Tax and Practical Aspects of Business Succession Planning

Training Provided by Lorman Education Services nClosely held family businesses are often as important to the owners of that business as are their own children. With business failures increasing in today's economic environment, the importance of a well planned, dynamic and long-term succession plan is vital to the continuation of the family business as it is passes from generation to generation. Tax considerations are one part of that plan, but should not take priority over sound business or family considerations. This teleconference will examine the elements of an effective succession plan, some of the reasons for failure of the plan and common solutions that may be implemented to help the plan succeed. The teleconference will also go through three case studies utilizing three different strategies to show how each plan would operate and the tax effects of each type of plan.

Tax and Practical Aspects of Business Succession Planning Agenda

1. Key Elements of a Succession Plan
1. 10 Key Considerations for the Succession Plan
2. Utilization of Basic Estate Planning Documents
3. Reasons Why Succession Plans Fail
2. Common Solutions to Succession Planning Issues
1. Starting Point: Finding the Right Value for the Business
2. Lifetime Gifting Techniques
1. Outright Gifts
2. Use of GRATs
3. Use of FLPs and FLLCs
3. Sale of Business
1. Direct Sales
2. Indirect Sales
4. Nonfamily Considerations
3. Case Study I: Transferring Control to Children
4. Case Study II: Transferring Control to Key Employee(s)
5. Case Study III: Maintaining Control During Lifetime

About The Training Provider: Lorman Education Services

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