Family wealth succession planning, including income and gift/estate tax issues, is more important than ever, in spite of the high estate tax exemption levels. The continuing tax law uncertainty, the Treasury proposals for amending the gift and estate tax law, and the importance of ensuring wealth preservation and management over the long term, are all reasons for evaluating the effective uses of entities and valuation strategies now. This is a core area within the overall importance of family wealth succession planning.
In this course, instructor Owen Fiore will concentrate on the effective uses of pass-through entities, trusts, and transfer techniques to present a template for advisors to be involved in succession planning. Real-life client situations will provide examples of workable solutions to succession planning. Planning alternatives to be discussed include gifts, installment sales, SCINs, grantor trust planning, private annuities, entity recaps, valuation discount requirements and planning, client communication, avoiding of conflicts of interest, and penalty exposure.
Upon successful completion of this course, participants will be able to:
- Identify the elements of estate and succession planning applicable to trusts and other entities, noting the application of the elements to estate and succession planning
- Recognize and determine the choice of entity, and often multiple entities
- Recognize specific approaches to client communication and contemporaneous documentation of transactions, noting the applicable results of court cases
- Identify the various types of trusts, noting their characteristics and requirements
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