Leonard Paul Hood

Business & Investing, Education & Reference

Author Profile

Leonard Paul Hood

A native of Louisiana (and a double LSU Tiger), Paul Hood obtained his undergraduate and law degrees from Louisiana State University and an LL.M. in taxation from Georgetown University Law Center before settling down to practice tax and estate planning law in the New Orleans area. Paul has taught at the University of New Orleans, Northeastern University, The University of Toledo College of Law and Ohio Northern University Pettit College of Law. The proud father of two Eagle Scouts and LSU Tigers, Paul has authored or co-authored seven books and over 500 professional articles on estate, charitable and tax planning and business valuation. He was with The University of Toledo Foundation for over four years as Director of Planned Giving, leaving in January 2018. Today, Paul is an author, speaker and consultant on tax, estate and charitable planning. He also is a Vice-President with Thompson & Associates, a charitable estate planning firm.

Books

Yours, Mine & Ours

Education & Reference

Estate planning can be challenging for even single marriage/relationship couples. For those in blended or stepfamilies, where all of the children aren't shared, estate planning can be downright daunting. This book squarely addresses these perplexing issues and offers solutions and tips as well as warnings about traps to avoid.

Book Bubbles from Yours, Mine & Ours

Buy-Sell Agreements

Business & Investing

“Paul's book is written in plain language that even a client can understand, yet it still manages to cover virtually all of the key issues that a business owner needs to address…. Buy this book.” —Howard M. Zaritsky, Esq., co-author, Structuring Buy-Sell Agreements: Analysis with Forms, Second Edition.

“Paul is extremely knowledgeable about buy-sell agreements, valuation and estate planning for the business owner. He clearly has a passion for the topic and depth of experience that shows throughout the breadth of the work.” —Edwin P. Morrow III, J.D., LL.M., CFP®, Huntington National Bank, co-author, The Tools & Techniques of Estate Planning (19th Ed.)

A buy-sell agreement (BSA) must set the rules of transition for a closely-held business. Author L. Paul Hood, Jr. shares 30+ years of experience writing BSAs to help business owners avoid the ugly consequences of a poorly drafted BSA. You’ll learn about:

  • Types of BSA agreements      
  • BSA trigger events
  • Tax consequences of BSAs
  • Best practices for best outcomes

Filled with expert information, handy checklists, and useful templates, Buy-Sell Agreements: The Last Will & Testament for Your Business will help you prepare a quality BSA as well as be the lifeline for your business in times of transition.

Book Bubbles from Buy-Sell Agreements

Buy-Sell Agreement Valuation Method to Avoid

One of the biggest recurring mistakes that I encounter in buy-sell agreements is the use of an agreed upon set price in the agreement. Usually, the parties agree to revisit the price regularly, which usually is included in an accompanying schedule to the buy-sell agreement: usually schedule A. Hence, the name Schedule A method. As I discuss, life usually intervenes, and the well-intentioned owners never revisit what they initially intended to be a temporary price-until a triggering event occurs. As I say in the book, avoid the Schedule A mehod like the plague. www.paulhoodservices.com

Evaluating & selecting professional advisors

During my career, I have had lots of experience selecting and working with professional advisors. I offer my experience and lessons learned in this book bubble.

What type of buy-sell agreement is right for

The choice of the type of buy-sell agreement to use is one of the most common mistakes that people and their professional advisors make in the buy-sell agreement process. For me, the answer was almost always the hybrid form of buy-sell agreement, which can take aspects of both the redemption and cross-purchase forms of buy-sell agreements. I chose the hybrid form almost always because its flexibility enabled me to design a buy-sell agreement that would closely fit the unique circumstances of the owners of the business.

Why a chapter for professional advisors?

While I wrote this book for lay people, non-lawyers, etc., I thought that it would be very helpful for the profesional advisor. One matter that I was tangentially involved in many years ago at the beginning of my legal career involved defending a former lawyer, who was now a federal judge, in a legal malpractice case inviolving frankly some unfortunately ambiguous language that the lawyer now judge had put into a buy-sell agreement that became the center of a bitter controversy among the former owners of the subject company, which eventually culminated in the malpractice case aginst the former lawyer now a federal judge. Even though I was still a baby lawyer at the time, I just remember wondering what possessed the lawyer now judge to put such an obviously problematic term into the buy-sell agreement. Surely he knew better, I thought? Unfortunately, this has been a recurring theme throughout my professional career. I just found that few lawyers drafted really good buy-sell agreements. Therefore, when I wrote this book, I thought it imperative that I include a chapter for professional advisors. I hope you enjoy it

For me, this book is personal

I was always extra driven as a lawyer or estate planning consultant when I was dealing with an issue involving a buy-sell agreement for a closely-held business. In my experience, very few buy-sell agreements are drafted very well. I intend this book to help you make your buy-sell agreement a good one.

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