Nick Nichols, CPA, CVA, ALL principal, presented on a panel discussing “Fundamentals of Estate Planning & Wealth Preservation.” The seminar, What You Don’t Know Can Cost You, organized by the law firm Ruberto, Israel & Weiner (RIW), took place Tuesday evening, May 17, at the Langham Hotel in Boston.

Nick served on a panel with Bill Friedler, Esq. and Deborah Pechet Quinan, Esq., both with the Trusts & Estates Group of RIW, to share guidance on estate planning and how to avoid large tax pitfalls.

Nick, an expert in business valuation, shared advanced planning strategies his clients have used to save millions when selling or transferring their business. An example, that highlighted the implementation of multi-step planning over a several year period of time included gifting a minority interest to the business owner’s son and consulting on steps to enhance future value of the business, which subsequently kept $1.5 million out of the father’s estate, drastically lowering the father’s eventual estate tax.

Unfortunately not all businesses are prudent when it comes to estate planning. Nick shared a cautionary tale of a business that had not updated their buy-sell agreement in 40 years, causing the estate of a deceased owner to lose out on $25 million, when the surviving owners invoked the buy-sell agreement. Through the experts’ stories and answers to audience questions, it was obvious that what you don’t know truly can cost you, and it pays to have a plan set in place by professionals.

Nick Nichols is a principal with Abrams Little-Gill Loberfeld PC (ALL), in charge of the business valuation segment of the practice. In addition to traditional tax and accounting skills, and his business valuation services expertise, he has a range of planning and advisory experience that includes assisting clients with developing business plans, working with start-up companies, succession planning, obtaining bank / venture financing, contract negotiation, litigation support, and personal financial and investment planning. His business clients operate in many different sectors, including high technology firms, publishing, wholesale distributors, manufacturers, and health care and other professional entities.

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