Learn the 10 Key Steps to Successful Wealth and Management Succession Planning
Very few American families need worry about the Federal estate tax, and possibly the Republican and Trump Administration tax proposals, including repeal of the estate tax, will eventually become law. However, the key to wealth and management succession planning is not merely tax-oriented; rather, family goals and concerns must be dealt with in an integrated, multi-generational way – to ensure the preservation of family wealth in future decades.
Some families currently still face the dreaded Federal estate tax (or death taxes in over 18 State jurisdictions), but, income tax planning for families with substantial wealth is important. CPAs, lawyers, and other professionals can offer practical guidance to their clients in succession planning.
In this session, tax expert Owen G. Fiore, JD, will guide practitioners through the 10 key steps in successful wealth and management succession planning. Owen will provide actual case studies of working with families having substantial wealth, including that represented by passive investment assets and operating family-owned businesses. He will also review contingency planning in the event of death with examples of action plans and required documents.
Additionally, practitioners will learn the effective uses of entities and management succession techniques to ensure wealth creation, management and preservation.
Review of the American Taxpayer Relief Act of 2012, especially in light of new tax legislative proposals
Consideration of the three (3) elements of succession planning, namely, People, Property and Process
Owen’s 10 steps in successful succession planning
Lifetime wealth preservation planning coupled with contingency planning for disability and/or death
How to base planning on the net worth level of the client family
Structuring a plan with trusts, partnerships, LLCs and corporations, as well as executive compensation elements where a family business is involved
Understanding how to work with other advisors and with family members in a practical and communicative manner
NASBA & IRS Category of Study: Taxes and Management Planning
Owen G. Fiore, JD, is an outstanding and experienced tax educator, having presented seminars and courses for over 35 years to CPAs, Enrolled Agents, Financial Planners and attorneys, as well as to CEOs of business organizations, such as the Young President’s Organization (YPO). His presentatio...
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