Presented by Virginia Continuing Legal Education
Attorneys who advise family and closely held businesses and their owners face many unusual challenges. While estate planners and tax practitioners often focus on the legal and tax implications of succession planning, practical issues, such as retention of cash flow and control, along with an overlay of family dynamics, can paralyze even the most well-thought-out plan.
In discussing the tax and non-tax aspects of succession planning, Farhad Aghdami and Dan Durst will emphasize the tools and techniques that align the business owner's interests with appropriate planning. They will consider and discuss issues such as control and cash flow for the business owner, dealing with family members in the business and family members not in the business, incenting key employees, shareholder agreements, and exit strategies. Finally, they will present a series of hypotheticals illustrating real-life planning issues and offer practical advice and solutions for some of the most difficult tax and business issues.
From non-tax aspects to tax planning techniques, our expert faculty will cover the most common issues that attorneys face when assisting a client with an ownership interest in a closely held or family business.
10:00 Tax and Non-Tax Aspects of Business Succession Planning
11:45 Question-and-Answer Session
- 70% of family businesses fail after the 2nd generation, 90% fail after the 3rd generation.
- Learn legal, business, and practical advice to give your clients:
- Non-tax aspects include overcoming planning obstacles dealing with control and cash flow
- Tax aspects include the use of various estate planning tools: Grantor Trusts, Intentionally Defective Grantor Trusts, Grantor Retained Annuity Trusts, and more.