Talking about politics can sometimes be risky business. However, as is often said, elections have consequences and in the context of estate planning it is important to examine the Biden Administration’s effect on estates, trusts, and tax planning. After the outcome of the recent Senate run-off election in Georgia, we now know that we have a Democrat controlled White House and House and the Senate is split with Vice President Kamala Harris holding the tie-breaking vote. This certainly changes the analysis of what is to come and makes the likelihood of potentially dramatic changes in tax law a much greater possibility than if the White House and Congress were divided.
Interest rates are at historic lows. The Section 7520 rate for January 2021 is .6%, which is almost the lowest it has ever been. A second federal stimulus package was passed at the end of December 2020, providing $900 billion dollars of economic relief, including enhanced unemployment benefits and additional direct cash economic stimulus payments, additional Paycheck Protection Program (PPP) for loans to small businesses, grants for theaters and concert venues, as well as funding for schools and childcare. The economic relief package made major changes to tax laws and the IRS delayed tax filing season to February 12th to allow the IRS to do additional programming. As a result, the IRS will not accept or process any returns for the 2020 tax year until this time. President Biden has proposed another stimulus package with a $1.9 trillion dollar price tag, which was recently discussed at a White House meeting with governors. The proposal includes additional direct stimulus payments to individuals, enhanced unemployment benefits, an increase in the federal minimum wage to $15 an hour, aid to state and local governments, and funding for COVID vaccines and testing. While some are debating the necessity of further economic stimulus funding, the package and recommendation for additional funding has been supported by Jerome Powell, the current Chairman of the Federal Reserve, and Janet Yellen, who was recently confirmed as Treasury Secretary. It is too early to fully predict the Biden Administration’s effect on tax planning and exact changes in tax law that may occur, but it certainly can be expected that increases in income and estate taxes are likely to increase to provide revenue.
It is helpful to examine recent changes in tax law in order to glean an idea of what changes we may be able to expect, including the Biden Administration’s effect on estates, trusts, and tax planning. Let’s take a closer look at some of these changes.
The 2017 Tax Cuts and Jobs Act (TCJA)
The 2017 Tax Cuts and Jobs Act (TCJA), made several significant changes to individual, estate, and trust tax regulations. The law included reforms to itemized deductions and nearly doubled the standard deduction and child tax credit. In place of personal exemptions, the standard deduction was increased. In place of dependent exemptions, the child tax credit was increased, and a new $500 tax credit was created for dependents who are ineligible for the child tax credit. It also reduced statutory tax rates at almost all levels of taxable income and shifted the thresholds for several income tax brackets.
The TCJA retained the preferential tax rates on long-term capital gains and qualified dividends and the 3.8 percent net investment income tax (“NIIT”). The NIIT applies to interest, dividends, short- and long-term capital gains, rents and royalties, and passive business income. The TCJA separated the tax-rate thresholds for capital gains and dividend income from the tax brackets for ordinary income for taxpayers with higher incomes. The individual Alternative Minimum Tax (“AMT”) was retained, but the exemption levels and income threshold at which the AMT exemption phases out. This significantly reduces the number of taxpayers subject to the AMT.
Most notably in the context of estate planning, the TCJA doubled the federal estate tax exemption to $11.2 million for single individuals and $22.4 million for married couples and continued to index the exemption levels for inflation. The current exemption amount for 2021 is $11.7 million for single individuals and $23.4 million for married couples.
Further detailed discussion regarding the above changes and regulations can be found here.
Generation-Skipping Transfer Tax
The generation-skipping transfer (GST) tax is a separate tax that is levied when transfers are made to or for the benefit of someone two or more generations younger that the transferor (i.e. “skip-persons”). These transfers are taxed at a rate of 40%. Current law under the TCJA provides for a separate GST exemption of $11.7 million and GST exemptions historically mirror the estate and gift tax exemption.
