LLCs for Estate Planning and Asset Protection
Maximizing Tax Advantages for Donors and LLC Members and Shielding Assets From Creditors
Recording of a 90-minute CLE/CPE webinar with Q&A
This CLE webinar will prepare tax advisors to use LLCs for estate planning and asset protection for family businesses or high-net worth individuals and how to avoid the pitfalls in setting up the entity and transferring assets to the entity. The panel will also discuss recent developments for single member LLCs.
- LLCs as an estate planning vehicle
- Advantage of LLCs over other entity forms
- Transfer of assets
- Minority and lack of marketability discounts
- Income earned out of the estate
- Appreciable assets
- IRS Code Section 2036 challenges
- LLCs as asset protection vehicle
- Advantages of LLCs over other entity forms
- Charging orders
- Impact of Olmstead v. FTC on single-member LLCs
The panel will review these and other key questions:
- What makes an LLC preferable to an S corporation or a trust for estate planning and asset protection purposes?
- What estate and gift tax considerations make LLCs effective vehicles for estate planning purposes?
- What pitfalls does IRS Code Section 2036 present and what steps can practitioners take to ensure the LLC can withstand IRS scrutiny?
- Is the Olmstead case indicative of a trend toward disregarding single-member LLCs for asset protection, or is it an outlier?
- What impact might Olmstead have on other states with similar charging order language as Florida’s LLC statute?
Brian E. Hammell
Cushing & Dolan
He is the Director of the firm’s Corporate Department. His practice concentrates in business law, employment law,... | Read More
He is the Director of the firm’s Corporate Department. His practice concentrates in business law, employment law, commercial litigation, shareholder agreements, and business reorganizations. He is experienced in areas of business litigation, debtor and creditor rights, secured lending, mergers and acquisitions, and other commercial transactions and disputes.Close
James M. Duggan
Mr. Duggan's practice has concentrated principally on business and corporate law, and estate and wealth planning,... | Read More
Mr. Duggan's practice has concentrated principally on business and corporate law, and estate and wealth planning, primarily as they relate to closely held business interests and high net worth families. His experience in the structuring and implementation of Family Offices, sophisticated tax planning, and asset protection planning strategies is nationally recognized.Close