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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 32 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 32 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 Webinar

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.

  • AK CLE 1.5
     
  • Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
     
  • AL CLE 1.4
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.4 hours credit.
     
  • Arizona CLE 1.5
     
  • The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, Inc. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CT CLE 1.0
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
     
  • HI CLE 1.25
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.25 CLE credit hours.
     
  • IL CLE 1.25
     
  • This course was approved for a total of 1.25 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.0
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.0 hours of CLE credit under M. Bar R. 12.
     
  • MT CLE 1.5
     
  • This program has been approved by the Montana Commission of Continuing Legal Education for a total of 1.5 CLE credits.
     
  • ND CLE 1.5
     
  • North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.5 hours of CLE credit.
     
  • NH MCLE 1.4
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 80 Minutes.
     
  • NJ CLE 1.8
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.8 hours of total CLE credit.
     
  • NV CLE 1.5
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • PA CLE 1.0
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.5
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
     
  • TN CLE 1.43
     
  • This program has been approved as a distance learning format by the Tennessee Commission on Continuing Legal Education for a maximum of 1.43 hours of credit.
     
  • VT CLE 1.5
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hours of self-study CLE 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.
     
  • WI CLE 1.5
     
  • This program qualifies for 1.5 hour(s) of ondemand CLE through the WI Board of Bar Examiners.
     
  • WV MCLE 1.8
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York. Other states do not need to supply the CLE Code to apply for CLE credit.

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.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

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

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

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

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More Program Information

Why Lorman?

Over 32 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 32 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!

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

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Product ID: 405677
Published 2019
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