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Business Succession Planning Checklist

Business succession planning is complex - walk away with a better understanding of what you need to consider for your plan.

Planning for the transfer of a client's closely-held business interests is an essential component for a complete estate plan. Whether the business is family-owned or not, the manner to effectuate a transfer is based on a similar identifiable process. This topic will provide a checklist for defining an appropriate business succession plan. It begins with a discussion of a transferor's motivations when transferring an interest. While outlining the common steps of the transfer process that apply to both types of closely-held businesses, this material will also identify the unique considerations that apply to a family-owned business. The discussion will also include the importance of the valuation of a business, including the effect of the proposed Treasury Regulations to Section 2704 of the Internal Revenue Code; the significance of a business' governing documents; methods of transferring interests during life and at death, including use of various types of trusts; the mechanics of completing a transfer; and highlight the tax rules applicable to the transfer of a business interest. This topic is valuable to determine the methods most appropriate to accomplish a client's wishes to transfer a business interest by determining the applicable strengths and weaknesses.

Runtime: 58 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Obtain Key Information Necessary When Client Is Considering Transferring Business Interest

  • Understand the Structure and Composition of the Business: Formation History, Relationship of Current Owners, and Copies of Governing Documents
  • Identify Transferor's Motivations and Considerations: (i) Tax Savings, (ii) Family Dynamics, and (iii) Business Continuity

Look to Governing Documents for Rules and Restrictions on Transfers and Apply Default Rules If Silent

  • Review the Definitions and Parameters Provided Under the Governing Documents
  • Family - Who Can Own Stock and Are Business Roles Guaranteed?
  • Non-Family - Common to See Restrictions on Transfer to Ensure Business Continuity
  • Key Employee

Determine Valuation and Available Discounting

  • During Life
  • At Death
  • Effect of 2704 Regulations

Identify Methods to Transfer Interests During Life

  • Outright Gifting
  • Use of Trusts: GRAT and IDGT
  • Maintaining Control After a Transfer of Interests

Effectuating Transfers at Death

  • Buy/Sell Agreements and Key Employees
  • Use of Life Insurance and Irrevocable Life Insurance Trust
  • Split-off, Spin-off, etc.

Execute Documents to Effectuate Transfer

  • Assignment and Acceptance, and Ratification by Business Entity
  • Corporation - Vote or Action in Writing by Board of Directors

Assess Applicable Tax Rules for Transfers

  • Gift Taxes - Sec. 2501 to 2505
  • Lapsing Rights and Restrictions - Sec. 2704
  • Adjustment to Basis of Partnership Interest - Inside Basis and Outside Basis - Sec. 754; and Secs. 734 and 743
  • Irrevocable Life Insurance Trust Created and Funded Within 3 Years of Death - Sec. 2035(a)
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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OnDemand Webinar

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Jennifer V. Abelaj

Jennifer V. Abelaj

Davidoff Hutcher & Citron LLP

Jennifer V. Abelaj, Esq., CPA

  • Attorney at Katsky Korins LLP
  • Attorney with a financial background focusing on tax and estate planning matters, including estate and gift taxation, charitable giving and tax planning, business succession planning, and not-for-profit creation and compliance
  • Member of the New York State Bar Association, and was a court-appointed Court Examiner for New York State Supreme Court guardianship matters
  • Fluent in Spanish, conversant in Slovak
  • Can be contacted at 212-716-3263 or [email protected]
Anta Cissé-Green, Esq., L.L.M., T.E.P.

Anta Cissé-Green, Esq., L.L.M., T.E.P.

NYU Langone Health

  • Associate General Counsel of Development at NYU Langone Medical Center
  • Seasoned tax professional who advises clients on the tax efficient use of complex vehicles to transfer wealth to family members using various estate, gift generation skipping and charitable vehicles
  • Member of the New York State Bar Association, the New York City Bar Association and the current Trusts and Estates Editor for the eReport, the online publication of the American Bar Association, Real Property Trusts and Estates Section
  • Certified as a Trusts and Estates Practitioner with the Society of Trusts and Estates Practitioners
  • Superlawyers New York Metro Rising Star 2013 to 2014, Estate Planning & Probate
  • L.L.M. degree, taxation, New York University School of Law; J.D., magna cum laude, Brooklyn Law School
  • Can be contacted at [email protected]
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Product ID: 399918
Published 2016
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