Estate Planning for the Family Business Owner

Transcription

1 REGISTER BY AUGUST 31 AND S AV E $ * OR American Law Institute CONTINUING LEGAL EDUCATION A D D I T I O N A L R E G I S T R A N TS SAVE 50%* SEE BACK FOR D E TA I L S 25 TH ANNUAL ADVANCED COURSE and LIVE VIDEO WEBCAST Estate Planning for the Family Business Owner THURSDAY-FRIDAY NOVEMBER 3-4, 2016 DALLAS MARRIOTT CITY CENTER DALLAS REGISTER ONLINE 14.0 C L E C R E D I T H O U R S, I N C L U D I N G 1.0 H O U R O F E T H I C S w w w. a l i - c l e. o rg / C Y (includes optional breakfast workshops) CLE-NEWS [ ] 16.5 C P E C R E D I T H O U R S I N B U S I N E S S L AW A N D / O R TA X AT I O N

2 Planning Chairs (also on faculty) Michael V. Bourland Bourland, Wall & Wenzel, P.C. Michael V. Bourland s practice is directed to business, tax, estate planning, trusts, probate, charitable entity, and charitable giving law. He is Board Certified in Estate Planning and Probate Law and is an ACTEC Fellow. He has been a guest lecturer in estate planning at several law schools and speaks regularly throughout the United States for various professional associations. Steven B. Gorin Thompson Coburn LLP Steven B. Gorin is a past chair of the Business Planning group of the ABA Real Property, Trust & Estate Law Section and of the Pass-Throughs subcommittee of the ACTEC Business Planning Committee. He combines his legal skills with his CPA background to structure businesses in a way that integrates estate planning and business goals with income and transfer tax issues. Faculty Steve R. Akers Bessemer Trust N. Todd Angkatavanich Withers Bergman LLP William H. Frazier, ASA Managing Director, Valuation & Financial Opinions, Stout Risius Ross, Inc. Heather L. King KoonsFuller Eric A. Manterfield Krieg DeVault LLP (retired) John W. Porter Baker Botts L.L.P. Charles L. Ratner RSM US LLP Richard B. Robinson Robinson, Diss and Clowdus, P.C. Linda A. Wilkins Wilkins Finston Friedman Law Group LLP ALI CLE Senior Program Attorney: Amy S. Weinberg (aweinberg@ali-cle.org) Spectacular! From the technical to the practical, the knowledgeable and personable presenters covered the subjects marvelously. Brian Dennis, Beverly Hills, CA

3 PROGRAM For additional program details, please visit ALL TIMES CENTRAL November 3, :15 AM Registration and Continental Breakfast 8:10 AM Administrative Remarks ALI CLE Staff VIDEO WEBCAST SEGMENT A 8:15 AM Income Tax Issues and Planning Strategies for Business Entities This session will discuss selected strategic income and employment tax issues related to the formation, operation, and transition of closely held business. Topics include: choice of entity considerations; formation tax traps; basis limitations for deducting losses; working with the passive loss rules and the net investment income tax rules to produce the best income tax results; getting money out of the closely held business; generating basis step-up when selling an interest in a business, selling business assets, or when an owner dies; and minimizing income taxes when transferring a business to key employees, including family members. The panel will put together these issues and more to suggest ways to structure one s business when starting from scratch, as well as how to handle existing structures that might not fit within its suggested model. 9:45 AM Networking and 10:00 AM Income Tax Issues (cont.) 11:30 AM Lunch with Faculty and Registrants (provided by ALI CLE) VIDEO WEBCAST SEGMENT B 12:30 PM Succession Planning Using Equity Incentive Plans and ESOPs: Let s Get Creative! This session will consider challenges in using equity incentive plans in privately held companies; recruiting and retaining key employees how to use phantom stock, stock options and/or deferred compensation; transferring ownership through an employee stock ownership plan (ESOP) and determining if the significant tax advantages of an ESOP fit the owner s situation and the business culture; and other alternatives for transferring ownership and whether you can ensure that key employees will stay. 1:30 PM Family Law and Business Succession Planning Because over half of marital relationships in America end in divorce, understanding the basic principles of family law is necessary to family business succession planning. The most appropriate entity options to address a future family business break-up because of marital discord will be discussed. Tax and governance of issues of each entity option will be addressed. 2:30 PM Networking and

