Hello to all reading this Newsletter, as we now are in the middle of summer here in North Central Idaho - on the wild and scenic Middle Fork of the Clearwater River.
This Newsletter focuses on "Succession Planning", not just on any estate or death tax savings alternatives, but rather on the holistic, total approach to estate and succession planning for families. A multi-generational approach to succession planning not only is necessary, but it provides a practice development opportunity for CPAs and other tax practitioners interested in serving clients in a total, integrated way.
I have partnered with WesternCPE, a nationally known CPE provider headquartered in Bozeman, MT, in developing a precision conference titled "Family Wealth and Business Succession Planning Conference". This is the 4th year for this conference, which is being offered at the famed Omni National Resort in Tucson, AZ, November 10-12, 2014 (to be followed by Western CPE's updated Federal Tax Update courses on November 13-14). Check out the details for registration and courses offered at www.westerncpe.com, clicking on "precision conferences".
What is succession planning? "You can't take it with you" is the old saw and remains true as ever! Therefore, where wealth in terms of property is involved, the senior generation that presumably created the wealth must deal with succession both as to the property involved as well as to the management of property - There is no getting around it, and actually failing to have a plan merely is likely to cause unintended, adverse results, family disputes and even protracted litigation.
With the very high Federal estate tax exemptions brought into permanent status by the American Taxpayer Relief Act of 2012 (ATRA 2012), enacted 1/2/13, more than 99% of families have no Federal estate tax worry (although in some States, there still are State inheritance or death taxes with lower exemptions). Many, many reasons exist for estate and succession planning without there being the possibility of an estate tax - think, for example, of the successful (say a value of $5 million) family business with some younger family members working in the business and others not. How do the senior family members allocate family business equity interests, who manages the business, how does the senior generation also take care of family members not active in the business? These and many other questions are key for consideration in succession planning.
In Tucson, November 10-12, 2014, we will consider many issues involving the creation, management, and distribution of family wealth, especially as relates to family businesses. Outstanding speakers, nationally recognized for their knowledge and experience in this area, will present practical, family friendly courses. For example, financial planner Jeff Rattiner will present courses on (1) Life Insurance Planning for the Family, and (2) Financial Planning Wealth Building & Preservation. I will present courses on "Estate & Succession Planning for the 99%" and "The Keys to Ensuring Trusts & Wealth Succession Plans Work". Jeff and I also will discuss in a Roundtable how to coordinate various advisors in wealth succession planning.
In addition, former ACTEC President and tax lawyer Lou Mezzullo will present two (2) courses, including (1) Succession Planning at Various Wealth Levels, and (2) Family Business Succession Alternatives and Planning" (including Choice of Entity, development of entity plans separating equity ownership and management continuity). Then we have the privilege of having Leslie Dashew of the Aspen Family Business Group, LLC, co-author of the book "The Keys to Family Business Success", who will discuss in two courses difficult issues that must be discussed regarding estates as well as a comprehensive approach to succession planning in the closely-held business.
Finally, a 3-hour panel on November 12th involving tax professor and WCPE presenter Joe Walloch, Lou Mezzullo, and myself, will review actual case studies in Making Succession Planning Work in the Real World. This will cap off the 3-day program the morning of Wednesday, November 12th.
This precision conference provides CPAs, other tax practitioners, family business CEOs, CFOs and owners with an excellent opportunity to learn what is needed in succession planning, what alternatives are available, and how to get the job done! Check out the Western CPE website, www.westerncpe.com, and register for real and practical education that will help advisors and their clients alike - in today's complicated world as financial and tax issues continue to be important issues.
If you have any questions about the program in Tucson, do not hesitate to email them to me: email@example.com
Have a great day and the rest of the summer!