Our panel discusses Professional Responsibilities including attorneys' fees, client development, law office economics and practice, and more. Bring your tough questions: panel members plan on having open and frank discussions regarding their individual practices. This presentation counts towards Ethics CLE credit.

Grab a colleague or two to continue the conversation on professional responsibility

Qualified Personal Residence Trusts (QPRTs) (30 min)
Learn why Whitney Sorrell loves QPRTs for higher net worth and asset protection clients.  This program reviews how and why QPRTs work and the rules for what to do and what not to do.  
Family Limited Partnerships (FLPs) (30 min)
This program will review the court cases telling us what to do and what not to do when designing FLPs; bad fact cases are the problem so don’t be that bad fact case; design the client FLP plan for a win from the ground up.

Taxation of Trusts and Estates (30 min)
This section will give a light overview of how trusts and estates are taxed, the difference between simple and complex trusts, the difference between accounting income v. taxable income v. distributable net income, and the opportunity to make a section 645 election to treat a trust as part of the estate for tax purposes.

Business Acquisitions – the Asset Purchase (30 min)
Part of a business acquisition series, the asset purchase is more common in small family businesses and flow through entities.  We will introduce how to negotiate and then allocate the purchase price among the assets, and requirements to make sure your client gets the best tax consequence on either side of an asset purchase/sale transaction.

Asset Protection (1 hour)
Higher net worth and business owner clients want to protect themselves and their children from creditor claims.  Buying the flavor of the month Nevada or Wyoming entity is not the answer because creditors attack the transfer.  The pre-planning and transfers are perhaps the most important part of an asset protection plan.  We will discuss how asset protection works, why it fails, the available structures best suited for different types of assets, and how these structures double as estate planning tools.