All of the individual tax and estate tax provisions in the TCJA sunset at the end of 2025, with a few exceptions. The individual provisions were intentionally made to be temporary in order to limit the revenue cost of the TCJA to a level consistent with the overall constraint on the 10-year revenue loss in the Congressional Budget Resolution and to comply with Senate budget rules used to pass the tax act that require no increase in the federal budget deficit after the tenth year.
Potential Tax Increases and Lower Exemption Amounts
With the new Democrat control of the White House and Congress, as a result of the Biden Administration’s effect on tax planning we should expect potentially significant tax increases on the wealthy, including income and estate taxes. Further, in light of the financial impact of the COVID-19 crisis, we can expect proposed changes to policy needed to pay for increased federal economic relief spending. While no specific policy has been proposed yet, during the campaign Biden suggested that he would support legislation that would reduce both the estate and GST exemptions to $3.5 million per individual and would support lowering the lifetime gift tax exemption to $1 million. The Biden Administration’s effect on tax planning is yet to be fully realized, but with time will come more into focus.
Loss of Discounts
Another possible tax change to expect is the loss of discounts. Under current law, individuals are able to enjoy the use of valuation discounts when transferring interests in closely held businesses through a lack of control discount and a lack of marketability discount. During the Obama administration, the Treasury released proposed regulations that would dramatically restrict the use of these valuation discounts, but the proposed regulations were withdrawn under the Trump administration. Renewed restrictions on the use of these discounts may be seen in future as part of any proposed changes to tax law.
Possible Phase Out of Deductions
The phase out of deductions is also a possibility. The Biden tax plan would phase out the “qualified business income” deduction under Code Section 199A for individuals with taxable income above $400,000.00. It would also cap the tax benefit of itemized deductions at 28% of the amount of the deduction for individuals earning more than $400,000.00 and reduce the value of itemized deductions by 3% of the amount by which a taxpayer’s adjusted gross income exceeds $400,000.00. Additional potential deductions that may be eliminated include those for contributions to IRAs, 401(k)s, and 403(b)s, and replace them with a new tax credit equal to a specified percentage of the amount contributed, which is currently expected to be 26%.
Possible Changes in Capital Gains
Another possibility may include dramatic changes in capital gains. Under current law, capital gains are taxed as regular income if the gains are realized on property held for less than one year. For long-term capital gains, i.e. gains on property held for a year or longer, there is a graduated tax rate depending upon the filer’s personal income level. For individuals who earn more than $200,000.00 and couples who earn more than $250,000.00 in net investment income annually, there is an additional 3.8 percent surtax added to their capital gains tax rate.
Current law also allows for like-kind exchanges on appreciated property like artwork and rental properties. This allows for the reinvestment of any gains earned on appreciated property into similar types of property within one hundred and eighty (180) days of the original sale and avoiding capital gains tax upon the sale of the property. If the individual continues to make like-kind exchanges on appreciated property until the individual’s death any capital gains accumulated in the property will be wiped out by the basis step-up rules.
The Biden Administration’s effect on tax planning and Biden tax plan proposes eliminating like-kind exchanges and imposing a 39.6 percent long-term capital gains tax rate on individuals earning more than $1 million per year in order to generate revenue to pay for child-care and elderly care initiatives. The Biden Administration’s effect on tax planning is reflective of an overall increase in the graduated income tax rates to restore the rates to their pre-2018 levels. If the 3.8 percent surtax on net investment income remains in place, the effective federal tax rate on long-term capital gains could exceed 43 percent.
While Biden has not specifically discussed capital gains with regard to estates and trusts with high income levels, it is likely that these ordinary rates for long-term capital gains will apply to estates and trusts with $1 million of annual income. These proposals may even affect estates and trusts at a lower income threshold, as estates and trusts under current law reach the highest marginal rate of income taxes at a much lower threshold of income that individual taxpayers.
