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:
- Ethical Dilemmas Involving Clients with Diminished Capacity: Bad Business Decisions, Eccentricities, or Something More?
> What is the difference between declining and diminishing capacity, and how to recognize, respond, and insure proper management of a family business?
> How to be practical and advise family business owners in preparation for their own diminished capacity
> Can an attorney prepare and supervise the execution of estate and business planning documents when he suspects his client lacks capacity? How does the attorney organize his concerns into a defendable judgement?
> What information may a lawyer disclose to nuclear and/or business family members when the lawyer believes that a key family business client suffers diminished capacity and is in danger of financial harm to himself/herself or the family business?