My sister, her husband and I own an S Corporation with 25%, 25% and 50% ownership, respectively. The S Corporation invests in rental properties. My brother-in-law passed away earlier this year, so does my sister get a step-up in basis for her husband’s portion?
You may be running your business for years without any thoughts of selling and then suddenly receive an offer to buy your firm. It could be from a private equity group, a competitor or a key customer or supplier.
If you plan to pass your business to your offspring, there is more to keep in mind when creating your succession plan than your descendants—there are also their spouses—especially if they become ex-spouses.
3112 Jackson Street
Alexandria, LA 71301
1070-B West Causeway Approach
Mandeville, LA 70471
