Sample Family Management Meeting Agenda Template - Free Download
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Sample Family Management Meeting Agenda Template
Sample Family Management Meeting Agenda Template
SuccessionandEstatePlanningSampleFamilyMeetingAgenda
Purposeofmeetinggatherfamilyinputbeforemakingformalplans
o Sharepotentialhorizonsonfutureplansforretirement
o Familiarizefamilywithpersonalandbusinessfinancialsituationandscopeofbusiness
issuesthatmustbeaddressedinbothsuccessionplanningandestateplan ning
o Whatthismeetingisnotabout
RetirementgoalsMom,Dad
Financialsituation
o Personal
o Farmmultipleentities&entanglements
o Philosophyofwhenandhowwemightshare“blessings”equalvs.fair;potentialrole
asenablersinhelpingotherstoachievepersonalgoals;lastgeneration’smodel
FarmSuccessionissues
o Staffingforessentialhumanresourcesinsourcevs.outsourcetoachieveexcellence
o Transferofownershipcapitalrealityoffuturegenerations“buyingout”lastone
o Needforfuturegovernanceinthebusinessmanagement,ownership
o Buyoutunderstandingsandfundingmechanisms
Familyinput‐
o Goalsandexpectationschildren
o Goalsandchallengesmom&dad
o Isitimportanttomaintainlinealfamilymemberinvolvementinthisfarm
o Thoughtsonpotentialroleseachof youmightplayinthefutureofthebusiness
Ascontributorsoflabor/management/board
Asprovidersofcapitalorownershipifabsentee:whowilloversee
maintenance,capitalimprovements,landlord/leaserelationships,financial
affairs
Issuesmom&dadneedtodefineinestateplanni ng
o Potentialestatetaxexposureandliquiditytofund(insurancesituation)
o Anticipatingsizeofestateneededtohavefinancialsecurityduringsenioryearsvs.
potentialwealthtopasson
Familyliving,healthCare,traveling,ongoingphilanthropy,etc.
o
Wills
Whattoleaveinestatevs.transferstotrusts
Methodsofdistribution: Undividedinterestsvs.uniquetransfers
TrusteeorExecutorfamilymember,nonfamilytrusteeorcombination
Durablepowersofattorney;LivingWills
o Giftingoptions
potentialamountsandtowhom
to
currentgenerationorgenerationskip,529trusts,etc.
philanthropicgoals&optionstoconsider
o Locationofprimaryresidenceasweapproachretirementfarm,town
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