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Course/Product Description
Title:

Tax and Practical Aspects of Business Succession Planning

SKU:WC-1013112
Date / Time: Recorded
Format: Webinar
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Description:

Closely held family businesses are often as important to the owners of that business as are their own children. With business failures increasing in today's economic environment, the importance of a well planned, dynamic and long-term succession plan is vital to the continuation of the family business as it is passes from generation to generation. Tax considerations are one part of that plan, but should not take priority over sound business or family considerations.

This live webinar will examine the elements of an effective succession plan, some of the reasons for failure of the plan and common solutions that may be implemented to help the plan succeed. The webinar will also go through three case studies utilizing three different strategies to show how each plan would operate and the tax effects of each type of plan.

Learning Objectives:

  • You will be able to review how to maintain control during lifetime.
  • You will be able to discuss why succession plans fail.
  • You will be able to identify nonfamily considerations.
  • You will be able to describe lifetime gifting techniques.

Agenda:

I. Key Elements of a Succession Plan

  • 10 Key Considerations for the Succession Plan
  • Utilization of Basic Estate Planning Documents
  • Reasons Why Succession Plans Fail

II. Common Solutions to Succession Planning Issues

  • Starting Point: Finding the Right Value for the Business
  • Lifetime Gifting Techniques
    • Outright Gifts
    • Use of Grats
    • Use of FLPs and FLLCs
  • Sale of Business
    • Direct Sales
    • Indirect Sales
  • Nonfamily Considerations

Case Study I: Transferring Control to Children
Case Study II: Transferring Control to Key Employee(s)
Case Study III: Maintaining Control During Lifetime

The Presenter:

Bradley J. Kalscheur, Michael Best &Friedrich LLP

  • Partner in the Wealth Planning Services Practice Group of Michael Best &Friedrich LLP in Milwaukee
  • Practices in areas of estate and business succession planning, as well as the structuring and taxation of partnerships and limited liability companies
  • Assisted with the transfer of many closely-held family businesses between generations, monitoring the viability of the companies while also minimizing taxes of the older generation
  • Certified public accountant, starting his career prior to law school in the tax department of KPMG in Washington, D.C.
  • In 2012, received the Marquette University Business Administration Alumni Association Service Award and is honored as a Marquette Partner in Philanthropy by the Association of Fundraising Professionals Southeastern Wisconsin Chapter
  • Recognized in The Best Lawyers in America 2012
  • Law and undergraduate degrees, Marquette University

Continuing Education Credits:

Credit is available only for the LIVE webcast. Recorded versions do not qualify for credit. Only registered and paid attendees will receive continuing education credit. Certificates of Completion are provided to each registered attendee. Your certificate will be emailed to you within two weeks following completion of the program.

Cannot Attend The Live Presentation?

This presentation is also available in a recorded format, in CD version, as shown in the pricing options below.

About Webcasts / Audio Conferences / Podcasts:

Webcasts, audio conferences, and podcasts are presentations that you attend via the Internet, phone, or mobile device at a specified date and time for "live" versions, or at your convenience for "recorded" and "On-Demand" versions.

The live versions are interactive, meaning that participants can ask questions in real time, plus are a very cost-effective form of training because 1) you receive fast, convenient learning without any out-of-office time; 2) you can invite as many colleagues as you'd like to listen in on a single phone line; 3) you incur no travel expenses; and 4) you and your colleagues are back at work immediately after the session ends!

And though with recorded versions you do lose the ability to ask questions, you gain the ability to hear the presentation numerous times and to share it with others in your office.

Handout materials and the phone number for live presentations are made available to you prior to the event via email from the presenter and from the "MyAccount" link on the menu bar. Copies of the presentations are included with recorded versions.

Licenses / Designations / Educational Credits:AIPB
All US States: 2

CAC
All US States: 0.5

CFP
All US States: 2

CPE
All US States: 2
About The Provider: Lorman Education Services has provided educational seminars and online training for professionals since 1987.

Since then, we've kept thousands of professionals in the United States and internationally current on the most pressing topics in a rapidly changing marketplace of ideas. Like you, we understand the need for concise, accurate information.

That understanding underlies each Lorman course, presenting the latest information on the laws and regulations critical to your organization's successful daily operations.

Moreover, each course receives our painstaking attention to be certain both the faculty and participants receive the individual attention necessary to achieve maximum benefit from the materials.
More Info: Contact Us For More Information
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