ALI-ABA Course of Study Estate Planning for the Family Business Owner Cosponsored by the ABA Section of Real Property, Trust and Estate Law - ABA Section of Taxation July 9-11, 2008 Boston, Massachusetts PROGRAM FACULTY PARTICIPANTS TABLE OF CONTENTS Page xi xiii STUDY MATERIALS 1. Fact Pattern By Myron E. Sildon 2. Income and Transfer Tax Aspects of the Entity Form By Samuel A. Donaldson 3. Now You See It; Now You Don't: Capacity in the Planning Process By Mark B. Edwards 4. Buy-Sell Agreements By Eric A. Manterfield 5. Practical and Creative Uses of Life Insurance in the Closely Held Business By Charles L. Ratner 6. Valuation Issues for the Family Business By Constance L. Ochs 7. Estate Planning Hot Topics and Current Developments By Steve R. Akers 8. Charitable Contribution Planning Opportunities - Presentation Outline By Michael V. Bourland 9. Charitable Remainder Trusts - Reference Outline By Jeffrey N. Myers, Jason R. Mahon, and Michael V. Bourland 10. Public Charities and Private Foundations - Reference Outline By Darren B. Moore, Deren L. Worrell, and Michael V. Bourland 11. Charitable Lead Trusts By Deren L. Worrell and Michael V. Bourland 12. The Place of the Gift Tax in an Estate-Tax Dominated World By Mark B. Edwards 13. Advanced Transfer Techniques By Marjorie J. Stephens 1 7 53 71 277 311 337 403 425 467 519 551 585 ix
14. Asset Protection Planning for the Family Business Owner 641 By Elizabeth M. Schurig Asset Protection Planning for the Family Business Owner 643 Are Business Entities a Viable Option for Personal Asset Protection? 695 A Closer Look at U.S. Asset Protection Trusts 740 The Alarming Potential for Foreclosure and Dissolution by An LLC Member's Personal Creditors 775 Fact or Fiction? 782 Comparison of Creditor's Rights Provisions of the Uniform LP Act, the 1996 LLC Act, and the 2006 LLC Act 787 Comparison of the Revised Uniform Limited Partnership Act (1976) and the Uniform Limited Partnership Act (2001) 799 Life Insurance--Summary of State Exemptions for Cash Value and Proceeds 807 Annuities - Summary of State Exemptions 817 Selected Uniform Trust Code 2000 Spendthrift Provisions 826 15. Dealing with Divorce in the Family Business By Myron E. Sildon 883 16. Ethics Issues in Dealing with the Family Business Owner Client - Presentation Outline By Michael V. Bourland 17. Ethics Issues in Dealing with the Family Business Owner Client - Reference Outline By David P. Dunning and Michael V. Bourland 18. Select Planning Strategies for the Family Business Owner By Eric A. Manterfield 19. Getting the Family Business Ready To Sell By Myron E. Sildon 20. Postmortem Planning Considerations for the Family Business Owner: A Review of Income, Gift, and Estate Tax Planning Issues By Steve R. Akers 21. Additional Facts for the MMC Case-(Supplemental Material) By Charleen Alderfer and Clayton P. Alderfer 22. Advanced Transfer Techniques-REVISED-(Supplemental Material) By Marjorie Stephens 23. Ways Family Businesses Survive Families-(Supplemental Material) By Charleen Alderfer and Clayton P. Alderfer 24. Charitable Contribution Planning Opportunities Fact Pattern-(Supplemental Material) By Michael V. Bourland 929 945 1005 1029 1089 1289 1293 1385 1391 x
