Family Limited Partnerships in Estate Planning

Agenda / Content Covered

1. Entity Choice for Tax Purposes
   2:00 - 2:30, David Bastiaans
2. Business Continuation/Succession Planning
   2:30 - 2:45, David Bastiaans
3. FLP Funding
   2:45 - 3:00, David Bastiaans
4. FLPs vs. LLCs vs. General Partnerships
   3:00 - 3:15, Shaunestte N. Terrell
5. Tax-Saving Techniques and Pitfalls: Chapter 14 Valuation Discounts, Section 199A Deduction, etc.
   3:15 - 3:45, Shaunestte N. Terrell
6. Drafting Successful FLP Formation Documents
   3:45 - 4:00, Shaunestte N. Terrell
7. How FLPs are Taxed
   4:15 - 4:45, Gary A. Forster
8. Asset Protection Considerations
   4:45 - 5:00, Gary A. Forster
9. Using FLPs and Trusts Together
   5:00 - 5:15, Gary A. Forster

Accreditation Details:

David Bastiaans is a shareholder in the Virginia Beach law firm of Wolcott Rivers Gates, where he practices in the areas of corporate transactions, business formations, real estate, estate planning, and estate/trust administration. In addition to his law license, Mr. Bastiaans is a certified public accountant licensed in Virginia. He is a member of the Virginia State Bar and the Virginia Bar Association. Mr. Bastiaans is admitted to practice law in Virginia and Massachusetts. He earned both his B.S.B.A. and J.D. degrees from the Western New England University, Springfield, Massachusetts and his LL.M. degree from The University of Alabama School of Law, Tuscaloosa, Alabama.

Gary A. Forster is managing partner and co-founder of ForsterBoughman. His practice spans 30 years and includes domestic and international corporate law, asset protection, tax, and estate planning. Mr. Forster handles a variety of corporate and personal planning matters for business leaders and wealthy families. He is the author of three books. In 2013, he wrote Asset Protection for Professionals, Entrepreneurs and Investors, a guide to asset protection strategies for clients and their financial advisors, now in its second edition. In 2020, Mr. Forster finished the second edition of The U.S. Estate and Gift Tax and the Non-Citizen, which explains how resident and non-resident foreign nationals are impacted by the U.S. estate and gift tax. In 2021, he wrote The U.S. Wealth Transfer Tax and the Non-Citizen, a law school textbook. Mr. Forster’s legislative amendments were adopted as Section 43A of the new Nevis LLC Ordinance - Nevis Limited Liability Company (Amendment) Ordinance, 2015. He earned his B.A. degree from Tufts University, graduating cum laude with majors in economics and Spanish literature. Mr. Forster earned his J.D. degree from the University of Florida College of Law, graduating with honors. He continued his studies as a graduate fellow at the University of Florida College of Law, Master of Taxation program, earning an LL.M. degree. Mr. Forster's education also includes studies at the University of Madrid, Oxford University and Leiden University in the Netherlands. He is a member of The Florida Bar and the District of Columbia Bar Association, including bar sections for international and tax law. Mr. Forster is licensed to practice before the U.S. Tax Court, and is a member of the American Bar Association Asset Protection Planning Committee.

Shaunestte N. Terrell is a partner at Voyles Vaiana Lukemeyer Baldwin & Webb, where she leads the firm’s Sexual Abuse Litigation Team. She focuses her practice on helping survivors of sexual assault to obtain justice and compensation through the civil justice system in an effort not only to hold their perpetrators accountable, but to also provide resources needed to effectively deal with the severe trauma of the sexual abuse they experienced. Ms. Terrell is a member of Indianapolis Bar Association (distinguished fellow), Indiana Trial Lawyers' Association and National Crime Victims' Bar Association. She graduated with full academic honors from Purdue University, where she majored in history and psychology, and was a member of the Golden Key International Honour Society. Ms. Terrell earned her J.D. degree from Indiana University Robert H. McKinney School of Law. She is licensed to practice law in Indiana, Indiana Northern District and Indiana Southern District.