Potential Elimination of the Step-Up Basis Rule for Inherited Property
A dramatic change related to the Biden Administration’s effect on estates and trusts could include the elimination of the step-up basis rule for inherited property. Further imposing a carryover basis rule for inherited property or the imposition of recognition of gain on property at the owner’s death. The step-up in basis of assets included in an estate has been a prominent principle in structuring estate plans since the carryover basis rule was repealed retroactively to 1976 in 1980. Current law allows for each asset to receive a step-up in basis of appreciated property at the death of the owner. This allows for inherited property to be sold or liquidated shortly after the owner’s death to minimize or eliminate any capital gain on the sale of the property so the decedent’s heirs incur capital gains only to the extent the asset has appreciated since the decedent’s death. Further, any capital gains that are considered “long-term,” meaning gains that the seller has owned for more than one year, are taxed at preferential rates.
A current tax planning strategy is to gift high-basis assets during the donor’s lifetime, since the donee receives the donor’s basis in the asset. This is the “carryover basis.” Donors should retain low-basis assets so that their heirs can receive those assets at death was a new stepped-up basis to the fair market value at the decedent’s date of death. The heirs can then sell the assets post-death without incurring significant capital gains tax that they would otherwise incur if they were to inherit the donor’s carryover basis.
The step-up in basis has served as a counterbalance to estate tax. If the fair market value of a decedent’s assets exceeds the estate tax exemption amount, estate tax is due on the excess amount, at a rate of 40%. However, little or no capital gains tax may be due as a result of the death, since the heirs inherit the assets with the stepped-up basis.
Biden has proposed repealing the concept of the stepped-up basis. One proposal is to eliminate the step up in basis such that a decedent’s heirs would inherit the carryover basis of an asset which could potentially result in an asset being subject to both estate and capital gains tax. The Biden Administration’s effect on estates and trusts may include possible proposals such as no step-up in basis for assets and death and realization of capital gains tax on assets at death. The first proposal would result in heirs owing capital gains on any appreciation between the donor’s original basis at acquisition and the value at the date of sale. Under the second proposal, an estate would owe capital gains on the appreciation accrued between the donor’s date of acquisition and the date of death and heirs would owe further capital gains tax on any appreciation between date of death and date of sale.
If any of these policies are enacted, an important question will be whether the changes will be applied retroactively. Typically, tax legislation is prospective, but changes enacted under the Biden Plan could be made retroactively effective to January 1, 2021 if such a law is enacted in 2021. However, in order for the Biden Administration’s effect on estates, trusts, and tax planning to be effective retroactively, the retroactivity of the law must be rationally related to a legitimate legislative purpose.
Now that we have examined the Biden Administration’s effect on estates, trusts, and tax planning and potential changes that may be coming down the line, what can we do to plan for them? At the most basic level, individuals who are worried about potential estate tax implications who did not complete or update their planning in 2020 should consult with their attorney about using their gift and GST exemptions before any chances in tax law are made. For the right clients under certain circumstances, other options may include grantor retained annuity trusts (“GRATs”), spousal lifetime access trusts (“SLATs”), charitable remainder or charitable remainder annuity trusts (“CRTs” or “CRATs”), and Roth conversions. If you are concerned about how any of these potential changes could impact your estate plan, it is important to review your assets and planning goals and develop an individualized plan that meets your needs and addresses your concerns. We cannot be sure of the changes in tax law and the Biden Administration’s effect on estates, trusts, and tax planning that will be coming over the next few years, but with effective planning, we can seek to minimize the tax consequences for our clients.
Ms. Meghan McCulloch, a principal with Elville and Associates, handles claims for Social Security disability benefits, Supplemental Security Income (SSI), childhood SSI benefits, and disabled widow and widower benefits at every level of appeal, from the initial application up to and including representation before the U.S. District Court of Maryland. She has a wealth of experience in addressing the unique needs of individuals and families as they navigate through the disability process. She also focuses her practice in the areas of special needs planning, elder law, estate planning, and is the leader of the firm’s estate and trust administration department.
