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Estate Planning for Owners of Closely Held Corporations, Partnership and LLCs
Estate Planning for business owners is particularly complicated because the client’s single largest asset is often his or her interest in a privately held business. If the client is likely to have a taxable estate, then the temptation often is to begin to gift part or all of his or her privately held business interest: directly to a family member; to a trust; to a family limited partnership; or possibly to a charitable trust. When planning to dissipate the estate in order to reduce a potential estate tax appears to be the best option, other aspects need to be considered to ensure the desired outcome.
This session will focus on balancing the desire of the client and his advisors to reduce the potential estate tax liability with other practical considerations including how the business, with any active family, shareholders and key people, will continue to operate both before and after the major shareholder’s death or incapacitation. Further, the session will focus on the wisdom of working in collaboration with the client’s wealth advisor about lifetime non-estate tax financial implications for all strategies under consideration. These issues are even more significant if the client is an owner operator.
- The importance of not letting the tax tail wag the dog.
- Why business operations should be considered before finalizing the estate plan.
- Why the business owner and the estate planner would be wise to include the wealth advisor’s input on estate planning strategies that are under consideration.
James V. Roberts, J.D
Mr. Roberts is with the Glast, Phillips and Murray Law Firm. Mr. Roberts is Board Certified in Estate Planning and Probate Law. His practice focuses on estate planning (gift and estate tax issues, trusts, wills, family limited partnerships and business succession strategies), income tax issues ancillary to those fields (compensation and retirement planning, 1031 exchanges, and trust, partnership and corporate tax matters), and state law issues related to those areas of planning. He handles estates of all sizes – from simple estates to very sophisticated and complicated matters involving family business of all sizes and substantial wealth. In doing so, he has become very familiar with business entity creation, including corporations, limited liability companies and partnerships, and the impact those types of entities have on both estate and gift tax strategies as well as on income tax planning.
Mr. Roberts is licensed in Texas and Colorado. He also frequently assists attorneys in other states in federal estate and gift tax planning. He is a frequent speaker on a number of subjects related to estate planning and tax issues
CEPAs receive 1 CE credit
CPE receive 1 CE credit
CVA receive 1 CPE credit