Attend this nationally-recognized program for expert analysis on all key aspects of the closely-held family business, from choice of entity to estate administration, plus updates on the hottest topics impacting those who handle privately-owned businesses, including:
Current income tax issues and planning strategies, including start-up, incentivizing key employees, income tax exit strategies, and basis step-up
Transfer planning for business interests, including practical life insurance planning, traps for business owners, and buy-sell agreements
Dealing with divorce or intra-family rivalries in succession planning
Important new Tax Court cases addressing life insurance and key employee compensation issues
With new planning chairs, topics, speakers, and venue, this is the year to join us!
Learn the latest strategies and get expert advice to guide your clients’ financial and business succession planning.
Whether you advise or own a family business, or are an estate planner looking for a deeper understanding of the closely-held business, this one-of-a-kind advanced course is for you. Discussions run the gamut, including choice of entity, charitable planning, and tax matters – even ways to guide owners on the need for appropriate business planning.
Explore the latest techniques in family business succession planning, learn how customize your plan for specific situations, and discover new ways to implement your plans. Leading practitioners in estate planning, tax, insurance, and family law will guide you through some of the most important topics, including:
the proposed regulations under Code § 2704
Formation tax traps; basis limitations for deducting losses
Avoiding the net investment income tax, reducing self-employment tax exposure, and working with the passive loss rules
Tax Court case showing how to prove reasonable compensation when the key employees receive more benefit than the owners
Basis step-up strategies
Minimizing income tax when selling to key employees
How to use phantom stock, stock options and/or deferred compensation
Planning for ESOPs or other retention strategies
Family law and business succession planning
Life insurance strategies, including traps for business owners and opportunities arising from a seminal Tax Court decision
Incorporating charitable planning
Trust advisors and trust protectors for business interests
Hot topics, including recent regulations and cases, as well as red flags in estate and gift tax audits
Valuing a family business
Family rivalries – practical approaches by a litigator and a planner
Overview of Chapter 14 issues in valuing businesses
Ethical issues in representing owners of family businesses and their families
By the end of this comprehensive course, you’ll be better prepared to recognize and evaluate family business issues and, as a result, better skilled than ever at designing customized succession plans for your family business clients.
For on-location attendees: Optional breakfast workshops on the second morning provide an opportunity to dive into other important issues not included in the regular program. Don’t miss this chance to discuss your questions with experienced faculty in an informal setting!
Who Should Attend
This comprehensive estate planning for family business CLE program is designed for estate lawyers, accountants, those who advise privately-owned businesses, and those who own private businesses.
**Please note changes to times of Valuation and Ethics presentations on Friday. This differs from the schedule in the print brochure.**
Thursday, November 3, 2016
7:15 am Registration and Continental Breakfast
8:10 am Administrative Remarks – ALI CLE Staff
WEBCAST SEGMENT A
8:15 am Income Tax Issues and Planning Strategies for Business Entities – Messrs. Gorin and Robinson
This session will discuss selected strategic income and employment tax issues related to the formation, operation, and transition of closely held business. Topics include: choice of entity considerations; formation tax traps; basis limitations for deducting losses; working with the passive loss rules and the net investment income tax rules to produce the best income tax results; getting money out of the closely held business; generating basis step-up when selling an interest in a business, selling business assets, or when an owner dies; and minimizing income taxes when transferring a business to key employees, including family members. The panel will put together these issues and more to suggest ways to structure one’s business when starting from scratch, as well as how to handle existing structures that might not fit within its suggested model.
9:45 am Networking and Refreshment Break
10:00 am Income Tax Issues, cont.
11:30 am Lunch Break (lunch provided by ALI CLE)
WEBCAST SEGMENT B
12:30 pm Succession Planning Using Equity Incentive Plans and ESOPs - Let’s Get Creative! – Ms. Wilkins
This session will consider challenges in using equity incentive plans in privately held companies; recruiting and retaining key employees – how to use phantom stock, stock options, and/or deferred compensation; transferring ownership through an employee stock ownership plan (ESOP) and determining if the significant tax advantages of an ESOP fit the owner’s situation and the business culture; and other alternatives for transferring ownership and whether you can ensure that key employees will stay.
1:30 pm Family Law and Business Succession Planning – Mr. Bourland and Ms. King
Because over half of marital relationships in America end in divorce, understanding the basic principles of family law is necessary to family business succession planning. The most appropriate entity options to address a future family business break up because of marital discord will be discussed. Tax and governance of issues of each entity option will be addressed.
2:30 pm Networking and Refreshment Break
2:45 pm Practical Uses of Life Insurance for the Family Business – Mr. Ratner
This session will outline a process-oriented approach to determining the role of life insurance in an estate and business succession planning case, including a discussion of how to identify the business owner’s needs for life insurance, work with the agent to select and design the products that can meet those needs, and then determine and construct the “right” technique for paying premiums on the policies.
