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Fundamentals of Succession Planning

Succession Planning is an essential component for a complete estate plan.

Whether the individual owns a business, created a charitable entity, or has pets, the manner to effectuate a successful transfer is based on a similar identifiable process. This topic will provide an outline of the considerations necessary to define, execute and implement an appropriate succession plan for a client. It begins with a discussion of the transferor's motivations when transferring property and concludes with an examination of the critical tax rules implicated by the transfer.

Runtime: 86 minutes
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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

Overview of Planning for Business Transfers, Pets, and Charitable Giving

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
  • Look to Governing Documents for Rules and Restrictions on Transfers and Apply Default Rules If Silent
  • Determine Valuation and Available Discounting
  • Identify Methods to Transfer Interests During Life via Outright Gifting or Transfers in Trust
  • Effectuating Transfers at Death via Buy/Sell Agreement or Life Insurance

Planning for Pets

  • Power of Attorney
  • Trust for Pet
  • Provisions in Will

Charitable Transfers

  • Vehicles for Charitable Purposes
  • Income and Estate Tax Deductions
  • Creation and Administration of Charitable Contribution

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 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 June 28, 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.
     
  • 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.

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

Jennifer V. Abelaj

Jennifer V. Abelaj

Davidoff Hutcher & Citron LLP

  • Senior counsel at Davidoff Hutcher & Citron LLP
  • Practice emphasizes all aspects of trusts and estates, not-for-profits, and taxation
  • Conducts regular seminars and workshops on trust administration, business succession planning, creation of not-for-profit and advanced estate planning techniques
  • Author of several publications and quoted for expertise in taxation in: The New York Times; Bloomberg; Tax Notes; Law360
  • Membership of the New York State Bar Association; New York Women’s Bar Association
  • J.D. degree, St. John’s University School of Law; B.S. degree, Fordham University, Gabelli School of Business; Certified Public Accountant, New York State
  • Can be contacted at [email protected], 646-428-3276, on Twitter® @JVATaxnLaw or at www.linkedin.com/in/jenniferabelaj
Anta Cissé-Green

Anta Cissé-Green

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 2013-2014, Estate Planning & Probate, named to the National Black Lawyers Top 100 Attorneys and a member of the Executive Committee for The National Advocates
  • L.L.M. degree, taxation, New York University School of Law; J.D. degree, magna cum laude, Brooklyn Law School
  • Can be contacted at 646-754-7385, [email protected] or on Twitter @ACisseGreen
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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!

  • Live Webinars
  • OnDemand Webinars
  • MP3 Downloads
  • Course Manuals
  • Audio Recordings*
  • Executive Reports
  • White Papers and Articles
  • Sponsored Live Webinars

Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
  • All-Access Pass Course Concierge

* For audio recordings you only pay shipping

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

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Product ID: 405677
Published 2019
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