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Tax and Practical Aspects of Business Succession Planning

Webinar: ID# 1013112
Recorded CD
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About This Course:
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.

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Tax and Practical Aspects of Business Succession Planning
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