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On this week’s episode of the Wealth & Law Podcast, Brent and Rachel sit down with Steve Gorin to discuss buy-sell and cross purchase agreements. They get into the similarities and differences between the two types of agreements, why one may be more tax-efficient than the other, the life insurance transfer for value rules, and common traps to be on the look out for.
Steve Gorin in a Partner at Thompson Coburn LLP. Steve crafts estate plans for individuals, keeping in mind their financial security and desire to save income and estate tax. In his work for businesses, Steve helps owners plan for the eventual sale (to co-owners, employees, or third parties) or transfer (to family members), and provides a legal framework for an orderly transition while strategically saving income, transfer, and FICA taxes.
Drawing on his background as an accountant — and his still-current CPA license and Chartered Global Management Accountant credential — Steve structures businesses to achieve business objectives and save income or estate tax. He has helped fledgling businesses organize, thriving businesses restructure to save hundreds of thousands of dollars of income tax when planning a transition to the next ownership group, and mature multi-million or billion-dollar businesses plan tax-saving transfers to the next generation.
Over the course of his 30-year career, Steve has amassed a deep knowledge of nearly every aspect of tax strategy for privately held businesses and freely shares that knowledge with others in the field. His quarterly newsletter, “Business Succession Solutions,” is considered essential reading for hundreds of CPAs and attorneys, who describe it as “a fantastic contribution to the field.” Steve also maintains a blog, Business Succession Solutions, intended to help business owners — and those who advise or support them — consider smart tax strategies.
Steve is a highly visible member of the ABA’s Real Property, Trust & Estate Law Section and the American College of Trust & Estate Counsel, which regularly directs its members to Steve’s quarterly newsletter. He has represented both groups in comments to the IRS, the U.S. Treasury, and tax lawmakers.
You can learn more about Steve here: https://www.thompsoncoburn.com/people/steve-gorin. You can sign up for Steve’s newsletter here: https://www.thompsoncoburn.com/insights/blogs/business-succession-solutions/about.