Meghan is a member of the Maryland Volunteer Lawyers Service as well as an Executive Board Member of the Disability Section of the Maryland Association for Justice. She has also been named to the Rising Stars list by Maryland Super Lawyers the past six years.
She can be reached at meghan@elvilleassociates.com, or 443-393-7696.
Annapolis Estate Planning Attorneys of Elville and Associates Announce New Office Location
By: Jeffrey D. Stauffer – Community Relations Director
Elville and Associates, P.C.’s Annapolis estate planning attorneys are proud to announce their new Annapolis location at 2450 Riva Road in Annapolis, across from Annapolis Town Center. At this prime location at the corner of West Street and Riva Road, the Annapolis estate planning attorneys of Elville and Associates can better meet the needs of our clients, professional referral partners, and the communities it serves.
This standalone office location is available by appointment, for consultations and meetings with our Annapolis estate planning attorneys.
Founded in June, 2010, by Managing Principal and Lead Attorney Stephen R. Elville, J.D., LL.M., Elville and Associates is an estate planning, elder law, and special needs planning practice. It is the firm’s mission to provide practical solutions to its clients’ needs through counseling, education, and the use of superior legal-technical knowledge. It is also the firm’s mission to educate regarding the importance of estate planning and maintaining one’s planning over time, as despite their importance the minority of Americans have a will or living trust in place, according to AARP.
Education and counseling are the foundations upon which the Annapolis estate planning attorneys of Elville and Associates’ serves its clients, partners, and surrounding communities. The firm counsels its clients based on the core principles of the Elville Legacy System™ — the six steps to perfect estate planning. Mr. Elville has also developed programs for clients who wish to streamline the planning process but still wish to enjoy the benefits of the educational component throughout, including Elville Self-Direct Select™ and Elville Self-Direct Protect™, a limited-attorney-assistance client education program for estate planning. The firm also offers an Advisors’ Forum every two months for its planning team partners, a continuing education series that covers the latest topics in the world of estate planning, elder law and special needs planning.
To view our busy educational webinar calendar, or full list of the firm’s services, including elder law, special needs planning, business planning, estate and trust administration, and litigation, please visit us at www.elvilleassociates.com. The Annapolis estate planning attorneys with Elville and Associates look forward to being a resource to you as they guide you through the planning process and offer peace of mind along the way. To set a free consultation, please contact Legal Administrator Mary Guay Kramer at 443-741-3635 or at mary@elvilleassociates.com.
#elvilleeducation
Advance Healthcare Directives — Busting the Myths
Presented by Principal and senior elder law attorney, Lindsay V.R. Moss
Presented by Aging Life Care Managing Allyson Stanton of Stanton Aging Solutions and Elville and Associates’ Principal and senior elder law attorney Lindsay V.R. Moss, this webinar is a discussion about the overall purpose of having Advance Directives in place. Attendees gain an understanding of why making these decisions while one is able to do so is vitally important as well as letting your family know what your wishes and goals are. Ms. Stanton and Ms. Moss share critical information that helps empower you to take control of your medical decisions when you don’t have the capacity to advocate for yourself.
Primary topics of discussion include:
– How to get the conversation started
– Creating a healthcare plan is not a taboo topic
– The gift of empowerment
– The importance of having a voice
More Webinars from Elville and Associates
The education of clients and their families through counseling and superior legal-technical knowledge is the mission of Elville and Associates. We hold multiple educational events every month. Click to view our calendar of educational webinars and events or visit the Elville and Associates YouTube channel to view recordings of our past webinars.
