Death and taxes. They are often called the only two certainties in life. Yet for countless family-held businesses, these inevitabilities collide when the owner passes away. There are millions of family-held businesses across this country. Many are at risk: when transferring ownership from one generation to the next, financial obligations often threaten the family business’s very existence.
Take, for example, the case of Courtney Silver and Ketchie, Inc., a third-generation machine shop based in Concord, North Carolina. Tragically, Courtney lost her husband to brain cancer, and at the same time had to focus on keeping the family business afloat. She was worried, as she testified before Congress just this month, about the “looming tax bill” that could have shut down the company. Her story mirrors many others who encounter unexpected tax liabilities following deaths in the family.
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