4 2:45 PM Practical Uses of Life Insurance for the Family Business This session will outline a processoriented approach to determining the role of life insurance in an estate and business succession planning case, including a discussion of how to identify the business owner s needs for life insurance, work with the agent to select and design the products that can meet those needs, and then determine and construct the right technique for paying premiums on the policies. 3:45 PM Buy-Sell Agreements The panel will review and discuss how the ideas outlined throughout the first day can be applied to buy-sell arrangements. 5:15 PM Adjournment for the Day Very much enjoyed this seminar and the depth and breadth of topics covered. Thank you for the opportunity to attend this outstanding seminar. November 4, :00 AM Continental Breakfast and Networking Session 7:30 am Optional Morning Workshops (not webcast or recorded) Charitable Planning America is the most charitable nation in the world. To aid the American philanthropic spirit, the federal government provides certain tax incentives for donors. This workshop will examine the basic income, estate, gift, and generation skipping transfer tax principle to equip practitioners to guide their clients in advantageously integrating charitable gift planning with estate planning. Trust Advisors and Trust Protectors for Business Interests This workshop will look at the reasons for a trust protector, powers of the trust protector, liability issues for the trustee and for the trust protector, conflicts of interest, successor trust protectors, and the risk of co-trustee status. 8:30 AM Networking and VIDEO WEBCAST SEGMENT C As usual, the program, the course materials, and probably most importantly the speakers did not disappoint. A superb and excellent presentation I believe that of all the seminars and programs I have attended or listened to over the some four decades, this program sits right at the top of the list. 8:45 AM Hot Topics Anticipated current developments to be discussed in this session include IRS guidance on a variety of issues, including proposed regulations under Section 2704 that may impact the valuation of interests in family business entities. Red flags for IRS agents in estate and gift tax audits (as experienced by top tax litigators), as well as recent cases important for family business owners, will also be addressed. 10:15 AM Networking and

5 10:30 AM Valuation of a Family Business Valuing a minority equity interest in a family business can be a tricky assignment. The majority shareholders are not just related by their kinship, they are frequently also officers and directors. An outsider shareholder who is not also a key employee can find herself in an untenable position. One key ingredient to the valuation is its purpose and the definition of value in the appraisal. Who determines this? Is fair market value always fair? 11:30 AM Lunch Break (on your own) 3:00 PM Networking and 3:15 AM Ethical Issues in Representing Owners of Family Businesses and Their Families Understand the everyday ethics of a family business practice! Topics to be discussed include multiple generation representation, representing multiple owners of a business, the unwillingness of the business owner to make decisions, and multiple representation in a trust setting. 4:15 PM Adjournment VIDEO WEBCAST SEGMENT D 1:00 PM Family Rivalries/Divisive Reorganization Planning Explore practical ways to deal with family arguments that might or do escalate to litigation. Hear war stories from a seasoned litigator. Learn practical tools for dividing a partnership or corporation and how to structure a business to facilitate a successful division. The speakers were great. The materials are excellent resources. 2:00 PM Chapter 14 Soup to Nuts": A Practitioner s Guide Through the Minefield This presentation will provide a discussion of the many estate and gift tax pitfalls that practitioners need to keep in mind whenever structuring transactions between family members. It will provide a broad overview of the statutory provisions of Sections 2701 through 2704, including the historical policy reasons behind the sometimes confounding rules included in Chapter 14. Additionally, the presentation will give proactive planning tips with compliant structures to help practitioners navigate the Chapter 14 minefield CLE CREDIT HOURS, INCLUDING 1.0 HOUR OF ETHICS (includes optional breakfast workshops) 16.5 CPE CREDIT HOURS IN BUSINESS LAW AND/OR TAXATION REGISTER ONLINE CLE-NEWS [ ]

