[IMGCAP(1)]Your client has a successful closely held business. Perhaps your client has already indicated that, at some indeterminate point in the future, the business will be sold. Even if your client has not given such an indication, you are well advised to at least broach the topic as a matter of long-term contingency planning.
Keep It Simple: The first consideration is: why do anything to minimize the tax consequences? Isn’t the best approach to pay the tax, pocket the difference and be glad? The answer is, most often, “yes.” Any steps taken to minimize the tax on the sale have a cost, and simplicity includes the elimination of those costs. Take the money and run or, better yet, take the money, put it into an asset-protected vehicle, and sleep soundly.
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