Drafting Tax-Effective Succession Plans for Closely-Held Businesses: Navigating Competing Concerns
Ensuring Business Continuity, Preserving Owner Liquidity, and Minimizing Tax Liabilities
Recording of a 90-minute premium CLE/CPE webinar with Q&A
This CPE/CLE course will provide tax, estate planning and business counsel with a deep exploration into best practices for drafting tax-efficient succession plans for owners of closely-held businesses, focusing on the specific tax aspects of various succession plans and helping counsel identify the advantages and pitfalls of various asset transfer schemes. The panel will review the critical concerns to be addressed by any succession plan, including liquidity needs and strategies, current gift and cap gains tax consequences, valuations, and charitable considerations, and will give counsel guidance on how to best draft a succession plant that fits the owner’s particular circumstances.
Outline
- Considerations facing counsel in designing succession plans
- Tax-efficient structure to get accumulated earnings to owners
- Entity and valuation questions
- Asset transfer vehicles
- Trusts and family limited partnerships
- Buy-sell agreements
- Various sale structures
- Inter vivos transfers to family members
Benefits
The panel will discuss these and other important questions:
- Considerations for succession vs. transfer of business interest
- Timing of transfer or succession plan
- Avoiding wealth transfer taxes
- Preserving liquidity and ensuring future cash flows to owner
Faculty
Brian M. Annino
Member
Annino Law Firm
Mr. Annino is a litigation and transactional attorney whose practice focuses on business law, franchise law, real... | Read More
Mr. Annino is a litigation and transactional attorney whose practice focuses on business law, franchise law, real estate law, travel law, and estate planning/probate. In the estate planning portion of his practice, he represents personal representatives, beneficiaries, and heirs in probate proceedings. He has expertise in devising estate plans, assisting clients in forming new business entities and joint ventures, and a myriad of other transactional matters.
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Julius H. Giarmarco, J.D., LL.M.
Chair of Trusts and Estates Practice Group
Giarmarco Mullins & Horton
Mr. Giarmarco's primary practice areas include estate planning, business succession planning, wealth transfer... | Read More
Mr. Giarmarco's primary practice areas include estate planning, business succession planning, wealth transfer planning, and life insurance applications. He lectures frequently on a national basis. He published a number of articles on estate planning appearing in professional journals and is also the author of the chapters on succession planning in Advising Closely Held Businesses in Michigan and The Michigan Business Formbook published by the Institute of Continuing Legal Education (ICLE).
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Martin S. Varon
Partner
IAG Forensics & Valuation
Mr. Varon manages and directs his firm's valuation services practice. He specializes in tax and valuation... | Read More
Mr. Varon manages and directs his firm's valuation services practice. He specializes in tax and valuation services, and business law and family law litigation support. Previously, he worked for two different Big Eight accounting firms in their audit and tax departments, served as the tax officer at a subsidiary of a public company, and was chief financial officer at various closely-held businesses. He teaches university tax and accounting classes and is a frequent presenter and author of tax-related topics.
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