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Estate and Family Business Succession Planning: When to Ask the Charitable Question

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PLEASE NOTE CHANGE OF LOCATION TO KAUFFMAN FOUNDATION CONFERENCE CENTER

Kansas and Missouri CLE = 1 hour

Cindy McClannahan, Chair of the Estate Planning Section, Seigfreid Bingham

ESTATE AND FAMILY BUSINESS SUCCESSION PLANNING: WHEN TO ASK THE CHARITABLE QUESTION

Your client is working with a team of advisors, including an accountant, attorney, financial advisor, and others in order to minimize taxes, develop an estate plan that leaves the client’s property to family members, and perhaps also to develop a Cindy-McClannahansuccession planning for the family business.  The team of advisors recommends a number of strategies to your client.  Your client most likely has some charitable goals if those goals can fit within these strategies.  When should you ask the charitable question so that the answer is likely to be yes?  We will review popular strategies and determine the best time to incorporate charitable planning.

PPP Tracks:  Complex Assets – Special concerns related to popular or emerging assets used in philanthropic planning; Gift Design Essentials – Best practices for structuring gifts that benefit both donors and charitable organizations; Charitable Estate Planning – Approaches to gifts integrating current or deferred components; Core CompetenciesEssential knowledge or skills from disciplines related to the field of philanthropic planning.

Cindy McClannahan is the Chair of the Estate Planning Section of Seigfreid Bingham, and works with a variety of clients to accomplish their goals, including those who own closely held businesses and a number of individu­als whose net worth exceeds $20 million. She focuses her practice in the areas of Estate Planning, including Revocable and Irrevocable Trusts, Estate and Trust Administration, Charitable Giving, Grantor Retained Annuity Trusts, and Fam­ily Partnerships. Cindy helps clients meet their estate planning goals while also minimizing taxation and avoiding probate. After death, she advises their family on estate and trust administration and estate, gift, and income tax returns.

Cindy also works with closely held business owners on Business Planning, Buy-Sell Shareholder Agreements, and Tax Planning. Often clients wish to involve the next generation in the family business while also treating all of their children equally, even when only some of their children work in the business. She helps clients re­duce their estate taxes and plan for liquidity to pay their remaining estate taxes. If a client decides to buy an additional business or sell a business, she works with the client to minimize liability issues and reduce income taxes.

Cindy is known for listening to clients and providing prompt and technical help in a manner that can be easily understood by clients.

Honors & Awards: Five Star Wealth Manager in Estate Planning, 2007 to Present; Cited in Marquis’ Who’s Who in American Law and similar publications.

Professional Affiliations: American Bar Association; Missouri Bar Association; Kansas Bar Association; Kansas City Metropolitan Bar Association; Lawyers Association of Kansas City; Estate Planning Society of Kansas City; Donald H. Chisholm Planned Giving Council.

October 10  7:30 a.m. – 9 a.m.