Closely held family businesses are often as important to the owners of that business as are their own children. With business failures increasing in todayÆs economic environment, the importance of a well planned, dynamic and long-term succession plan is vital to the continuation of the family business as it is passes from generation to generation.

Tax considerations are one part of that plan, but should not take priority over sound business or family considerations. This teleconference will examine the elements of an effective succession plan, some of the reasons for failure of the plan and common solutions that may be implemented to help the plan succeed. The teleconference will also go through three case studies utilizing three different strategies to show how each plan would operate and the tax effects of each type of plan.

Faculty: Bradley J. Kalscheur, Michael Best & Friedrich LLP

Verification and Attendance is the responsibility of Lorman Education For credit questions, please contact Lorman at 866-352-9540

On Demand CLE Hours: AK 1.5, AZ 1.5, CA 1.5, IL 1.5, MO 1.8, MS 1.5, MT 1.5, NC 1.5, ND 1.5, NY 1.5, PA 1.5, TN 1.5, VT 1.5, WA 1.5, WI 1.5, WV 1.8

Self-Study CLE Hours: AK 1.5, CO 2, GA 1.5, MO 1.8, MT 1.5, ND 1.5, NY 1.5, OR 1.5, TX 1.5, UT 1.5, VT 1.5, WV 1.8

On demand orders placed on a weekend or holiday will be fulfilled on the next business day.