Home / Heckerling Institute on Estate Planning / Focus Series
The following programs are offered as part of our focus series on planning for the closely-held business. Registrants may choose to attend all or any part of the programs in the series. Each program within the series will provide complete and independent coverage of the designated topic, so that registrants can choose to attend only selected sessions within the series that are of particular interest to them. The series as a whole will provide more complete coverage of the area than is traditionally available at continuing education programs. Those who attend the entire series will come away with a comprehensive understanding of the broad range of tax and non-tax issues involved in representing the closely-held business, including issues that arise in connection with formation of the entity, operation of the entity, ethical considerations, and disposition of the interest either during the life of or at the death of the business owner.
Getting off to the Right Start: Choosing the Right Entity and the Right Agreements
This presentation will cover choosing the right entity and buy-sell agreements for the closely-held business and will include a discussion of both tax and non-tax issues. Sample forms will be provided and discussed.
PRE-CONFERENCE FUNDAMENTALS Monday, January 25th
(9:00 a.m. – 12:15 p.m.)
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How to Succeed (Ethically) in Business Succession Planning
Wind your way through the maze of ethical rules to determine what you should and should not be doing to help your clients develop an appropriate succession plan for their family business. Consider the multiple possibilities of “who is the client” and ways to structure the relationship. Review samples of engagement letters which can provide helpful protection for you and the client.
Tuesday, January 26th
(4:45 p.m. – 5:35 p.m.)
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Charles D. "Skip" Fox, IV |
Putting the Horse Before the Cart: Non-Tax Issues in Business Succession Planning
Most closely-held businesses fail to survive even one generation because of a failure to consider the non-tax aspects of succession. This session will examine the non-tax issues that the owners of a closely-held business must consider to ensure a successful transition in ownership.
Wednesday, January 27th
(9:00 a.m. – 9:50 a.m.)
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ESOPs - The Most Tax Efficient Ownership Transition Strategy
For a business owner, estate planning begins with a strategy for monetizing the value of the business in a tax efficient manner. An ESOP can provide tax free liquidity for the owner, enhanced financing capability for the company and tax deferred growth to the employees. Non-tax benefits include rewarding loyal employees and preserving the legacy of the business. This session will include ESOP basics, as well as advanced concepts.
Wednesday, January 27th
(9:50 a.m. – 10:40 a.m.)
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Louis A. Mezzullo |
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Ann B. Burns |
Integrating the Estate Plan with Business Succession Planning
This session will use several fact patterns to illustrate how the business owner’s estate plan should be coordinated with the succession plan for the business, highlighting both tax and non-tax issues.
Special Session I-A Wednesday, January 27th
(2:00 p.m. – 3:30 p.m.)
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Richard B. Robinson |
Andrea C. Chomakos |
Steven B. Gorin |
What Estate Planners Need to Know About Operating a Closely-Held Business
This session will focus on common and unexpected income tax and other consequences of operating a closely-held business
Special Sessions II-A Wednesday, January 27th
(3:50 p.m. – 5:20 p.m.)
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Charles D. "Skip" Fox, IV |
Thomas W. Abendroth |
Laurence A. Goldberg |
Planning for the Closely-Held Business – Exit Strategies During Life
This session will focus on different tax techniques that can be used during life to implement a successful ownership transition plan for a closely-held business. Techniques to be discussed include gifts, freezes, buy-sell agreements, discounts, GRATs, sales to irrevocable trusts, redemptions, and ESOPs.
Special Sessions III-A Thursday, January 28th
(2:00 p.m. – 3:30 p.m.)
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Dennis I. Belcher |
Turney P. Berry |
Mary Ann Mancini |
Exit Strategies at Death for the Private Business Owner
and How to Avoid the Forced Sale of a Private Business
The family of a private business owner often faces significant liquidity needs at the business owner’s death. One alternative to meet these needs is a sale of the business but the owner’s death can be the worst possible time for a sale. The panelists will use the case method to illustrate how to avoid a forced sale of a private business using effective financing of life insurance to meet cash needs, creative charitable planning techniques to reduce cash needs, and estate tax deferral techniques.
Special Sessions IV- A Thursday, January 28th
(3:50 p.m. – 5:20 p.m.)
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