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Estate Planning for the Family Business Owner 2023: Part Four (4/8)

Content Provider
American Law Institute CLE
Product
CLE
Run Time
75 Minutes
Recording Date
10/06/2023
Presenter(s)
Steve Akers, Todd Angkatavanich, Katie Lynagh
Learning Method
On-Demand Training
Practice Area
Estate Planning and Elder Law, Taxation, Corporate and Business Law, Family Law

Price $219.00

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Description

Ensuring a business legacy can be a complicated undertaking. Family owners often focus on operational matters while ignoring succession planning. At other times, succession planning may be mired in family strife to the detriment of operational success. In fact, inadequate business and succession planning is one of the leading causes of family business failures.
Taxes add yet another level of complexity for family businesses. Compensating owners for services, rent of owners' property, and various other arrangements can trip up business owners. Business succession plans can affect estate tax values. Deferred or uncertain estate tax liability can cause a family business to lose its line of credit, accelerate a long-term loan, or negatively affect a surety bond.
This highly rated program addresses these issues and offers practical tips for counseling clients on business succession and tax challenges. Attended by sophisticated legal practitioners and industry professionals nationwide, this annual program is a go-to resource for family businesses seeking prosperity beyond current owners or business-savvy exit solutions.
Topic includes:
- Hot Topics
We will discuss the most significant recent gift and estate tax developments involving business interests, including important cases, legislative developments and regulatory guidance. The session will cover topics such as transfers with defined value formula clauses, the estate tax deduction for interest on Graegin loans, gift tax adequate disclosure (including a recent favorable case), considerations for planning to utilize “bonus” gift tax exemptions at current, and potentially other, generations, the latest considerations with family limited partnerships and Section 2036, and planning considerations with GRATs and Sales to Grantor Trusts.

Literature

State Status Total Credits Type Of Credit Approved Thru
AlabamaApproved1.00General12/31/2024
AlaskaApproved1.50GeneralOn-going
ArizonaApproved1.25GeneralOn-going
ArkansasApproved1.25GeneralOn-going
CaliforniaApproved1.25Participatory10/06/2028
ColoradoApproved2.00General12/31/2025
ConnecticutApproved1.25GeneralOn-going
DelawareApproved1.30General10/05/2025
FloridaApproved1.50General06/30/2025
GeorgiaApproved1.00General12/31/2024
HawaiiApproved1.25General10/06/2025
IdahoApproved1.25General10/06/2028
IllinoisApproved1.25General11/29/2025
IndianaApproved1.00General12/20/2024
IowaApproved1.25General10/05/2024
KansasApproved1.50General12/24/2024
KentuckyApproved1.25General06/30/2024
LouisianaApproved1.25General11/26/2024
MainePending State Response0.00
MinnesotaApproved1.25General11/29/2025
MississippiApproved1.25General11/26/2024
MissouriApproved1.50GeneralOn-going
MontanaApproved1.25General10/06/2026
NebraskaApproved1.25General10/05/2025
NevadaApproved1.00General12/31/2026
New HampshireApproved1.30General10/05/2026
New JerseyApproved1.50GeneralOn-going
New MexicoApproved1.30General10/05/2028
New YorkApproved1.50SkillsOn-going
North CarolinaApproved1.25General12/31/2024
North DakotaApproved1.25General10/06/2026
OhioApproved1.25General12/31/2024
OklahomaApproved1.50General12/17/2024
OregonApproved1.25General10/05/2026
PennsylvaniaApproved1.00General11/07/2025
Puerto RicoApproved1.25General12/31/2024
Rhode IslandApproved1.25General06/30/2024
South CarolinaPending State Response0.00
TennesseeApproved1.25General11/26/2024
TexasApproved1.25General11/30/2024
UtahApproved1.00General12/31/2024
VermontApproved1.25GeneralOn-going
VirginiaApproved1.00General10/31/2024
WashingtonApproved1.25General10/05/2028
West VirginiaApproved1.50GeneralOn-going
WisconsinApproved1.50GeneralOn-going
WyomingApproved1.25General11/26/2024