Family Business Succession Planning

	Transferring Your Family Business As a business owner, you're going to have to decide when will be the right time to step out of the family business and how you'll do it. There are many estate planning tools you can use to transfer your business. Selecting the right one will depend on whether you plan to retire from the business or keep it until you die.
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Grantor Retained Annuity Trust (GRAT)
A grantor retained annuity trust (GRAT) is an irrevocable trust into which a grantor makes a one-time transfer of property, and in which the grantor retains the right to receive a fixed amount (an annuity) at least annually for a specified term of years. At the end of the retained annuity period, the property remaining in the trust passes to the remainder beneficiaries or remains in trust for their benefit.

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Grantor Retained Unitrust (GRUT)
A grantor retained unitrust (GRUT) is an irrevocable trust into which a grantor makes a one-time transfer of property, and in which the grantor retains the right to receive a variable amount (based on a fixed percentage of trust assets valued annually) at least annually for a specified term of years. At the end of the retained unitrust period, the property remaining in the trust passes to the remainder beneficiaries or remains in trust for their benefit.

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	Planning for Succession of a Business Interest Flowchart Flowchart: Should you continue your business, sell it, or liquidate your assets?
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	Business Succession Planning Alternatives There are a number of business succession planning alternatives, depending on whether you want to sell your business interest, give your business to your children, sell your business to your children, or minimize the value of your estate.
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	Business Succession Planning: Comparison of Alternatives Comparison of alternatives to preserving a family business for children.
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	Overview of Buy-Sell Agreement Forms The type of business buy-sell agreement form that is used may depend on the type of buyer. Certain forms may work well in some cases, but be unsuitable in other cases.
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