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Estate and Business Succession Planning: Estate and Tax Considerations, Planning Vehicles, Best Practices

Leveraging Available Tax Benefits, Buy-Sell Agreement, Lifetime Gift Strategies, Leverage Trusts, and More

Note: CPE credit is not offered on this program

A live 90-minute CLE video webinar with interactive Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Friday, November 15, 2024

1:00pm-2:30pm EST, 10:00am-11:30am PST

(Alert: Event date has changed from 5/3/2024!)

or call 1-800-926-7926

This CLE webinar will provide estate planners guidance on key estate and tax considerations when developing and implementing an appropriate succession plan. The panel will discuss entity structures, leveraging available tax benefits, and incorporating gift and estate planning in a succession plan, as well as address other needs to help create a successful succession plan and process.

Description

There are few events in the life of a business that are as critical as replacing an owner. Without a firm succession plan in place, there is a high risk that the company will fail. Replacing an owner is not only stressful for the successor owner, but also the employees, customers, suppliers, and other stakeholders in the business.

As advisers, there are several essential aspects involved in succession planning for a private business. General discussions regarding succession planning vehicles and the events that should trigger succession plans are at the top of the list. However, identifying the successor owner and timing the transfer of ownership are also critical topics.

In addition, counsel must understand the mechanisms for incorporating gift and estate planning into a succession plan. This involves knowing the impact of entity structures on estate planning, potential tax implications and leveraging tax benefits, utilizing trusts, and other strategies.

Listen as our distinguished panel discusses the importance of a formal business succession plan, entity structures, leveraging available tax benefits, incorporating gift and estate planning in a succession plan, and addressing other needs to help create a successful succession plan and process.

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Outline

  1. Overview of succession planning and its importance
  2. Discussion of how general counsel can work to draft and maintain a business succession plan
  3. Common types of succession planning vehicles
  4. Common issues with succession planning
  5. Key gift, estate, and tax planning considerations
  6. Utilizing trusts
  7. Best practices for maintaining and updating a formal business succession plan

Benefits

The panel will review these and other relevant topics:

  • Why is succession planning important for all businesses?
  • What is general counsel's role in drafting and maintaining a business succession plan?
  • What are the common types of succession planning vehicles?
  • How do you incorporate gift and estate planning in a business succession plan?
  • What are the estate and tax issues that must be considered?
  • How can trusts be utilized and what are the pitfalls to avoid?
  • Which employees should be included in a company's succession plan?

Faculty

Hawthorne, Michael
Michael de León Hawthorne

Partner
Bailey Glasser

Mr. Hawthorne is nationally recognized in the areas of corporate law, mergers and acquisitions (M&A), and...  |  Read More

Whitty, Michael
Michael D. Whitty

Partner
Smith, Gambrell & Russell

Mr. Whitty is a Partner in the Corporate Practice of Smith, Gambrell & Russell, LLP. He was a Partner with Freeborn...  |  Read More

Attend on November 15

Cannot Attend November 15?

You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. Strafford will process CLE credit for one person on each recording. All formats include course handouts.

To find out which recorded format will provide the best CLE option, select your state:

CLE On-Demand Video

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