Page 33 - ATR 3 2012 web 2

The Handoff

Estate planning can save family taxes, strife

eventual position of no longer speak- and family strife. “The family-owned
By steve Brawner ing to one another? And number three: business really is the backbone of the

Contributing Writer Will your business and family maintain U.S. economy,” Terry Resnick said. “But
a healthy cash flow when you’re not unfortunately, two out of every three
Terry Resnick opened his remarks around?” family businesses will not make it from
at the Arkansas Trucking Association’s Resnick and his brother, Lee, one generation to the next, and less
Annual Conference in May by asking partners in the nationally recognized than 15 percent will make it from a sec-
three questions. Resnick Associates succession plan- ond to a third generation.”
“Number one: Are you working ning firm, told attendees that failing to The Resnicks, identical twins who
most of your life to build your busi- plan for the transfer of a business is a are frequent speakers at trucking asso-
ness only to eventually lose it? Number key factor in business failures and can
two: Are you putting your family in the lead to a lot of unnecessary estate taxes 

aRkansas TRucking RePoRT | issue 3 2012 33