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Current Implications of Partnerships in Estate Planning

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.

86 minutes
Certificate of Completion
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Why Lorman?

Over 34 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

Partnerships as an Estate Freeze Transaction

  • Succession Planning
  • Pooled Investment Vehicle
  • Examples of the Freeze Transaction

Partnerships as Asset Protection Vehicles

  • Where Does the Liability Reside?
  • Remedies Against Member of a Partnership
  • Planning Opportunities

Partnerships and Valuation Questions

  • Examples
  • Chapter 14
  • Restricted LP to Maximize Discounts

Partnerships and Trusts Under New Audit Rules

  • New Rules
  • Application to Trusts as Partners
  • Opt-out Provisions / Other Key Partnership Provisions
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Why Lorman?

Over 34 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.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on October 25, 2019.

Call 1-866-352-9540 for further credit information.

  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • NM CLE 1.5
     
  • This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.5 hours of credit.
     
  • VA CLE 1.5
     
  • This program has been approved by the Virginia Mandatory Continuing Legal Education Board for 1.5 CLE credit hours.
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of A/V credit under the Law & Legal Procedure category.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

Virginia MCLE requirements do not allow approval for programs that do not include an audio or audiovisual component.

This program was previously offered as a live webinar. Virginia MCLE requirements do not allow approval for attendance at duplicate programs.

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

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Why Lorman?

Over 34 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

Philip J. Tortorich

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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Why Lorman?

Over 34 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.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!


  • OnDemand Courses
  • Live Webinars
  • MP3 Downloads
  • Course Manuals
  • Executive Reports
  • White Papers and Articles

Additional benefits include:

  • State Specific Credit Tracker
  • All-Access Pass Course Concierge

Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 406428
Published 2019
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Available in Multiple Formats

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