The potential elimination of the step-up in basis presents an estate planning opportunity to high-net worth individuals and family business owners or should at least spur them to contemplate revisiting their estate plans.

Family business owners cite different motives for investing their time, energy, and savings to build successful businesses. Some have entrepreneurial zeal, while others are creators who see problems in the world that they can solve. Others are natural leaders who are inspired by the job opportunities and other “positive externalities” that successful enterprises generate for employees and the communities in which they operate. But common to nearly all family business owners is the desire to provide financially for their heirs. As a result, one of the most common concerns such owners cite is the ability to transfer ownership of the family business to the next generation in the most tax-efficient way.