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:
- FLPs and FLLCs: Soup to Nuts and the Current State
This program will provide a review of the evolution of FLPs going back decades and the historical challenges to FLPs, the evolution of Sections 2036 challenges, the importance of the bona fide sale exception, "decontrol" considerations, and best practices for "stress testing" existing FLPs and potential fortification measures.