| SUCCESSION PLANNING FOR THE FAMILY BUSINESS
Advanced Estate Planning
Please Note: This course has already
been held.
Date: Friday, May 12, 2006
Location: Suffolk University Law School, 120 Tremont St., Boston, MA
Time: 09:00 AM - 05:00 PM
Faculty
Schedule/Agenda
Registration Information
Unable to attend but are interested in the course materials?
Purchase Here! |
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Only 30 to 40% of family businesses make it to the second generation; and only 10-15% make it to the third generation; and less than 5% to the fourth.
What distinguishes family businesses, of course, is family. By adding the family values of loyalty, pride, cohesiveness, and all the other strengths of family to business ownership you can have management unavailable to other enterprises. Additional planning is required for those who work with and for family businesses in order to achieve the goals.
What do we know about family businesses? - Family businesses comprise 80-90% of all business enterprises in North America and account for 60-78% of total U.S. employment, 78% of all new jobs, and 68% of wages paid.
- Nearly 30-40% of family businesses in the U.S. will be passing the reigns to the next generation over the next 5 years.
- By 2010, most closely held and family businesses will lose their primary owner due to death or retirement and about $10.4 trillion of net worth will be transferred by the year 2040, with $4.8 trillion in the next 20 years.
- 25% of senior generation family business owners have not completed any estate planning “other than writing a will” while eighty percent want the business to stay in the family with only twenty percent confident that it will happen.
Join our distinguished panel of professionals who will review and discuss advanced family business succession planning in the context of estate tax reform, case law trends and other planning techniques.
Attend and Learn:
- What you need to know about planning in the current environment
- How to plan so you avoid tax court
- The impact recent cases will have on your planning
- How to prevent disputes and litigation
- What is the best way to transfer family business assets
- Strategies for resolving family conflicts
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David J. Correira, Esq.
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Correira LLP |
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Susan A. Atlas
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Adjunct Professor, Suffolk University Law School
Assistant Professor and Director of Paralegal Program at Bunker Hill Community College |
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Peri Ann Aptaker, Esq., CPA/PFS, CFP®, CBA
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Kahn Litwin, Renza & Co., Ltd., Providence, RI |
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Leo J. Cushing
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Cushing & Dolan, PC, Waltham, MA |
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Peter M. Golemme
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Former Chair, Boston Bar Association Estate Planning Committee |
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| S C H E D U L E / A G E N D A |
| 9:00 |
WELCOME AND INTRODUCTIONS |
| David J. Correira, Chair & Susan A. Atlas, Moderator
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| 9:10 |
CURRENT TAX PLANNING ISSUES |
- How do we plan in the current tax reform environment?
- Dealing with Federal & Massachusetts estates taxes, EGGTRA
- Decoupling of the estate tax, and capital gains and tax basis problems
Susan A. Atlas & Peter M. Golemme
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| 10:10 |
STAYING OUT OF TAX COURT |
- How to stay out of Tax Court! Sound planning with Family Limited Partnerships and Limited Liability Companies
- Review of Strangii, Stone & Kimbell and their progeny
Peri A. Aptaker & David J. Correira
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| 11:15 |
ANALYSIS OF RECENT CASES |
| This panel will continue with the discussion of recent cases impacting business succession planning. Peri A. Aptaker & David J. Correira
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| 12:00 |
LUNCH - ON YOUR OWN |
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| 1:00 |
BUSINESS VALUATIONS AND BUY/SELL AGREEMENTS |
- Preventing fiduciary and shareholder disputes and litigation
- Review of tax issues and concerns involved in buy/sell agreements as well as key-person life insurance planning
Leo J. Cushing & Peter M. Golemme
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| 2:45 |
PRIVATE ANNUITIES, INSTALLMENT NOTES & GRANTOR RETAINED ANNUITY TRUSTS (GRATS) |
| One method to transfer family business assets involves a combination of part-sales and part-gifts. This session will review the pros and cons of private annuities, installment notes and their use with Grantor Retained Annuity Trusts (GRATS). David J. Correira & Leo J. Cushing
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| 4:15 |
FAMILY MATTERS AND THE KEYPERSON |
| Every family business deals with internal conflict. For instance, what happens when mom or dad won’t leave? What happens with divorce? What about family facilitators?
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| Date: |
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Friday, May 12, 2006 |
| Tuition: |
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Tuition is $249; $199 alumni, attorneys admitted to the Bar after 2003. The course book and a continental breakfast is included in the tuition charge. SCHOLARSHIPS AND GROUP DISCOUNTS: A limited number of partial scholarships are available. Please submit a written request via fax 617-305-3099 or by email to als@suffolk.edu. Please call to inquire about group discounts.
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| Walk-Ins: |
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Space is limited. Registrations at the door are welcome, but please register in advance to reserve a seat and your written course materials or call to confirm space availability.
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| Refunds: |
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Written requests for cancellations received via fax or email 24 hours prior to the program will be granted a refund, minus a $15 charge. If you cannot attend, you can send a substitute, otherwise you will receive the written course materials.
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| Location: |
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Suffolk University Law School, 120 Tremont St., Boston, MA
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| Credit: |
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Approved for CLE credit in NY, RI, NH, VT & ME.
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Special
Needs: |
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If you have special needs addressed by the Americans with Disabilities Act, please notify us as soon as possible.
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Directions to the Law School.
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Unable to attend but are interested in the course materials?
Purchase Here! |
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