Estate Planning Toolbox: FLPs and FLLCs Done Right Training Class

Course ID: 20961

Estate Planning Toolbox: FLPs and FLLCs Done Right Training Seminar

Protecting and Transferring Wealth With Business Entities

When executed properly, FLPs and FLLCs can offer your clients an invaluable tool to pass their wealth on to beneficiaries while minimizing taxes. If drafted or administered carelessly, however, the business can cost more than it saves, and even send all its assets crashing down into taxable estate. Our distinguished faculty will demonstrate the opportunities and dangers of employing this technique and help you avoid the common pitfalls should you decide to use it. Enroll today and find out how to do FLPs and FLLCs right!

FLP or FLLC: which is best? Understand the similarities and differences in drafting, managing and using them as an asset protection tool.
Do you know how to avoid fraudulent transfer traps and criminal liability? Maintain an ethical practice with tips from our faculty.
Spot red flags and correct common errors in existing FLPs and FLLCs to ensure the business is excluded from the taxable portion of the estate.
Strike the fragile balance between maximizing valuation discounts and vulnerability to IRS challenges.
Use our sample forms to draft legally defensible transaction agreements to make sure gifts are properly documented.
Get practical tips to help you transfer a business to beneficiaries without diminishing its value or surrendering too much control.
Find out what advantages same-sex couples have in utilizing this estate planning technique and learn how to make the best use of it.
Refine your retainer agreements to ensure realistic client expectations and avoid problems down the road.
Receive practical guidance through the nuts and bolts of the tax planning and reporting process to ensure the validity of the business outside its estate tax saving function.
Choose the right types and amounts of assets to fund the business to prevent allegations of retained control/interest.
Discover offshore and domestic asset protection strategies and techniques.


	Agenda
	IS AN FLP OR FLLC A GOOD FIT FOR YOUR CLIENT'S ESTATE PLAN? 9:00 - 9:50, Michael C. Gerson FLP v. FLLC The Purposes and Benefits of FLPs and FLLCs Succession Planning for Family Business Common Management of Assets Investments Diversification Creditor Protection/Spendthrift Protection for the Transferor and the Future Beneficiaries Allows Parents to Significantly Discount the Value of Gifts to Their Children Great Estate Planning Tool for Same-Sex Couples Eliminate the Necessity for Ancillary Probate for Out-of-State Real Property When Is Setting Up an FLP or FLLC Worth It? Set-Up and Administration Costs vs. The Money to Be Transferred to Heirs Other Factors Contributing to the Decision Creating the Business After the Death of the First Spouse CREATING AND FUNDING THE BUSINESS 9:50 - 10:40, Michael C. Gerson Under Which State Law Should the Entity Be Created? Funding the Business - The Mechanics of Assets Transfer Setting up the Pass-Through Provisions Obtaining a Complete Valuation Report (Including: a statement of purpose, a detailed discussion of the valuation method used, supporting arguments for any discounts given) Ensuring Valuation Discounts Minority Interest (i.e. Lack of Control) Lack of Marketability Others Providing the Transferor Control Over the Assets Without Losing the Validity of the Business Assigning Limited and General Partnership and Using Trusts as Limited Partners Who Should Serve as the General Partner - LLC/Corp/Trust/Individuals Drafting Mistakes to Avoid TAXATION CONSIDERATIONS 10:55 - 11:40, John R. Cooper Income Tax Implications and Circular 230 Compliance Section 704(b) Substantial Economic Effect Planning for Estate and Gift Tax Filing the Business Tax Returns IRS PITFALLS TO AVOID, CHALLENGES BY IRS 11:40 - 12:30, John R. Cooper IRS Efforts at Limiting the Use of FLPs as an Estate Planning Tool: The Discount The Private Letter Rulings Business Purpose Argument Statutory Arguments Retained Control of the Property Court Rulings Protecting the Business from IRS Scrutiny Make Certain Enough Assets Are Left for Your Client's Lifetime Support the Business Goal With Proper Documentation OPERATION AND DISSOLUTION ISSUES 1:30 - 2:20, Bradford N. Dewan Keeping Personal and Business Assets Separate Ensure that Distributions Follow the Operating Agreement and Are in Proportion to Ownership. Preparation and Distribution of Management Reports Distribution: How to Satisfy the Substantial Effect Rule When and How to Terminate the Entity - Accidental Termination by Death, Withdrawal and Arguments Elections Under Section 754: Step-Up in Basis at Death ASSET PROTECTION STRATEGIES AND TECHNIQUES 2:20 - 3:15, Walter E. Pinkerton Jr. Domestic Strategies Ownership vs. Control Considerations Nevada and Alaska Spend Thrift Trust Considerations Offshore Strategies Overview of Planning Techniques Jurisdictional Considerations MAINTAINING AN ETHICAL PRACTICE 3:30 - 4:30, Walter E. Pinkerton Jr. Standards of Ethical Conduct Avoid Conflicts of Interest: Do You Know Who Your Client Is? The Importance of Confidentiality How to Avoid Unknowingly Creating Civil Liability Improving Your Ability to Set and Collect Fair Attorney's Fees - Sample Fee Agreements and Engagement Letters