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.
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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.