Putting It All Together – A Diagnosis to Adulthood Guide of Navigating the Disability World
Elville and Associates welcomes back guest presenter Eric Jorgensen, a Special Needs Advisor who provides a complete timeline overview of what families and the professionals they work with can expect from the original diagnosis until the child survives the parents. Eric highlights key times when specific planning items such as completing an estate plan, getting life insurance, or applying for SSI should be completed. He discusses potentially lesser-known resources such as Low Intensity Support Services and Pre-Employment Transition Services. Key takeaways include:
– Life insurance, ABLE accounts and Special Needs Trusts are critical tools, but not the plan
– Don’t wait until your child is in the last year of school to think about his or her transition
– You are not applying for benefits for you – delaying because it doesn’t seem worth the effort could be sabotaging your child
More Webinars from Elville and Associates
The education of clients and their families through counseling and superior legal-technical knowledge is the mission of Elville and Associates. We hold multiple educational events every month. Click to view our calendar of educational webinars and events or visit the Elville and Associates YouTube channel to view recordings of our past webinars.
Achieving Perfection for Your Legacy – Intentionalism in Estate Planning, with Olivia Holcombe-Volke
Many people want to achieve excellence in their estate planning – to establish an estate plan that works as intended – one that will stand the test of time, accomplish personal goals and priorities, provide for the disposition of assets in the desired way to the persons and/or organizations of choice, controlling costs, and setting forth values, ideas, concepts, and aspirations – organized by leading-edge legal-technical concepts that are up to date at the time of death, and guided by highly instructional letters of wishes or memorandums. Yet few people understand the kind of estate planning process necessary for the realization of this ideal, and even fewer people are offered the opportunity to participate in the kind of process necessary to facilitate the same. To say that achieving true excellence in estate planning is akin to successfully sailing around the world alone is not an exaggeration. It takes all of the stuff of legend, including purpose, persistence, patience, and introspection; partnership with your estate planning attorney and an adequate process forward (facilitated by the attorney); maintenance and updating of the estate plan over time; and more. In short, true excellence in estate planning requires being extremely intentional. In this webinar, Olivia Holcombe-Volke, Senior Principal and senior estate planning attorney with Elville and Associates, P.C., will lead a discussion about Intentionalism in estate planning. Topics of discussion will include:
Why being intentional in estate planning matters; Understanding the risks in estate planning;
Why knowing what you want out of estate planning matters;
Avoiding estate plan failure;
Maintenance and updating;
The importance of Partnership
More Webinars from Elville and Associates
The education of clients and their families through counseling and superior legal-technical knowledge is the mission of Elville and Associates. We hold multiple educational events every month. Click to view our calendar of educational webinars and events or visit the Elville and Associates YouTube channel to view recordings of our past webinars.
Can a Nursing Home Take My Stimulus Check?
Can a nursing home take my stimulus check? This is a question many seniors and their loved ones have been asking since the first round of stimulus payments.
In December 2020, Congress approved a second round of stimulus checks for individuals making less than $75,000 a year. These checks are being sent to everyone who is eligible. This includes individuals on Medicaid and those living in nursing homes and senior living facilities. However, there are continuing reports that nursing homes and other senior living facilities are taking their residents’ stimulus checks without their permission.
Does a Nursing Home Have a Right to My Stimulus Check?
As the second round of stimulus checks are delivered, many are still wondering, can a nursing home take my stimulus check? The Federal Trade Commission (FTC) wants residents of senior living facilities to know that stimulus checks are for their personal use. Residents of nursing homes are not required to turn their stimulus checks over to their senior living facility. Nor can a senior living facility take a stimulus check without their resident’s knowledge. In fact, these senior living facilities have no right to their residents’ stimulus checks at all.
Unfortunately, many nursing homes are inaccurately claiming that they are entitled to a resident’s stimulus check when that resident is on Medicaid. Not so. According to the CARES Act, the stimulus payment is a tax credit. Tax law states that tax credits do not count as “resources” when determining eligibility for Medicaid. Therefore, nursing homes and assisted living facilities cannot take their residents’ stimulus payments under any circumstances. This includes taking stimulus checks from residents on Medicaid.
What Should I Do if a Nursing Home Has Taken My Stimulus Check?
