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Estate Planning

2021-10-09 来源: 51Due教员组 类别: Essay范文

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Estate Planning

Minimizing Tax Liability

Estate planning is the process of building a plan for individual’s assets in preparation of the events of individual’s incapacitation or death. In the process of estate planning, individual’s wealth would be transferred to the designated heirs according to individual’s wishes and the taxes would be settled as well (Investopedia, 2018). However, estate planning not only impacts the individual himself or herself, but also the partnerships or corporations they have participated in, as part of the business would fall into individual’s properties and financial obligation in terms of minimizing the tax liability and determine the individual would remain in control if member of the partnerships or corporations pass or becomes incapacitated.  

With different business structure, the process to minimize tax liability could be confusing, the structure of business entities would impact their tax liabilities. If a member of an LLC passed, the rest members should follow the operating agreement’s section with detailed succession plan or a buy- sell agreement. The operating agreement includes the details on management of the business and events that would lead to dissolve of the LLC (Dwilson). In order to form a LLC, succession plan or buy- sell agreement between partners in the business at agreed price in case of future circumstances should also indicated in the agreement. If there is no operating agreement prepared in the LLC, as it is required by most states in U.S., the business then should follow the specific conditions determined by the state (McDermott, et al 2015).

Unlike partnership, if one of the corporate executives passed away, the corporation itself would not face dissolution like partnership would. The shares hold by corporate executives would transfer to the indicated heirs by the will, where individual can gift up to $14,000 per recipient each year and in this way the corporate tax would be minimized (Spiegelman, 2017).  The estate taxes can be exempted if the value of the estate has a value over $11.18 million in 2018 (Ebeling, 2016).  

Advantages of a Corporation

Among many advantages corporation had over partnerships, the biggest advantages are continuity, limited liability and access to financial supports. The personal assets of shareholders were also protected, thus shareholders would not hold liable for corporate debts. In order to grow the business, corporation can issue stocks, bonds and reinvest using profits while partnership is limited to raise capital and borrow money through increase the number of partners in the business (U.S Department of State). The corporation is regarded as a separate entity with business owner, thus, the operation of the business would not be disrupted even if owner passed.

Amazon’s Succession Plan

The succession plan ensured the organization would continue the function with minimal interruption if someone leave or pass. For Amazon, Jeff Bezos the CEO had suffered from a health condition, in this events Amazon’s stock traded 3.6% lower than its 2014 high of $402 (Kay, 2014). Amzon Inc. is incorporated in Delaware State and subjected to the state law and according to the state law the board of directors would elect someone to fill the CEO position if the corporation does not have a succession plan. Jeff Bezos revealed that Amazon has a succession plan and board of directors would review the plan annually but would not disclose the name of individual who would take over the position (Mac, 2016). In the case of succession plan does not exist, the board of directors would appoint a new CEO to fill the role, and the tax would fall into individual’s responsibility.

 

Estate planning strategy

Estate planning outlined the strategy for individual to distribute assets and how business would continue to operate if the individual passed away, in this way, the death of individual would impact business operation but the beneficiaries of the individual would hold responsible for tax consequences of the estate.

 

Trust

Company Trust

A trust company is a business entity that acts as a agent or trustee on behave of a person or business to manage and administrate assets to a beneficial party. A trust is also a way to minimize tax liability and perform estate planning. As showed in Amazon’s 2017 annual SEC filings, Amazon does not own any trust or charitable organizations.

Trust: Estate Planning

The benefits for business to form a trust for estate planning listed as follow:

· Tax savings

· Reduced liability for corporate trustee.

· Protect Assets

· Flexibility in income distribution.

· Control on business profits

· Legacy protection

· Privacy on savings

Trust allow faster access to assets than transfer through will, while assets held by trust is not treated as a part of estate hence less tax has to be paid by beneficiaries.

Income protection: Trust vs Corporations

Trust and corporations were similar in form of legal entity, but corporation can lower its taxable income by expense its annual income at the end of the year. Trust is more flexible, it can pay individual bill directly and trust can exercise the power on behave of individual for their benefits.  

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