Summer Symposium

Litigators’ Lessons Learned Related to Family Business Interests

This session will provide practical pointers learned by two fiduciary and tax litigators related to family businesses from creation to death and termination.

What the S…?! Wealth and Tax Planning with S Corps.

This session focuses on the challenges presented by S corporations in the context of wealth transfer planning, including ownership complications, basis issues and compliance issues. Potential restructuring issues and solutions are also addressed.

Drafting Effective Prenuptial and Postnuptial Agreements for Business Owners

This session provides a practical guide for attorneys drafting and negotiating prenuptial and postnuptial agreements that protect business owners’ financial interests without damaging their marriage. Key topics to be covered include disclosure, enforceability, and alternatives to marital agreements when business interests are involved. Courts tend to favor comprehensive and well-drafted agreements, especially those addressing specific scenarios and potential disputes. For attorneys in Uniform Premarital Agreement Act (UPAA) states, this session explores the benefits of stricter provisions to enhance the agreement’s chances of being upheld in all states.

Plans That Work for Families That Don’t 

Estate planning for families who own businesses and other significant assets often present difficulties rooted in the family’s internal dynamics and psychological issues. The very act of estate planning may upset the delicate balance that a family has developed over decades to keep their business functioning. Strong emotions, often suppressed for a lifetime, may emerge for testators contemplating their legacies and for beneficiaries contemplating their futures. Death and grief can release suppressed emotions that fuel legal actions by survivors, which in turn can erode the value of the business more effectively than any tax or competitor.

But It’s for Charity! Don’t Open the Door for the IRS to Ruin Your Charitable Deductions

Charitable planning is commonly incorporated into pre-disposition planning for business owners. As is the case in many aspects of life, timing can be everything. Planning for the charitable gift must include securing the income tax charitable deduction. The tax rules for determining whether an income tax charitable deduction is available and how to secure that deduction are persnickety. Small failures and oversights can provide the IRS with a basis to deny large deductions. This program will cover a wide swath of charitable deduction planning including substantiation rules for charitable gifts, specific asset issues, and some relevant cases planners should consider.