3:45 pm Buy-Sell Agreements – Mr. Gorin, moderator; Messrs. Ratner and Robinson and Ms. Wilkins
The panel will review and discuss how the ideas discussed throughout the first day can be applied to buy-sell arrangements.
5:15 pm Adjournment for the Day
Friday, November 4, 2016
7:00 am Continental Breakfast and Networking
7:30 am Optional Morning Workshops (not webcast or recorded)
- Charitable Planning – Mr. Bourland
America is the most charitable nation in the world. To aid the American philanthropic spirit, the federal government provides certain tax incentives for donors. This workshop will examine the basic income, estate, gift, and generation skipping transfer tax principles to equip practitioners to guide their clients in advantageously integrating charitable gift planning with estate planning.
- Trust Advisors and Trust Protectors for Business Interests- Mr. Manterfield
This workshop will look at the reasons for a trust protector, powers of the trust protector, liability issues for the trustee and for the trust protector, conflicts of interest, successor trust protectors, and the risk of co-trustee status.
8:30 am Networking and Refreshment Break
WEBCAST SEGMENT C
8:45 am Hot Topics - Mr. Akers, moderator; Messrs. Angkatavanich and Porter
Anticipated current developments to be discussed in this session include IRS guidance on a variety of issues, including the recently released proposed regulations under Section 2704 that may impact the valuation of interests in family business entities. Red flags for IRS agents in estate and gift tax audits (as experienced by top tax litigators), as well as recent cases important for family business owners, will also be addressed.
10:15 am Networking and Refreshment Break
10:30 am Ethical Issues in Representing Owners of Family Businesses and Their Families – Messrs. Bourland and Manterfield
Understand the everyday ethics of a family business practice! Topics to be discussed include multiple generation representation, representing multiple owners of a business, the unwillingness of the business owner to make decisions, and multiple representation in a trust setting.
11:30 am Lunch Break (on your own)
WEBCAST SEGMENT D
1:00 pm Family Rivalries/Divisive Reorganization Planning – Messrs. Gorin and Porter
Explore practical ways to deal with family arguments that might or do escalate to litigation. Hear war stories from a seasoned litigator. Learn practical tools for dividing a partnership or corporation and how to structure a business to facilitate a successful division.
2:00 pm Chapter 14 “Soup to Nuts:” A Practitioner’s Guide Through the Minefield – Mr. Angkatavanich
This presentation will provide a discussion of the many estate and gift tax pitfalls that practitioners need to keep in mind whenever structuring transactions between family members. It will provide a broad overview of the statutory provisions of Sections 2701 through 2704, including the historical policy reasons behind the sometimes confounding rules included in Chapter 14. Additionally, the presentation will give proactive planning tips with compliant structures to help practitioners navigate the Chapter 14 minefield.
3:00 pm Networking and Refreshment Break
3:15 pm Valuation of a Family Business – Mr. Frazier
Valuing a minority equity interest in a family business can be a tricky assignment. The majority shareholders are not just related by their kinship, they are frequently also officers and directors. An outsider shareholder who is not also a key employee can find herself in an untenable position. One key ingredient to the valuation is its purpose and the definition of value in the appraisal. Who determines this? Is “fair market value” always fair?
4:15 pm Adjournment
Total 60-minute hours of instruction: 14, including one hour of ethics (includes attendance at Friday morning optional workshops)
Virtually all ALI CLE programs receive credit in AK, AL, AZ, CA, CO, CT, DE, FL, HI, IA, IL, IN, KS, KY, ME, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, PR, SC, TN, TX, UT, VA, VI, VT, WA, WI, WV and WY. Upon request, ALI CLE will apply for credit in ID, LA, and RI.
For more information about CLE or CPE credit, email TeamMCLE@ali-cle.org or call 1-800-CLE-NEWS (253-6397).
State (General / Ethics) Expiration Date (if applicable)
Several jurisdictions limit the number of credits to be taken via on-demand. Please check with your state regulator for possible limits in your jurisdiction.
