Estate Planning for Business Owners: From Onboarding to Sale

Justin A. Meyer | Rosenthal Meyer, PLLC

Justin A. Meyer has worked for Finra, a financial regulator; LeClairRyan; and the Legal Aid Society of Eastern Virginia. He has been recognized as a Technology Litigation Fellow by the Center for Legal and Court Technology in Williamsburg, Virginia and was selected to participate in the Center’s annual lab trial.

Mr. Meyer focuses on corporate law and estate planning for the small business owner. During his time at Finra, Mr. Meyer worked in Registration and Disclosure, developing policies relating to past criminal sanctions, as well as assisting in decisions regarding expungement of customer complaints against registered brokers. While at LeClairRyan, he assisted in the representation of a Community Association against a developer and worked to develop litigation strategies.

At the Legal Aid Society of Eastern Virginia, Mr. Meyer worked with an underserved population and assisted clients in estate planning and protection from debt collectors. He also advised clients on property matters and uncontested divorces. He worked for the National Center for State Courts, a non-governmental policy organization, helping to establish a guidebook for judicial election and campaign oversight.

Prior to entering law school, Mr. Meyer worked as a financial and legal writer, with articles appearing in national and regional publications as well as Yahoo! Finance. He also worked as a senior research analyst for a think tank in Princeton, NJ, focusing on real estate and hedge fund due diligence best practices.

Mr. Meyer is currently a regular contributor to the Legal Connection, a monthly newsletter for attorneys and legal staff. he was also published in The Suffolk Lawyer, a newspaper that is distributed to all members of the Suffolk County Bar Association.

Mr. Meyer earned a B.A. from the University of Maryland, College Park, an M.A. from Stony Brook University, both in history and a J.D. from the Marshall-Wythe School of Law at the College of William and Mary, where he was a member of the William & Mary Journal of Women and the Law. He was Education Chair of the College’s chapter of the Virginia Bar Association and is a member of the Florida Bar Association.

I. Onboarding the Business Owner as a Client | 1:00pm – 1:20pm

• Gathering critical information about the business
• Business valuation and cash flow analysis
• Succession planning and business stages
• Aligning business goals with estate planning objectives

II. Valuation of Closely Held Businesses in Estate Planning | 1:20pm – 1:40pm

• Understanding the importance of business valuation in estate and gift tax planning
• Adequate disclosure and IRS scrutiny: Ensuring compliance
• Engaging valuation Experts: Timing, process, and privilege considerations
• Valuation discounts for closely held business interests

III. Optimizing Business Value in Estate Planning | 1:40pm – 2:00pm

• Understanding the role of closely held business interests in estate planning
• Lifetime gifting vs. no planning
• Grantor trusts and their tax benefits
• Spousal gifting and combined planning

Break | 2:00pm – 2:10pm

IV. Documenting Business Transfers | 2:10pm – 2:40pm

• Pre-transfer review of existing agreements and restrictions
• Executing the transfer: assignments, certificates, and joinders
• The importance of buy-sell agreements in multi-owner businesses
• Using formula valuation clauses to avoid gift tax surprises
• The estate planner’s role in coordinating transfers

V. Estate Planning Considerations During a Business Sale | 2:40pm – 3:10pm

• Role of the estate planner in the M&A process
• Reviewing and updating existing estate plans
• Estate planning opportunities for new clients facing an imminent sale
• Rollover equity planning
• Minimizing taxes through charitable planning
• Proactive estate planning before and during the sale