Training Course Syllabus:
Equip Yourself with These Important Estate Planning Tools!
How should you treat realty that doesn't fall under the qualified primary residence tax break? What can you do to help clients transfer their business interests to the intended beneficiaries and minimize transfer taxes and business interruption? When is it wisest to sell outright? How do you structure a partial or gradual ownership transfer? Get answers to these questions and more: augment your estate planning practice with the latest techniques for developing flexible and comprehensive transfer plans for your clients' closely-held businesses and vacation homes. Register today!
- Make certain ALL the assets are accounted for and go to their intended recipients with minimal tax burdens.
- Solve the problems of limited liquidity in planning for a small business.
- Account for current and future family dynamics when drafting the plan.
- Learn what legal entities are most useful in transferring vacation homes from one generation to the next.
- Prevent problems and conflicts: know what must be included in every vacation home estate plan and get sample forms.
- Discuss key tax reporting challenges you'll need to overcome for smooth implementation of the plan.
- Forestall allegations of malpractice with our guide to impeccable legal practices.
MORNING SESSION – ESTATE PLANNING FOR VACATION HOMES
- Issues/Problems Involved
9:00 - 9:20, Emory E. Hackman Jr.
- Capital Gains Tax and the Carry-Over Basis Rule
- Family History and Dynamics
- Protection from Third Parties (Bankruptcy, Lawsuits, Divorce)
- Shifting and “Upside-Down” Values of the Property
- Initial Client Consultations
9:20 - 9:45, Sean A. Dunston
- Determining the Client's Desires
- Understanding the Family Dynamic
- Who will “Benefit” from the Property and Who will be “In Charge”
- Planning Options and Transfer Tools
9:45 - 10:15, Sean A. Dunston
- Outright Bequests
- Life Estates
- Split Interest Purchases
- Testamentary Trusts
- Inter Vivos “Cottage Trusts”
- Tenancy in Common
- Family LLCs and Partnerships
- Dynasty Trusts
- Conservation Easements
- Designing the Plan
10:30 - 11:00, Sean A. Dunston
- Tax Issues
- Ownership and Control
- Conflict Resolution
- Maintenance, Repairs and Improvements
- Implementation and Maintenance of the Plan
11:00 - 11:30, Sean A. Dunston
- Tax Reporting
- Meetings and Accountings
- Ethics – Avoiding Legal Malpractice
11:30 - 12:30, Emory E. Hackman Jr.
- Unbundled Services – What is Your Legal Responsibility to a Client for Whom You've Drafted a Buy-Sell Agreement Only
- Multi-Jurisdictional Practice Considerations
- Privileged Communication Hurdles During and After the Client's Life
- Defining and Communicating the Scope of Representation
- Determining and Collecting Attorney Fees
- Discovering and Avoiding Conflicts of Interest
- What if the Client Wishes to Misrepresent the Primary Residence?
AFTERNOON SESSION –ESTATE PLANNING FOR SMALL BUSINESS OWNERS
- Initial Client Considerations
1:30 - 1:45, Richard Mayberry
- Encouraging Business Owners to Plan for Succession
- Helping the Grantor Clarify His/Her Goals
- Accounting for Family Dynamics
- Which Business Entity Makes the Best Estate Planning Vehicle?
1:45 - 2:00, Richard Mayberry
- FLLPs, FLLCs, C and S Corporations, LLC as an S Corporation
- Converting an Existing Business Structure into Another
- Valuation Considerations
2:00 - 2:30, Richard Mayberry
- Long Term Family Control
2:30 - 2:50, Emory E. Hackman Jr.
- Trust Advisors and Trust Protectors
- Committee of Beneficiaries
- Selection of Successor Trustees and Taipans
- Mapping Out the Transfer of Interest
3:05 - 3:35, Eric A. Vendt
- Planning for a Full of Partial Sale of Business
- Planning and Executing a Gradual Transfer
- Drafting Buy-Sell Agreements for Existing/Operating Businesses
- Recapitalizations and Other Techniques
- Liquidity Issues
- Special Considerations for Sole Proprietors
- Tax Planning and Reporting
3:35 - 4:05, Eric A. Vendt
- What to Do about the New Federal Tax Law
- Income and Gift Tax Hurdles
- Asset Freezing Techniques – Preserving the Low Value of the Business Assets
- Preventing Challenges by IRS with Regard to Valuation Discounts and Disclaimers
- Estate Planning for the Heirs/Beneficiaries of the Business Owner(s)
4:05 - 4:30, Warren W. Grossman