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Estate Planning for the Family Business Owner 2023: Part Two (2/8)

Content Provider
American Law Institute CLE
Product
CLE
Run Time
119 Minutes
Recording Date
10/05/2023
Presenter(s)
David Sloan, Frank Agostino, Steve Gorin, Gray Edmondson, Gene Wolf
Learning Method
On-Demand Training
Practice Area
Estate Planning and Elder Law, Taxation, Corporate and Business Law, Family Law

Price $259.00

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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:
- The Obvious and Not So Obvious Complications of Estate Tax Liens and Personal Liability: Deferral Can Be Detrimental Instead of Deferential!
Business demands, life events, and family issues can get in the way of succession planning, and sometimes solutions can be found through deferral under IRC section 6166. However, the impact of automatic estate tax liens and personal liability can be exacerbated because of section 6166, which should therefore be used cautiously and only in the appropriate circumstances. Recent case law, including the 9th Circuit’s Paulson case, illustrates some of the unexpected, downstream tax burdens. Also, in a market where maintaining solvency and capital access can be complicated and costly, not only can these liens jeopardize your family business client’s ability to continue operations, but that client may also be subject to unexpected personal liability. This session explores these issues and more!
- Assignment of Income and Other Tax Issues
The Tax Court overturned over 40 years of tax law on the timing of transferring stock to charity in anticipation of a sale of a business. We will discuss why it did this, how to plan going forward, other charitable issues the case raised, and other tools in donating business interests.

Literature

State Status Total Credits Type Of Credit Approved Thru
AlabamaPending State Response0.00
AlaskaApproved2.00GeneralOn-going
ArizonaApproved1.75GeneralOn-going
ArkansasApproved1.75GeneralOn-going
CaliforniaApproved1.75Participatory10/05/2028
ColoradoApproved2.00General12/31/2025
ConnecticutApproved1.75GeneralOn-going
DelawarePending State Response0.00
FloridaApproved2.50General06/30/2025
GeorgiaApproved2.00General12/31/2024
HawaiiApproved1.75General10/05/2025
IdahoApproved2.00General10/05/2028
IllinoisApproved1.75General11/29/2025
IndianaApproved1.50General12/20/2024
IowaApproved1.75General10/04/2024
KansasApproved2.00General12/24/2024
KentuckyApproved1.75General06/30/2024
LouisianaApproved1.98General11/26/2024
MainePending State Response0.00
MinnesotaPending State Response0.00
MississippiApproved2.00General11/26/2024
MissouriApproved2.40GeneralOn-going
MontanaApproved2.00General10/05/2026
NebraskaApproved1.98General10/04/2025
NevadaApproved1.50General12/31/2026
New HampshireApproved2.00General10/04/2026
New JerseyApproved2.00GeneralOn-going
New MexicoApproved2.00General10/04/2028
New YorkApproved2.00SkillsOn-going
North CarolinaApproved1.75General12/31/2024
North DakotaApproved2.00General10/05/2026
OhioApproved1.75General12/31/2024
OklahomaApproved2.50General12/17/2024
OregonApproved1.75General10/04/2026
PennsylvaniaApproved1.50General11/07/2025
Puerto RicoApproved1.98General12/31/2024
Rhode IslandApproved1.75General06/30/2024
South CarolinaPending State Response0.00
TennesseeApproved1.98General11/26/2024
TexasApproved1.75General11/30/2024
UtahPending State Response0.00
VermontApproved1.75GeneralOn-going
VirginiaApproved1.50General10/31/2024
WashingtonApproved1.75General10/04/2028
West VirginiaApproved2.38GeneralOn-going
WisconsinApproved2.00GeneralOn-going
WyomingApproved2.00General11/26/2024