AK (12 / 1) 11/3/2019
AL (12 / 1) 12/31/2016
AZ (12 / 1) 11/3/2019
CA (12 / 1) 11/3/2019
CO (14.4 / 1.2) 11/3/2018
DE (11 / 1) 11/10/2017
FL (14.5 / 1) 5/3/2018
GA (5 / 1) 11/3/2017
HI (12 / 1) 11/3/2018
IA (5 / 1) 11/10/2017
ID (12 / 1) 11/3/2017
IL (12 / 1) 11/3/2018
IN (8 / 1) 11/3/2017
KY (5 / 1) 6/30/2017
LA (3 / 1) 11/2/2017
ME (4.5 / 1) 11/3/2019
MN (12 / 1) 11/3/2018
MO (6 / 0) 11/3/2019
MS (5 / 1) 11/3/2017
MT (4 / 1) 11/3/2019
NC (12 / 1) 12/31/2016
ND (12 / 1) 11/3/2019
NE (12 / 1) 11/3/2017
NH (12 / 1) 6/30/2017
NJ (10.8 / 1.2) 11/3/2017
NM (3 / 1) 11/3/2019
NV (12 / 1) 11/3/2019
NY (14 / 1) 11/3/2019
OH (12 / 1) 12/31/2016
OK (5 / 1) 11/3/2017
OR (12 / 1) 11/3/2019
PA (12 / 1) 11/3/2018
PR (12 / 1) 11/3/2019
RI (2 / 1) 11/3/2019
SC (5 / 1) 11/3/2017
TN (12 / 1) 11/3/2017
TX (12 / 1) 10/31/2017
UT (11 / 1) 12/31/2016
VA (12 / 1) 10/31/2016
VI (14.4 / 1.2) 11/3/2019
VT (9 / 1) 11/3/2019
WA (12 / 1) 11/3/2021
WI (10 / 0) 11/3/2019
WV (10.8 / 1.2) 11/3/2019
WY (4 / 1) 11/3/2019
Several jurisdictions limit the number of credits to be taken via webcasts. Please check with your state regulator for possible limits in your jurisdiction.
AK (12 / 1)
AL (12 / 1)
AR (12 / 1)
AZ (12 / 1)
CA (12 / 1)
CO (14.4 / 1.2)
CPE (15.5 / 0)
DE (11 / 1)
FL (14.5 / 1)
GA (12 / 1)
HI (12 / 1)
IA (12 / 1)
ID (12 / 1)
IL (12 / 1)
IN (8 / 1)
KS (4 / 1)
KY (12 / 1)
LA (3 / 1)
ME (12 / 1)
MN (12 / 1)
MO (14.4 / 1.2)
MS (5 / 1)
MT (12 / 1)
NC (12 / 1)
ND (12 / 1)
NE (12 / 1)
NH (12 / 1)
NJ (10.8 / 1.2)
NM (12 / 1)
NV (12 / 1)
NY (14 / 1)
OH (12 / 1)
OK (14.5 / 1)
OR (12 / 1)
PA (12 / 1)
PR (12 / 1)
RI (14 / 1)
SC (5 / 1)
TN (12 / 1)
TX (12 / 1)
UT (11 / 1)
VA (12 / 1)
VI (14.4 / 1.2)
VT (12 / 1)
WA (12 / 1)
WI (14 / 1)
WV (14.4 / 1.2)
WY (12 / 1)
AK (13 / 1)
AL (13 / 1)
AR (13 / 1)
AZ (13 / 1)
CA (13 / 1)
CO (15 / 1.2)
CPE (16.5 / 0)
DE (13 / 1)
FL (16 / 1)
GA (13 / 1)
HI (13 / 1)
IA (13 / 1)
ID (13 / 1)
IL (13 / 1)
IN (13 / 1)
KS (14.5 / 1)
KY (13 / 1)
LA (13 / 1)
ME (13 / 1)
MN (13 / 1)
MO (15.6 / 1.2)
MS (13 / 1)
MT (13 / 1)
NC (13 / 1)
ND (13 / 1)
NE (13 / 1)
NH (13 / 1)
NJ (15.6 / 1.2)
NM (13 / 1)
NV (13 / 1)
NY (15.5 / 1)
OH (13 / 1)
OK (16 / 1)
OR (13 / 1)
PA (13 / 1)
PR (13 / 1)
RI (15.5 / 1)
SC (13 / 1)
TN (13 / 1)
TX (13 / 1)
UT (13 / 1)
VA (13 / 1)
VI (15.6 / 1.2)
VT (13 / 1)
WA (13 / 1)
WI (15.5 / 1)
WV (15.6 / 1.2)
WY (13 / 1)
Estate Planning for the Family Business Owner (Video)
For further information about the program, please use the links on the lefthand side under "Course Details".
As usual, the program, the course materials, and probably most importantly the speakers did not disappoint. A superb and excellent presentation…I believe that of all the seminars and programs I have attended or listened to over the some four decades, this program sits right at the top of the list.
The speakers were great. The materials are excellent resources.
I will continue to attend this seminar in the future. This is the best seminar I’ve attended from a pure practical skills perspective.
One of the best, most practical presentations on the subjects covered that I have attended.
Spectacular! From the technical to the practical, the knowledgeable and personable presenters covered the subjects marvelously.
Very much enjoyed this seminar and the depth and breadth of topics covered. Thank you for the opportunity to attend this outstanding seminar.
The speakers were both knowledgeable and personable. I appreciated their stories and examples.
Day Two was awesome in topics and speakers.
I enjoyed the case study approach. Very practical.
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