By Ryan Snow, JD

Effective estate planning often involves planning for the succession and transfer of a client’s business operations and business assets. Business planning becomes critically important when a large portion of the value of the client’s estate is derived from their ownership of a business. Estate planners may need to consider whether a transfer of a business interest is permitted, if obtaining the consent of the other business owners is required, or whether there are other legal constraints or obligations related to ownership of the business and its assets.

By Donald P. DiCarlo Jr. and Matthew T. Lee

Much has been written recently about rising interest rates and the impact it can have on various wealth and tax planning strategies. For the closely held business owner who is interested in selling their business—which is often their most valuable and prized asset—it is important for advisors to understand how interest rates might affect the exit plan.

Last month, the Washington State Senate approved Bill 5123, prohibiting a business from refusing to hire a worker due to a positive drug test that screens for nonpsychoactive cannabis metabolites. If it is signed, Washington, which has legalized the recreational use of marijuana, will join a handful of other states that have enacted similar legislation prohibiting adverse employment action for workers’ off-duty marijuana use. Although marijuana is illegal under federal law, an increasing number of states are decriminalizing marijuana use for medicinal and recreational purposes. As a result, workplace policies may need to be adjusted.