If your loved one lives in a nursing facility and you’re not sure if they received their stimulus check, talk with them as soon as possible. If you do know if they received their stimulus payment, you may need to ask the facility’s management for their “policy” regarding stimulus checks. If you suspect that their policy is unlawful, contact your state attorney general’s office and then file a complaint with the FTC. It is advised that you not make any accusations that could impact the level of care your loved one receives. Simply take the information and report it to the proper authorities.
How Does a Stimulus Payment Affect My Medicaid Eligibilty?
There are some things you need to be aware of regarding stimulus checks and your Medicaid eligibility.
The Social Security Administration does not count economic stimulus payments as income. Additionally, stimulus payments are excluded from a Medicaid recipient’s eligibility resources for 12 months from the date of their stimulus check. Therefore, if a senior’s stimulus payment puts them above Medicaid’s resource limit, their stimulus money needs to be spent down within a year. Otherwise, they may risk losing their Medicaid benefits.
What Can I Spend Stimulus Money on When on Medicaid?
The following are examples of what a Medicaid recipient may be able to spend the stimulus payments on without affecting their eligibility:
- Payment on debt
- Rent or mortgage payment
- Making small repairs around the house
- Buying household goods and personal comfort objects, such as clothing, electronics, and furniture
- Purchasing needed medical equipment, seeing a dentist or eye doctor when those services are not covered by insurance
Learn more about how you can spend your stimulus if you live in a nursing home. If you have questions about how you or a family member in a nursing home can spend their stimulus checks, contact the estate planning and elder law attorneys at Elville and Associates. The attorneys at Elville and Associates are well-versed in helping clients and their families plan for a variety of situations, be they crisis or pre-crisis situations. Contact Community Relations Director Jeff Stauffer at jeff@elvilleassociates.com, or 443-937-3845 x117 as a first step in setting an appointment with one of our attorneys today.
#elvilleeducation
What Is Long-Term Care and Who Provides It?
Long-term care is the care you need if you can’t perform daily activities on your own for an extended period of time. There are a number of different ways that long-term care can be provided.
Most long-term care involves assisting with basic personal needs rather than providing medical care. You are usually determined to need long-term care if you need help with two or more “activities of daily living” (such as bathing, dressing, eating, and going to the bathroom). Family members usually provide long-term care to start, but as an illness escalates paid care may become necessary.
The following are the types of long-term care:
- Home care from family member. The most basic form of long-term care is when a family member becomes the caregiver. It can involve simple tasks like buying groceries or more complicated ones like bathing and dressing. Sometimes family members can be paid for their work.
- Home care aide. Home care aides provide companionship and socialization and assist with meal preparation, housecleaning, laundry, shopping, and errands. They are also called homemaker or chore aides.
- Home health care aide. Health care aides provide personal care (bathing, grooming, etc.), assist with range-of-motion exercises, provide some medically-related care (empty colostomy bags, dress dry wounds, check blood pressure, etc.), and provide assistance with housekeeping and errands. They are often referred to as personal care assistants
- Adult day care. Adult day care allows family members to get a respite from caregiving. In general, there are three types of centers: those that focus on social interaction, those that focus on health care, and special Alzheimer’s care centers.
- Assisted living facility. Assisted living facilities are a housing option for people who can still live independently but who need some assistance. Depending on the facility, that assistance may include help with meal preparation, housekeeping, medication management, bathing, dressing, transportation and some nursing care. Residents usually live on their own, in small apartments. Despite the emphasis on independence, supportive services are available 24 hours a day in order to provide different levels of help with activities of daily living. The level of medical supervision depends on the facility.
- Nursing home. Nursing homes are the highest level of long-term care. They provide 24-hour care to residents. Staff provide help with daily activities such as feeding, dressing, and bathing along with medical care and physical, occupational, and speech therapy.
According to longtercare.acl.gov, someone turning 65 today has a 70% chance of needing some type of long-term care services in their remaining years.
