To Have and to HODL: Planning with Cryptocurrency - 65th Annual Estate Planning Short Course - 2022

We are in the midst of the largest inter-generational transfer of wealth than at any other time in history. In this session, we will identify and explore the various issues that arise in planning for the transition of a family business from the senior generation to the family members who are next in line. Many of these challenges are ones that may not have been faced by previous generations, simply due to changes in societal norms. By anticipating and planning for these potential issues, you will be better able to serve your family business clients.

As estate planners we help our clients prepare for death but often fail to think about our own legal practices and firms as an asset that deserves planning. In our session, we will address the importance of creating a firm succession plan (and the professional responsibility to do so) as well as planning for other transitions including attorney leave (whether caused by happy or unhappy circumstances), sale of practices, and attorney transitions to new firms. We will examine a case study of a firm where decedent lawyer did not have a succession plan (and the resulting headaches and heartaches) and give practical suggestions for attendees including sample language to consider adding to firm engagement letters, internal policies and practical guides for succession planning, and provide attendees a succession plan template that can be adapted to fit the transition circumstances.

Understand recent developments in income tax matters and the impact on estate planning and administration.