Gain an understanding of modern implications of partnerships in estate planning and their effects.
Partnerships (and Limited Liability Companies taxes as partnerships) have become the go-to entity choice among estate planning practitioners for their clients. Whether the entity is to own and run an operating business or a passive investment portfolio, the complete flexibility in design for the financial and governance provisions of the partnership structure allow estate planning attorneys the ability to achieve each family's unique objectives. Corporate structures like S corporations and C corporations have a number of demanding requirements or adverse tax results that limit their usefulness except in specific situations. Along with the flexibility in design, the partnership structure provides a means of an estate freeze for shifting the future growth of the partnership interests to other family members. Additionally, by holding assets and operating businesses inside the partnership structure, creditors of the owner are typically limited to the owner's interest in the partnership and not to the underlying assets. Finally, the new audit rules applicable to partnerships are having a major impact on trust owners of partnership interests. The partnership agreements that have been used in the estate planning context need to be reexamined and likely amended to account for the new rules and the appointment of a partnership representative.
Agenda
Faculty
Philip J. Tortorich
Actuate Law LLC
- Head of Actuate Law LLC’s private client services practice
- Advises wealthy individuals and closely held companies on income tax matters as well as estate and gift tax planning
- Has worked in the captive insurance space for more than a decade and is one of only a few attorneys who handle both the income tax and estate and gift tax aspects of captive insurance programs for closely held middle market businesses
- Much of his work involves consulting with clients on the tax efficient structuring of corporate entities including C corporations, S corporations, limited liability companies, limited partnerships and hybrid-type entities
- Assists clients in designing onshore and offshore trusts that minimize their exposure to gift taxation and in structuring family investment companies that fit their specific circumstances and trust and estate plans
- Addresses the need for and structure of insurance products to complement a family’s overall estate plan, assists in properly structuring insurance products to help minimize income taxation on a current basis
- J.D. degree, Loyola University Chicago School of Law; B.A. degree, Loyola University Chicago
- Can be contacted at 312-579-3129 or [email protected]
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