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:
- Litigating Alleged Fiduciary and Trustee Misdeeds and the Business Judgment Rule
> Trustee misconduct: Recent case law analysis, discussion of protection measures for trustees with investments in the family business, what happens when trustee agreements are silent on protection measures, and are there ways to cure these oversights through amendments and in future agreements
> The business judgement rule, duty of care, and duty of loyalty standards: Recent fiduciary litigation decisions, trial and settlement strategies, and how to eliminate future shareholder suits
> How to establish fiduciary duties in a directed trust scenario where duties are split between trust advisor and trustees
> What duties apply when a trustee serves on the board of a business the trust owns or is an officer in the business
> Movement of corporate fiduciaries abandoning involvement in family business work