Capell Barnett Matalon & Schoenfeld Partner Robert Barnett presented a myLawCLE explaining Section 754 Elections and General Accounting Rules for LLCs on August 23, 2024. The discussion on the proper use of LLCs in estate planning, with a particular focus on tax traps and opportunities, reviewed how LLCs can play a pivotal role in estate and tax planning when carefully constructed and utilized. The webinar, which offers CLE credits, is currently available for purchase from myLawCLE here.
Program Summary
Session I – Leveraging LLCs in Estate Planning: Entity selection, IRC 1202 exclusion, and valuation discounts – Micah Stewart and Cherish Van Mullem
This program will cover the uses of LLCs in estate planning and cover topics such as, choice of entity, potential use of the Internal Revenue Code section 1202 small business stock exclusion, and discounts.
Key topics to be discussed:
- Choice of entity
- Small business stock exclusion
- General use of LLCs in estate planning
Session II – Section 754 Elections and General Accounting Rules for LLCs – Robert Barnett
This lecture will discuss the proper use of LLCs in estate planning with particular focus on tax traps and opportunities. When carefully constructed and utilized, LLCs can play a pivotal role in estate and tax planning.
Key topics to be discussed:
- Special partnership considerations and operations
- Tax benefits of LLC structure
- 754 elections
- Capital account book-up
- Valuation and discounts
- Review of § 736 and cases