Costs for care can vary widely, from a few hundred dollars a week to pay for coverage when family members are at work to $300,000 or more a year for around-the-clock home care or care in the most expensive nursing homes, perhaps with private aides hired on the side.
Long-term care costs, whether at home, in assisted living or in a nursing home, are paid primarily from three sources: out-of-pocket, Medicaid, and long-term care insurance. Medicare, the health insurance for people over age 65, only pays for up to 100 days of skilled nursing facility care following a hospitalization, and only for so long as the patient is deemed to need skilled care. It will also pay for skilled care at home — in theory indefinitely, but this may take some advocacy.
The estate planning and elder law attorneys at Elville and Associates are skilled in advising clients about long-term care options for families and their loved ones, including assisted living and nursing home placement, developing plans to pay for the cost of care in the short- and long-term, and establishing estate plans for families to ensure agents and powers of attorney are in place, wishes are carried out as intended. Contact our office’s Legal Administrator, Mary Guay Kramer, at mary@elvilleassociates.com, or 443-741-3635, to set a time to discuss your family’s situation and create a road map that will offer peace of mind for all involved.
What Families Need to Know About Planning for a Loved One w/ Special Needs w/ Olivia Holcombe-Volke
Presented by Elville and Associates’ Senior Principal and Senior Estate Planning Attorney Olivia Holcombe-Volke, this webinar is a discussion that will educate attendees about planning for their loved one with special needs.
Attendees will come to understand what is involved in the planning process for a special needs family and the importance of preserving the loved one’s financial security and quality of life.
The key issues of understanding the role of public benefits, making decisions about the future, Maryland ABLE, and using estate planning and trusts to protect assets will be discussed along with the types of special needs trusts and their specific purposes (along with who the decision makers and beneficiaries can be in these trusts). Also, to be touched upon will be the “planning team concept” – how your planning team (attorney, financial advisor, CPA) – can work together to help provide your family peace of mind during the special needs planning process.
Open to clients, advisors and the general public. For Certified Financial Planners, CPAs, and other professionals 1.5 continuing education hours are available for attending this presentation.
More Webinars from Elville and Associates
The education of clients and their families through counseling and superior legal-technical knowledge is the mission of Elville and Associates. We hold multiple educational events every month. Click to view our calendar of educational webinars and events or visit the Elville and Associates YouTube channel to view recordings of our past webinars.
When you’re a business owner, estate planning must be integrated with a succession plan. Succession planning is about laying the groundwork for a smooth transition of business ownership to family members, employees, or buyers. Every transaction has tax consequences, and the tax cost of a business transfer can vary widely depending on how it is structured.
This session helps you identify the opportunities for successfully integrating your estate and business succession plans. Presented by guest speaker and attorney Charles Borek, attorney and founder of The Borek Group, LLC and Special Counsel to Elville and Associates, this webinar helps you to:
• Realize the need to integrate your estate and business succession plans
• Recognize the variety of ways available to transfer a business to family members
• Understand the use of trusts in succession planning
• Identify the advantages and disadvantages to using family limited partnerships
• Consider which ways of transferring business interests to key employees is most appropriate
• Differentiate a buy-sell agreement from a thorough succession plan
• Understand how tax consequences are impacted by the structure of your succession plan
More Webinars from Elville and Associates
The education of clients and their families through counseling and superior legal-technical knowledge is the mission of Elville and Associates. We hold multiple educational events every month. Click to view our calendar of educational webinars and events or visit the Elville and Associates YouTube channel to view recordings of our past webinars.
Learn the Truth About About Seniors’ Real Estate
More Webinars from Elville and Associates
The education of clients and their families through counseling and superior legal-technical knowledge is the mission of Elville and Associates. We hold multiple educational events every month. Click to view our calendar of educational webinars and events or visit the Elville and Associates YouTube channel to view recordings of our past webinars.
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