kind of got in the legal news, at least last year, and it trickles into this year, is the Connelly case. So the Connelly case got to the… before the Supreme Court. It was a redemption agreement, so this is an issue I haven't touched on. I've already told you that across purchase, all things being equal, is better, because it creates basis, but there's another reason that
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Jack F. Elder: that cross-purchase treatment is better. And that is.
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Jack F. Elder: In the Connelly case, two brothers owned a business. I'm going to simplify some of the facts just to make this easy. Let's say it was a $5 million business, and the business owned $2.5 million on each brother.
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Jack F. Elder: When Brother 1 died, the business collected… it was a 5… remember, it's a $5 million business. No, let's make it a $6 million business, because I want my math to be easy. And the business owns $3 million on each brother.
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Jack F. Elder: When… when Brother 1 passes away, the business collects those proceeds, so the business collects 3.
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Jack F. Elder: The IRS took the position that the deceased brother's value in the business wasn't $3 million, 50% of 6, it was actually
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Jack F. Elder: 7… it was actually $4.5 million. Why is that? Well, the IRS took the position that collecting the proceeds increased the value of the business. So, that $3 million that business is worth, plus half of the $3 million that's supposed to be earmarked for that buyout, now the Brothers Estate
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Jack F. Elder: It has to book a $4.5 million asset instead of a $3 million asset. Why does that matter? Well, it might push you up over the estate tax thresholds. So if you're in New York.
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Jack F. Elder: Or if you're in Connecticut, if you're in Minnesota, if you're, you know, it's not, you know, it's surprisingly easy to get north of those estate tax thresholds.
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Jack F. Elder: At the federal level, the estate tax exemption's very high, but you need to be keeping an eye on this, right? So if you have a successful business, plus your retirement account, and your house, some other assets.
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Jack F. Elder: Like, at a state level, you could get pushed over the thresholds pretty easy, and the life insurance in the entity purchase could be part of the problem pushing you over the thresholds, okay? So let me break out… down the math. $10 million business.
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Jack F. Elder: own 50-50 with a $5 million policy, okay? So there's Paul and John, they each own $5 million.
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Jack F. Elder: Right? Right there. And…
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Jack F. Elder: the value… this is what we always thought. When Paul dies, the business collects the proceeds and
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Jack F. Elder: buys Paul out, and after buying out Paul's estate, it's still worth $10 million, right? Like, it didn't increase the value, and we shouldn't increase the value of the business, because guess what? That is, like, garbage in, garbage out. Those proceeds are being collected, and then being sent out of the company, kind of in one fell swoop.
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Jack F. Elder: Well, here's what the… and I think that's correct. This is correct. Here's what the IRS… or the Supreme Court agreed with the IRS. I think they're incorrect. So, instead of the business being worth
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Jack F. Elder: 5 million, Paul's interest, they said $7.5%. So, but note, the value of the business didn't really increase. Like, if you were a third-party purchaser, you're not going to be buying it for more, because the business collected in proceeds and then used them within 5 or 20 days, right?
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Jack F. Elder: That's ridiculous, but the Supreme Court got it wrong, and it kind of is what it is. So, what it means is that buy-sells should be reviewed, okay? If you have an LLC, which is taxed as a partnership.
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Jack F. Elder: You can… Use the special allocation rules.
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Jack F. Elder: to solve this problem. I'm not going to go into it because you guys have better things to do than hear the minutiae and granularity of how the 704B and 704C rules work, right? It sounds worse… even more boring than I just put it, trust me. But with the right tools, a sharp CPA and attorney can have the business own
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Jack F. Elder: own the insurance without creating a problem. You could set up a… that's for anything taxed as a partnership, so LLCs usually. If you have a C-Corp or an S-Corp, that plan might be to set up a separate insurance entity, whether that's an LLC or a trust, to collect the proceeds, and, you know, with
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Jack F. Elder: with, with a sharp planning mind, you can avoid that Connelly,
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Jack F. Elder: problem. You can gross up the coverage. This happens more than you think. Because the term insurance is so expensive, they… inexpensive, they could just buy $7.5 million of insurance, right? Or instead of 5, right? Because that additional $2.5 million costs them, you know, $900 a year, or $2,000 a year, and you're like, hey, for 2,000 bucks a year, we, you know, let's address our tax problem, rather than build a really complicated mousetrap.
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Jack F. Elder: Okay? So, and that happens a lot, and we always recommend that as a consideration. What you shouldn't do is say, oh my gosh, this is all too complicated. I'm not going to get insurance. It's just why, like, I don't want to have a higher estate tax. That is a dumb move, right? Because now you have to figure out how to pay for
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Jack F. Elder: A buyout, rather than navigate rules that are… shouldn't be as complex as they are.
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Jack F. Elder: So, what you should do is get your buy-sells reviewed. For those of you that are business owners, Jonathan, and I have already talked about it, I'll provide a complimentary buy-sell review and insurance review, if you'd like that to happen. You know, if there's a bunch of you, give us a little wiggle room on time, but usually it's about a 3-day turnaround. For those of you, and that's complimentary, it doesn't cost you anything, but it's also not tax or legal advice.
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Jack F. Elder: This is to give you, kind of, financial direction. You'd have to work with your attorney if you need to get something changed. But I would consult with your attorney, and that's… there's no cost there.
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Jack F. Elder: We'll identify funding and tax gaps, right? So if you have some potential tax exposure after forecasting out, you know, your wealth, you know, today and tomorrow, what's it look like in the future, we'll help you address that.
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Jack F. Elder: And it might be changing your portfolio allocations on the rest of your portfolio, right? So it's not all, you know, these are all… you pull one lever and it affects the entire dashboard, right? So, you know, and Jonathan would be taking a holistic approach with me supporting him. And then…
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Jack F. Elder: You know, maybe it's more insurance, or maybe it's changing the way your buy-sell is set up. So, but we're here to provide that support to you, and again, it's not tax or legal advice, it is meant to give you a roadmap to work with your tax and legal professionals. So, you know, we're… and that will reduce risk and disputes, for you, and make your wealth transfer plan more efficient.
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Jack F. Elder: So, I just threw a lot at you. I hope that you found this valuable.
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Jack F. Elder: This is my day job, so if you thought, oh my gosh, this is… this is horrible, imagine what my life is like. Actually, I have a fun time doing it. I think you can probably hear the passion, coming through. And I… and I look forward to working with any of you if you need it. And with that.
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Jack F. Elder: Jonathan, back to you, sir.
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Jonathan Shenkman: Thank you so much, Jack, and if anyone has any specific questions, new business opportunities, any other issues they'd like to discuss.
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Jonathan Shenkman: You can feel free to reach out directly to myself or Jack where appropriate, and I'll be sure to include, contact information and how to get in touch with us in the follow-up email to this program. As I mentioned at the onset, the goal of these programs is to 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. Three more quick items before I let you go today, which is, first, my webinar… my next webinar is on Thursday, October
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Jonathan Shenkman: 30th on State Income Taxation of Trust, featuring Andrew Katzenberg, a partner, Aaron Fox Schiff, based in Baltimore, New York, and he's gonna… and 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 like to come to these webinars and be informed about them, then they could subscribe to my webinar distribution list by emailing me the word webinar in the subject line. My email is jonathan at parkbridgewealth.com.
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Jonathan Shenkman: 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, 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. It helps me improve my webinars and provide timely and interesting content to attendees.
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Jonathan Shenkman: I thank you in advance for that.
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Jonathan Shenkman: And with that, this concludes today's session. Please stay safe and healthy, and have a wonderful day, everybody.