ALI-ABA Course of Study Estate Planning for the Family Business Owner Cosponsored by the ABA Section of Real Property, Trust and Estate Law - ABA Section of Taxation July 9-11, 2008 Boston, Massachusetts Wednesday, July 9, 2008 7:30 a.m. Registration and Continental Breakfast Webcast Segment A 8:30 a.m. Introductory Remarks and Course Overview 8:40 a.m. Ways Family Business Survive Families Doctors Alderfer 9:40 a.m. Income and Transfer tax Aspects of the Entity Form, Part 1 Professor Donaldson 10:45 a.m. Networking Break 11:00 a.m. Now You See It; Now You Don't: Estate Planning and Client Capacity Mr. Edwards 12:00 noon Lunch Break Webcast Segment B 1:30 p.m. Buy-Sell Agreements Mr. Manterfield 2:30 p.m. Practical and Creative Uses of Life Insurance for the Closely Held Business Owner; Coordination of the Overall Succession Plan Mr. Ratner 3:45 p.m. Networking Break 4:00 p.m. Valuation Issues for the Family Business Ms. Ochs 5:00 p.m. Questions and Answers 5:15 p.m. Adjournment for the Day Thursday, July 10, 2008 7:30 a.m. Workshops and Continental Breakfast Human Issues - Doctors Alderfer Life Insurance Planning and Succession Planning Process - Mr. Ratner Valuation Issues - Ms. Ochs Webcast Segment C 8:30 a.m. Current Developments and Hot Topics Update Mr. Akers 9:30 a.m. Income and Transfer Tax Aspects of the Entity Form, Part 2 Professor Donaldson 10:30 a.m. Networking Break 10:45 a.m. Charitable Contribution Planning Opportunities Mr. Bourland 11:45 a.m. Lunch Break Webcast Segment D 1:15 p.m. The Place of the Gift Tax in an Estate-Tax Dominated World Mr. Edwards 2:15 p.m. Advanced Transfer Planning Issues Ms. Stephens 3:15 p.m. Networking Break 3:30 p.m. Asset Protection Planning for the Family Business Owner Ms. Schurig xi
4:30 p.m. Dealing with Issues in the Family Business Concerning Divorce and Non --"Traditional" Family Relationships Mr. Sildon 5:30 p.m. Questions and Answers 5:45 p.m. Adjournment for the Day Friday, July 11, 2008 7:30 a.m. Workshops and Continental Breakfast Asset Protection Planning - Ms. Schurig Transfer Planning - Ms. Stephens Ethics Issues in Dealing With the Family Business Owner Client - Mr. Bourland Webcast Segment E 8:30 a.m. Planning and Drafting Estate Planning Documents for Family Business Owners Mr. Manterfield 9:15 a.m. Getting the Business Ready To Sell Mr. Sildon 10:15 a.m. Networking Break 10:30 a.m. Up-to-Date Tax Planning Considerations in Administering the Estate of the Family Business Owner Mr. Akers 11:45 a.m. Questions and Answers 12:00 noon Adjournment xii
ALI-ABA Course of Study Estate Planning for the Family Business Owner Cosponsored by the ABA Section of Real Property, Trust and Estate Law and the ABA Section of Taxation July 9-11, 2008 Boston, Massachusetts PLANNING CHAIRS Steve R. Akers, Esquire Managing Director Bessemer Trust Suite 800 300 Crescent Court Dallas, TX 75201 Myron E. Sildon, Esquire Sildon Law Group, P.C. Suite 500 Plaza Center Building 800 West 47th Street Kansas City, MO 64112 Mark B. Edwards, Esquire Poyner & Spruill LLP Suite 2300 301 South College Street Charlotte, NC 28202 FACULTY Charleen Alderfer, Ed.D Family Therapy Group, College of New Jersey P.O. Box 7718 Ewing, NJ 08628 Clayton P. Alderfer, Ph.D. Alderfer & Associates 21 Grayson Drive Belle Mead, NJ 08502 Michael V. Bourland, Esquire Bourland, Wall & Wenzel, P.C. Suite 1500 301 Commerce Street Fort Worth, TX 76102 Professor Samuel A. Donaldson Associate Professor of Law and Director, Graduate Program in Taxation University of Washington School of Law William H. Gates Hall Box 353020 Seattle, WA 98195 Eric A. Manterfield, Esquire Krieg DeVault LLP Suite 200 949 East Conner Street Noblesville, IN 46060 Ms. Constance L. Ochs Triad Advisory Group LLC 2539 Barrett Springs Drive St. Louis, MO 63021 xiii
Charles L. Ratner, Esquire Ernst & Young LLP Suite 1300 Huntington Building 925 Euclid Avenue Cleveland, OH 44115 Marjorie J. Stephens, Esquire Law Offices of Marjorie J. Stephens Suite 216 8330 Meadow Road Dallas, TX 75231 Elizabeth M. Schurig, Esquire Giordani Schurig Beckett & Tackett, LLP Suite 2200 100 Congress Avenue Austin, TX 78701 Please go to www.ali-aba.org/cp001 for biographical information about this faculty xiv