Ep 83: Key Insights on Buy-Sell Agreements and Succession Planning

Episode 83:Key Insights on Buy-Sell Agreements and Succession Planning

Guest: Paul Hood, Jr.

Overview

Welcome to the Financial Advisors Want to Know Podcast! I’m Catherine Tindall, CPA with Dominion Enterprise Services, where we help financial advisors navigate income tax planning and compliance.

Today’s guest is Paul Hood Jr., JD, LLM, a nationally recognized estate and tax planning attorney. With over 500 professional articles and several influential books—including Yours, Mine & Ours—Paul brings unparalleled insight into buy-sell agreements, succession planning, and tax-smart business structuring.

Key Takeaways

✅ Buy-Sell Agreement Pitfalls Are Common – Over 90% of buy-sell agreements Paul reviews have defects due to vague language or unrealistic planning.

✅ Regular Reviews Prevent Disaster – Advisors should regularly revisit and update buy-sell agreements to ensure they address all potential triggering events and valuation strategies.

✅ Run a “Fire Drill” on Your Agreement – Simulate a triggering event to test how your agreement holds up in practice—this often reveals major gaps needing correction.

✅ CPAs Are Key to Tax-Efficient Planning – Especially with S Corps or LLCs, CPAs ensure buy-sell strategies avoid issues like wasted basis and unfavorable tax consequences.

✅ Educating Clients Adds Value – Tools like the Buy-Sell Options Grid help clients better understand their agreements and foster more productive planning conversations.

Connect with Paul Hood, Jr.

🌐 PaulHoodServices.com
🔗 LinkedIn

Connect with Catherine Tindall

🔗 LinkedIn
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📧 Email: admin@dominiones.com
🌐 Dominion Enterprise Services

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