6 Coming early or staying in Dallas for the weekend? The city has something for everyone! Football fan? Get a tour of the Dallas Cowboy's home turf including a chance to go on the field at AT&T Stadium. Art lover? Experience the modern and contemporary sculpture at the Nasher Sculpture Center, with free admission on the first Saturday of the month. Bringing the kids? Spend some time at the Dallas World Aquarium or Dallas Zoo. History buff? Enjoy the 277 acres of museums, performance venues, and historic landmarks of Fair Park, the grounds of the Dallas State Fair of 1886, or learn more about the assassination and legacy of President John F. Kennedy with a visit to the Sixth Floor Museum at Dealey Plaza. ADDITIONAL INFORMATION REGISTER TWO OR MORE AND SAVE! MANDATORY CLE AND CPE CREDIT Register one person to attend this course in-person at full price and get all subsequent in-person registrations for this course from your organization at 50% off! Call CLE NEWS ( ). Discounts may not be combined. Virtually all ALI CLE programs receive CLE credit in AK, AL, AR, AZ, CA, CO, DE, FL, GA, HI, IA, IL, IN, KS, KY, LA, ME, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, PA, RI, SC, TN, TX, UT, VA, VT, WA, WI, and WV. Upon request, ALI CLE will apply for CLE credit in ID, OR, and WY. This course is expected to qualify for 14.0 credits, including one ethics credit, in 60-minute MCLE jurisdictions; and for 16.8 credits, including 1.2 ethics credits, in 50-minute MCLE jurisdictions. In NY, the in-person course is appropriate for both newly admitted and experienced attorneys. For specific information on CLE, CPE, or other professional accreditation in your state, please the MCLE Team at TeamMCLE@ ali-cle.org, go to or call CLE-NEWS. HOTEL ACCOMMODATIONS A limited block of rooms has been reserved at the Dallas Marriott City Center. Room rate: $172 per night, single or double occupancy. These rooms will be held as a block, unless exhausted, until October 12, at which time they will be released to the general public. Registrants must make their own hotel reservations and indicate that they are attending the ALI CLE program to qualify for rooms in the block. Room reservations may be made by calling the Dallas Marriott City Center, 650 North Pearl Street, Dallas, TX 75201; phone (800) or (214) Confirmations will be sent by the hotel. Please read the cancellation policy carefully. Complimentary WiFi is available in the meeting room. STUDY MATERIALS Registrants have the option of receiving their study material on a USB drive or as a printed course book. Be sure to indicate your preference when you register. Print materials can be voluminous, so the USB option is recommended. Go Green! Select the USB option! Go to for more info about: Registration/cancellation/requirements for persons with disabilities/scholarships NASBA ALI CLE is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors through its website: For more information regarding ALI CLE s administrative policies, such as complaint and refund, please call Customer Service at (800) CLE-NEWS. CPE credit hours for this course: 16.5 in Business and/ or Taxation (live group and group-internet based programs). Learning Objectives: Acquisition of knowledge and skills to develop proficiency as a practitioner; maintenance of professional competence as a practitioner. Suggested Prerequisite: Experience in practice in subject matter. Level of Instruction: Advanced.

7 ESTATE PLANNING FOR THE FAMILY BUSINESS OWNER The only national program specifically designed for those who represent family business owners! Whether you advise or own a family business, or are an estate planner looking for a deeper understanding of the closely-held business, this one-of-a-kind advanced course is for you. Discussions run the gamut, including choice of entity, charitable planning, and tax matters even ways to guide owners on the need for appropriate business planning. Explore the latest techniques in family business succession planning, learn how customize your plan for specific situations, and discover new ways to implement your plans. Leading practitioners in estate planning, tax, insurance, and family law will guide you through some of the most important topics, including: Current income tax issues and planning strategies, including start-up, incentivizing key employees, income tax exit strategies, and basis step-up Transfer planning for business interests, including practical life insurance planning, traps for business owners, and buy-sell agreements Dealing with divorce or intra-family rivalries in succession planning Important new Tax Court cases addressing life insurance and key employee compensation issues By the end of this comprehensive course, you ll be better prepared to recognize and evaluate family business issues and, as a result, better skilled than ever at designing customized succession plans for your family business clients. With new planning chairs, topics, speakers, and venue, this is the year to join us! F O R O N - L O C AT I O N AT T E N D E E S : Optional breakfast workshops on the second morning provide an opportunity to dive into other important issues not included in the regular program. Don t miss this chance to discuss your questions with experienced faculty in an informal setting! REGISTER ONLINE 14.0 C L E C R E D I T H O U R S, I N C L U D I N G 1.0 H O U R O F E T H I C S w w w. a l i - c l e. o rg / C Y (includes optional breakfast workshops) CLE-NEWS [ ] 16.5 C P E C R E D I T H O U R S I N B U S I N E S S L AW A N D / O R TA X AT I O N

8 1-800-CLE-NEWS [ ] w w w. a l i - c l e. o rg / C Y F O R M O R E I N F O R M AT I O N OR TO R E G I S T E R O N L I N E WEBCAST IN-PERSON Learn the latest strategies and get expert advice to guide your clients financial and business succession planning $1,299 $1,599 STANDARD RATE: NOVEMBER 3-4, 2016 DALLAS DALLAS MARRIOTT CITY CENTER AND LIVE VIDEO WEBCAST Estate Planning for the Family Business Owner ENTER CODE FULL $329 AT CHECKOUT CY 010 EB 3 PER SEGMENT AT CHECKOUT ENTER CODE CY 010 EB 2 $1,399 REGISTER BEFORE 09/30/16 REGISTER BEFORE 08/31/16 $1,299 EARLY BIRD RATE: EARLY BIRD RATE: FOR FIRST REGISTRANT $1,599 FOR EACH ADDITIONAL REGISTRANT, $799 ONLY GROUP RATE: American Law Institute Continuing Legal Education 4025 Chestnut Street, Philadelphia, PA *Discounts valid on new registrations for in-person course only; may not be combined with other discounts. ALI CLE makes a limited number of full and partial scholarships available; for more information go to ali-cle.org/cy010 and click on Scholarships. NONPROFIT ORG U.S. Postage PAID ALI CLE