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Business Succession Planning

A Discussion on How to Help Your Clients Navigate the Legal, Tax and Family/Fairness Issues

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Price

$45 for Members
$55 for Non-Members

100 minutes
Date Published

March 12, 2021

Publisher

Westchester County Bar Association

Subjects

Business Succession Planning

Questions

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Summary

This presentation covers the importance of having your clients involve their team of advisors (including their attorney, accountant, banker, financial and insurance advisor, business coach and appraiser) when preparing an exit plan so that the business is transitioned in an orderly manner to the next generation or to a non-family owner. We discuss the use of S Corporations (or LLCs), commercial real estate, death benefit only employment contracts as sources of income for the surviving spouse; allocating stock in a family corporation among actively employed children and inactive children; and using recapitalizations, installment sales to intentionally defective grantor trusts, GRATs as techniques to shift future appreciation to the next generation. We also discuss determining inside and outside basis on an S Corporation stock and tax issues regarding negative capital accounts.

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Presenters

Michael Markhoff, Esq.


Howard Klein, CPA


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Program Titles and Supporting Materials

This program contains the following components:

Slide deck copy
Video Presentation
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Credit

If applicable, you may obtain credit in multiple jurisdictions simultaneously for this program (see pending/approved list below). If electing credit for this program, registrants in jurisdictions not listed below will receive a Certificate of Completion that may or may not meet credit requirements in other jurisdictions. Where applicable, credit will be only awarded to a paid registrant completing all the requirements of the program as determined by the selected accreditation authority.

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How to Attend

Join the self-paced program from your office, home, or hotel room using a computer and high speed internet connection. You may start and stop the program at your convenience, continue where you left off, and review supporting materials as often as you like. Please note: Internet Explorer is no longer a supported browser. We recommend using Google Chrome, Mozilla Firefox or Safari for best results.

Technical Requirements
You may access this course on a computer or mobile device with high speed internet (iPhones require iOS 10 or higher). Recommended browsers are Google Chrome or Mozilla Firefox.

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