Or, enter into an agreement with the IRS whereby you defer taxes on the death of the second spouse up to fifteen years. A. Set up a credit shelter trust benefiting the surviving spouse at the owner's death. The full exemption goes to the spouse, who uses the same exemption upon the second spouse's death. This discussion included several board and advisory situations which illustrate that creativity counts, and there is no one right way. A. People not wanting to risk their own assets would be advisors, not directors.
Directors have the power to hire, fire and make changes in the company.
You may need a specialized firm as your business changes. Talk to your banker. Your banker has the widest scope of knowledge of accountants and lawyers in the community. 220 South 6th Street, Ste. This discussion focused on the options available for succession planning.