Before launching into an estate planning program, it’s important to know who owns what and exactly for whom you are planning. This requires that methods of holding title must be analyzed, considered, and selected. Sole proprietorships, S corporations, C corporations, partnerships, and limited liability companies are analyzed as to formation, operation, and ultimate disposition. Since who or what holds title imposes its own unique tax and legal consequences on the estate plan, emphasis is given to the maximization of tax benefits in each business format. While each has its own separate characteristics, several may be used together in more sophisticated planning.

Learning Assignment & Objectives

As a result of studying the assigned materials, you should be able to meet the objectives listed below.

At the start of the materials, participants should identify the following topics for study:

Individual ownership & sole proprietorships

Corporations

Trusts & co-tenancies

Co-tenancy taxation, percentage interests & partition

Partnership taxation & recapitalization

Family partnerships

Limited liability companies

Retirement plans

Custodianship

Estate

Learning Objectives

After reading the materials, participants will be able to:

Distinguish between the various types of corporations, clarify S corporation rules and their tax advantages and disadvantages, contrast the advantages and disadvantages of corporations relative to other types of entities, and explain how leasebacks to corporations work;

Differentiate between the types of joint ownership, describe how to use the benefits of partnerships, trusts and limited liability companies to hold property;

List the various retirement plans and how they can be used to provide substantial lifetime benefits to a business owner and to employees.

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies