2023 Business Succession Planning FLEXCAST
Available Until
Your Desk
2.0 Credits
Member Price $98.00
Non-Member Price $113.00
Overview
To learn about the many challenges and opportunities that confront owners of privately-held businesses as they reach the point in their lives and careers when they must consider appropriate succession planning. One of the most difficult planning issues to address with a successful entrepreneur is what should be done with the business that person created and developed in the course of a career. There is often a reluctance to do anything. Succession planning is an area of concern too often put off by the persons who most need to address it. Planners need to understand the many options available for succession planning, both from a tax and non-tax perspective. This course discusses the various issues and alternatives that arise with respect to succession planning for the owners of privately-held businesses. Gifting the business to family members is discussed. Are there suitable successors within the family? Will there be sufficient liquidity to address financial needs if the business interest is given away? We will consider entering into a succession arrangement with fellow owners of the business. Concerns regarding entering into and structuring a buy-sell agreement will be reviewed. The alternative of selling the business to a third party will be explored, considering both the tax and non-tax issues that arise in this situation. Special considerations that affect S corporations and partnerships will be addressed.
Highlights
Planning with SCINs. Taxation of GRATs and GRUTs.
Prerequisites
None.
Designed For
CPAs and other tax professionals.
Objectives
Evaluate the viability of gifting one’s family business interest to family members in light of the federal gift tax rules. Determine if gifting the business to family members will leave sufficient liquidity within the family for ongoing support and eventual federal estate taxes, and what planning techniques can be used to improve this situation. Address the different varieties of buy-sell agreements with third parties and advise clients as to the many issues and decisions that must be taken into account in structuring an appropriate agreement. Review the preliminary considerations that arise when a client is considering selling his or her business to a third party. Describe the various tax issues that arise when buying or selling a business, including distinguishing the tax consequences arising from the sale of the assets of the business and the sale of stock of the business.
Preparation
None.
Notice
This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.
Leader(s):
Leader Bios
Steven Siegel, Western CPE
Steven G. Siegel, JD, LLM, is president of The Siegel Group, which provides consulting services to attorneys, accountants, business owners, family offices, and financial planners. Based in Morristown, New Jersey, the Group provides services throughout the United States.
Steven is the author of many books, including: The Grantor Trust Answer Book (2018 CCH); The Adviser’s Guide to Financial and Estate Planning(AICPA 2019); Federal Fiduciary Income Taxation (Foxmoor 2019); and Federal Estate and Gift Tax (Foxmoor 2016). He is also a co-author with Richard Oshins, Esq. of The Anatomy of the Perfect Modern Trust, Estate Planning Magazine January and February 2016.
In conjunction with numerous tax-planning lectures he has delivered for the National Law Foundation, Steven has prepared extensive lecture materials on the following subjects: planning for an aging population, business entities, preparing the audit-proof federal estate tax return, business acquisitions, representing buyers and sellers in sale of a business, dynasty trusts, planning with intentionally defective grantor trusts, estate planning, S corporations, divorce, and many others.
Steven has delivered hundreds of lectures to thousands of attendees in live venues and via webinars throughout the United States on tax, business, and estate planning topics on behalf of numerous organizations, including Western CPE, the Heckerling Institute on Estate Planning, Notre Dame Tax and Estate Planning Institute, CCH, National Law Foundation, AICPA, Yale School of Management, University of Chicago Business School, the National Society of Accountants, Cohn-Reznick, Foxmoor Education, many state CPA societies and estate planning councils, and on behalf of private companies.
He’s presently serving as an adjunct professor of law in the graduate tax program (LLM) of the University of Alabama School of Law, and he has served as an adjunct professor of law at Seton Hall University and Rutgers University law schools.
Steven holds a bachelor’s degree from Georgetown University (magna cum laude, Phi Beta Kappa); a juris doctor from Harvard Law School; and an LLM in taxation from New York University Law School.
Non-Member Price $113.00
Member Price $98.00