Family Limited Partnerships in Estate Planning and Asset Protection Training Class

Course ID: 13531

Family Limited Partnerships in Estate Planning and Asset Protection Training Seminar

Keep Clients' Assets in the Family

While the family limited partnership provides many benefits for both business and tax reasons, the issues involved in utilizing this estate planning tool are numerous and complex. There is no such thing as a one-size-fits-all cookie-cutter structure - you're expected to skillfully address clients' individual needs and expectations. That requires an up-to-date, clear and comprehensive understanding of limited partnerships and the laws governing them.

This seminar will cut through the layers of complexities and provide the skills you need to effectively use family limited partnerships as asset protection vehicles. Get up to speed on the laws that govern family limited partnerships and how to avoid hidden legal pitfalls. Use family limited partnerships to save your clients' heirs money during the estate administration process. Adhere to the specific tax rules you must follow to gain successful, liability-free results. Draft airtight agreements so your clients' plans and wishes are carried out perfectly. Your next partnership will be a welcome challenge when you put the practical, real-world skills we teach to work for you.

Clarify the rights, duties and responsibilities of partners to avoid potential disagreements.
Protect beneficiary interests by knowing why and how to gift away family partnership interests.
Show clients why limited partnerships are undesirable to creditors - and why they might be an excellent planning option.
Look at the general rules regarding partnership taxation and preserve assets from over-taxation.
Draft successful partnerships to ensure that heirs inherit as much of the estate as possible.
Sidestep common mistakes made in formation documents.


	Agenda
	GAIN A PRACTICAL OVERVIEW OF FAMILY LIMITED PARTNERSHIPS Earl H. Cohen, 8:30-9:45 Get Updated on the Law Governing Partnerships Clarify the Rights, Duties and Responsibilities of Partners How General and Limited Partnership Interests Differ Define Limited Liabilities for Partnership Activities Compare Family Limited Partnerships to Trusts and Limited Liability Companies How Current Case Law and Legislative Developments Impact Your Decision-Making MAXIMIZE THE USE OF FAMILY LIMITED PARTNERSHIPS IN ESTATE PLANNING Robert H. Chandler, 10:00-11:15 How Family Limited Partnerships Are Funded Why and How to Gift Away Family Partnership Interests Minority Interest Discounts - What the IRS Allows A Guide to the Valuation of Family Limited Partnership Interests How Partnership Interests Are Protected From Claims of Creditors UTILIZE FAMILY LIMITED PARTNERSHIPS AS ASSET PROTECTION TOOLS Scott M. Nelson, 11:15-12:15 Why Limited Partnerships Are Undesirable to Creditors How a Limited Partnership Can Be Used to Lower Estate and/or Gift Taxes The Danger in the Creation of Valuation Discounts Recent Developments in the Use of Trusts as Limited Partners Who Maintains Control? SORT THROUGH COMPLEX RULES REGARDING THE TAXATION OF FAMILY PARTNERSHIPS Scott M. Nelson, 1:15-2:15 IRS Requirements for a Partnership - Defined What Are General Rules Regarding Partnership Taxation? Simplify the General Rules Regarding Family Partnerships Be Aware of Special Rules Regarding Income Taxation of Family Partnerships BUILD AN ETHICAL FOUNDATION Robert H. Chandler, 2:30-3:30 Define Standards of Ethical Conduct Know Who Your Client Is to Avoid Conflicts of Interest The Importance of Confidentiality How You Unknowingly May Create Civil Liability Improve Your Ability to Set Fair Attorney's Fees CAREFULLY DRAFT PARTNERSHIPS TO AVOID TAX COMPLEXITIES Earl H. Cohen, 3:30-4:40 The Basics of Drafting Successful Partnerships What You Need to Know About Member Selection, Identification and Modification Avoiding Common Mistakes Made in Formation Documents Summary of Form Provisions for a Family Partnership Be Prepared to Handle Other Drafting Concerns and Considerations


	Audience
	This intermediate level seminar is designed for attorneys, accountants, estate planning and tax practitioners, financial planners and others seeking to more effectively use family limited partnerships as asset protection vehicles.