ONLINE
Tuesday, April 27, 2021
9:00 AM - 4:20 PM
LIVE ONLINE ONLY – NO IN-PERSON ATTENDANCE
In-Person Passholders – You may use your Pass to register for the live webcast at no charge.
One of the biggest issues for business owners is succession and estate planning. Whether you advise or own a family business or are an estate planner looking for a deeper understanding of the closely-held business, join us for this seminar designed to tackle the issues of business succession planning.
Successfully advising the closely-held business owner often involves navigating complex family issues while providing comprehensive income and estate tax solutions. In this seminar, you will learn the devices and techniques created especially for business owners who wish to transfer a family business either during life or upon their death. Learn how to adapt your plan approach for unique situations and discover new and more effective ways to align your client’s business vision with your client's overall estate plan.
Learn time-tested strategies and explore the latest techniques!
8:30 – 9:00 a.m.
JOIN ONLINE
9:00 – 10:00 a.m.
Income Tax Issues for Closely-Held Businesses
Different types of business entities have distinct income tax characteristics that estate planners who work with business owners need to be aware of, and these can have a significant impact on estate and gift tax planning options. This session will discuss the key differences in the income tax rules applicable to different entity types and why they matter for effective estate planning for business owners with a focus on the mechanics of the entities from a business and tax perspective. Learn the differences and similarities between C Corporations, S Corporations and Partnerships and the tax treatment of distributions, the effect of an owner’s death on basis and the ability to transfer ownership to charities and trusts.
– Matthew T. Brown & Derek M. Dockendorf
10:00 – 10:05 a.m.
BREAK
10:05 – 11:05 a.m.
Understanding the Value of Your Client’s Business
Some of the key questions when doing estate planning for a business owner are what their business might be worth, how it generates value, and how fast it is likely to grow in the future. The goal of this session will be to gain insight into the way a potential buyer might value various types of businesses. Neil Weinstein, an investment banker who assists clients in selling businesses, will discuss the metrics a potential buyer might consider when evaluating a business. He will discuss the different types of businesses (holding companies, manufacturing companies, service companies, tech companies, etc.) and how the type of business affects the way a buyer might assess its value. This will lead to a discussion of how businesses generate value; the difference between growth-oriented businesses and distribution-oriented businesses; and the general process of finding a buyer to acquire a business as a going concern.
– Neil Weinstein
11:05 – 11:15 a.m.
BREAK
11:15 a.m. – 12:15 p.m.
Buy-Sell Agreements and Succession Planning
Explore planning and drafting issues to satisfy client goals under different circumstances. This session will discuss:
– Caitlin E. Abram, Terri Krivosha & Susan J. Markey
12:15 – 12:30 p.m.
Question & Answer Session
– Bradley J. Frank & Michael P. Sampson
12:30 – 1:00 p.m.
LUNCH BREAK
1:00 – 1:45 p.m.
Using Life Insurance as Part of the Estate Plan with Tax Reforms and Sunset Provisions on the Horizon
This session will discuss why the business owner needs life insurance and how best to structure the insurance purchase and ownership to achieve those goals. Creative uses for life insurance in the family-owned business, including life insurance trusts; split-dollar insurance and insurance to fund buy-sell agreements, pay estate taxes, and provide liquidity to non-family employees.
– Kenneth Chaim Fink
1:45 – 1:50 p.m.
BREAK
1:50 – 2:50 p.m.
Non-Tax Considerations in Family Business Succession Planning
This session will present an overview of the challenges, obstacles, and critical issues that family-owned businesses face during the succession planning process, including family dynamics, business operational and governance issues, the dysfunctional family, and who to involve in the succession planning process.
– Bradley J. Frank & Michael P. Sampson
2:50 – 3:00 p.m.
BREAK
3:00 – 4:00 p.m.
Succession Planning Techniques for Closely-Held Businesses
This session will focus on specific techniques estate planners can employ to help their clients transition a close-held business – whether that means transferring it within the family during lifetime or at death, selling it to a group of key employees, or selling it to a third-party.
– Matthew J. Shea
4:00 – 4:05 p.m.
BREAK
4:05 – 4:20 p.m.
Question & Answer Session
– Bradley J. Frank & Michael P. Sampson
LIVE WEBCAST
Tuesday, April 27, 2021
Attend online
REPLAYS
There are no replays.
$195 MSBA members / $195 paralegals / $245 standard rate
Other discounts that may apply:
Scholarships available!
Need-based scholarships are available for in-person and online seminars. For further information or to obtain a scholarship application, contact us at 800-759-8840 or customerservice@minncle.org.
Minnesota CLE is applying to the Minnesota State Board of CLE for 6.25 standard CLE credits. The maximum number of total credits attendees may claim for this program is 6.25 credits.
