Nearly fifty Connecticut family business owners gathered recently to hear Ira Herman, Partner and Trust and Estate Director for CohnReznick, LLP, share his expertise on estate planning for family businesses. The meeting in Cromwell was one of a series of regional meetings planned for around the state on a range of topics as part of CBIA's Family Business initiative.
In the course of the meeting, Herman covered:
- A general discussion about estate planning
- Special considerations for the closely held business, including structuring, buy-sell agreements, succession issues, and asset protection
- Strategies to save money for the business owner's family as well as investors
- Selected tax proposal and current planning thoughts
The next set of regional meetings is scheduled for February 2013 in Cromwell, Trumbull, and Groton.
CohnReznick assists clients in all aspects of trust and estate planning, including the design and implementation of individualized plans aimed at minimizing the impact of gift, estate and generation-skipping taxes. The firm also assists clients with the complex administration of trusts and estates. They are sponsors of CBIA's Family Business Initiative, along with First Niagara Bank and Reid and Riege PC.