Valuation Resources & Guidance for Attorneys with Clients Owning Business Interests, Nov. 9

An advanced, interactive, business valuation presentation focusing on issues confronted by attorneys with clients owning business interest(s). The program will include a moderated three member panel of legal experts discussing issues relating to general corporate law, ownership transactions (stock and asset), estate and gift tax, & shareholder disputes.

* Understanding Differences in Value Basic Mechanics of Business Appraisal
* Valuation in dissent and shareholder oppression Value Drivers
* Role of Business Appraisal in Exit Planning
* Effective engagement, use, and support of valuation experts

Understanding Differences in Value
* How are businesses valued
* Income Approach: discounted cash flows vs. capitalized cash flows
* Discount and Capitalization Rates
* Market Approach: Guideline Transaction Method and Guideline

Public Company Method
* Asset Approach

Basic Mechanics of Business Appraisal
* Costs of Equity, Costs of Debt, and Weighted Average Costs of Capital
* Financial Statements, the balance sheet, and the income statement
* Ratio Analysis

Appraisal & Report Types
* Calculations, limited appraisals, and complete appraisal
* When is an appraisal warranted
* Other assignments: appraisal review, fairness opinions, solvency opinions, feasibility studies
* Oral, restricted use, and comprehensive reports
* When appropriate, when not
* Independence versus advocacy
* When appropriate, when not
* Appraisers as consultants versus fact witness
* Controversial issues among appraisers/ subjective issues
* Best practices among appraisers
* Costs and engagement considerations

Value Driver
* What creates value
* Personal goodwill versus enterprise goodwill
* Other considerations,
* Value is Incremental and Value Changes with Time
* Synergistic versus strategic inventors

Role of Business Appraisal In Exit Planning
* Common Questions and issues of shareholders wanting to leave the business
* Standards of Value
* Types of Exit Strategies
* General valuation inclination per exit strategy
* Valuation Approaches
* Control Premiums and liquidity/minority discounts
* Transaction Funding

Shareholder Dissent, Oppression, and Appraisal Remedies
* Shareholder dissent
* Shareholder oppression
* Statutory Fair Value
* Continuing torts and other measures of damages
* Reporting and testimony considerations

Considerations in Litigation (Faculty Panel)
* Defining the engagement, date of valuation, and standard of value
* Discovery and time line
* Who is the client
* Attorney work product privilege
* The appraisal report, use, and opposing discovery
* Other supporting accounting, tax, and appraisal discipline experts & evidence relied upon by appraiser
* Opposing experts: do’s and do not’s
* Supporting the experts testimony at trial
* Cost considerations

David A. Maschino, ASA, Chair
Lighthouse Advisors, Inc., Indianapolis, IN

George G. Cassiere, ASA, CFA
PACE Financial Group, Fishers, IN

Christopher C. Hirschfeld, ASA, MBA
Somerset CPA’s & Advisors, Indianapolis, IN

Robert C. Schlegel, ASA, MCBA
Houlihan Valuation Advisors, Indianapolis, IN

Brian A. Eagle
Eagle & Fein, P.C., Indianapolis, IN

Michael E. Millikan
Ice Miller LLP, Indianapolis, IN

William M. Pope
Barnes & Thornburg LLP, Indianapolis, IN

4 CLE / .5 E – Wednesday, November 9
9:00 A.M. – 4:30 P.M.

– ICLEF Conference Facility, Indianapolis

– Reiling Teder & Schrier Law Office, Lafayette
– Ice Miller Law Office, Indianapolis

– From your home or office computer

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The Essential Malpractice & Ethics Issues of Fee Agreements: Live in 3 Locations!

SAMPLE Fee Agreements…They’re everywhere! Legal research sites, bar associations, blogs, law firm websites, and yes, even malpractice insurance carriers, all have SAMPLE fee agreements a lawyer can download and start using. The trouble is, many of those SAMPLES are WRONG! This program will help you identify the absolutely vital malpractice and ethics issues you must master in order to avoid problems with this standard tool of your practice.

AGENDA: All times local
8:30 A.M.       Registration & Coffee

8:50 A.M.       Welcome & Course Objectives

9:00 A.M.       The QUIZ – A chance to test your knowledge in the latest hot topics in legal malpractice and ethics, and what you need to know to protect yourself from novel malpractice risks and ethics complaints

10:00 A.M.      Coffee Break

10:10 A.M.       Fee Agreement Building Blocks:
– Client Identity;
– The Scope of the Representation;
– The Rate & Basis of Your Fee

11:10 A.M.       Coffee Break

11:15 A.M.       Fee Agreement Building Blocks: Continued
– Issues of Withdrawal from the Representation;
– Resolving Disputes;
– Completing the Representation

12:15 P.M.       Adjournment

Christian A. Stiegemeyer is the Director of Risk Management for The Bar Plan Mutual Insurance Company and Executive Vice President of The Bar Plan Foundation. He annually conducts more than seventy Risk Management seminars, on a wide variety of ethical and legal malpractice issues, covering current issues concerning professionalism and providing practical solutions for dealing with malpractice and ethical concerns.

Mr. Stiegemeyer also directs The Bar Plan’s Practice Management Program, providing on-site, personalized reviews of lawyers’ law firm practices to help improve risk management and case handling procedures. In addition, Mr. Stiegemeyer responds to The Bar Plan’s ethics and malpractice telephone “Hotline” to timely assist its insureds with issues that arise in their daily practice and has written numerous articles appearing in a variety of national, state and local bar association publications. He received his B.A. from Southeast Missouri State University and J.D. from The Saint Louis University School of Law in 1992.

3 CLE / 3 E – Live in 3 Locations!


– Blue Chip Casino, Michigan City


– ICLEF Conference Facility, Indianapolis

– May Oberfell Lorber Law Office, Mishawaka
– Taft Law Office, Indianapolis

– From your home or office computer


EVANSVILLE, October 20
– Tropicana Hotel, Evansville

ICLEF • Indiana Continuing Legal Education Forum, Indianapolis, IN

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Dealing Practically with GSTs and Other Estate Planning Acronyms, Oct. 7

Why being able to spot Generation Skipping Tax issues is really important
•  Non-portability of the lifetime GST exemption
•  Flat GST tax rate equal to top marginal estate tax rate. How can you tell that a GST issue has arisen or will arise for compliance or reporting purposes (e.g., an existing trust is about to start making distributions to skip person beneficiaries for the first time)

Basics of direct skips vs. taxable distributions vs. taxable terminations
•  Examples of each: Source of payment for the GST tax, if any, and logistics for payment
•  How and where each type of GST transfer is reported on 709 or 706-series return

Has the [living or dead] transferor already allocated part or all of his or her lifetime GST exemption? 

How can automatic allocations frequently “save the day”?
• Deemed or automatic allocations under IRC § 2632 and how to “elect out”
• Importance of understanding what are and are not “indirect skips” under IRC § 2632(c), with a “decision tree” to help the transferor / client confirm when an automatic allocation will occur (or has already occurred)
• Potential information sources or records to check for past allocations of GST exemption
• How to correctly fill out Schedules R and R-1 of Form 706 when there are GST transfers exceeding the decedent’s remaining GST exemption

How to avoid “breaking” a grandfathered-exempt GST trust or a zero-inclusion-ratio trust when “fixing” non-tax problems through court-approved modifications or decanting
• Dire practical consequences of destroying grandfathered GST-exempt status for a pre-Sept. 1985 trust
• Understanding the safe harbors under Reg. § 26.2601-1(b)(4)
• What kinds of modifications should be avoided

How to do a severance or a division of a GST trust into an entirely-exempt trust (inclusion ratio of zero) and an entirely-taxable trust (inclusion ratio of 1.0) when the trust is funded with more than the transferor’s unused lifetime GST exemption
• Importance of a “qualified severance” under § 2642(a)(3)
• Rely on directions inside the well-drafted trust document
• Rely on “local law” (such as I.C. ¶ 30-4-3-3(a)(27)) to do a qualified severance if the trust document is silent
• How the “move down” rule under IRC § 2653(a) affects the GST tax treatment of future distributions from a non-exempt trust with an inclusion ratio of 1.0
• What to do if a GST trust should have been severed years earlier into exempt and non-exempt trusts but was not


AFTERNOON CONTENT: Estate Planning Acronyms

Charitable planning with CRATs, CRUTs, CLATs, and CLUTs
• Who can serve as the trustee
• Allowing change in the designation of the charitable beneficiary(ies)
• Different designs available for the lead interest under a CRUT (NIMCRUT, Flip-CRUT, etc.)
• Selecting the § 7520 rate to use when initial funding occurs
• Types of assets that are not appropriate or less than ideal for a CLAT or a CRUT
• Dire consequences when a CRAT or CRUT does not make the non-charitable lead distributions

QTIPs, QDOTs, and LEPA trusts with surviving spouse beneficiaries
• Life-Estate-with-Power-of-Appointment (“LEPA”) trust for surviving spouse under IRC § 2056(b)(5) & how it differs from a QTIP trust
• Will the IRS respect the validity of a QTIP election if it wasn’t needed to reduce estate tax?
• Making a second QTIP election for retirement account assets passing to a QTIP trust
• When and why to make a reverse QTIP election
• What is a “Clayton QTIP” trust?
• How should a marital trust be structured to qualify for a QDOT election if the surviving spouse is still a non-citizen at the crucial time?

GRATs vs. IDGTs – comparing and contrasting the use of Grantor Retained Annuity Trusts and sales to Intentionally Defective Grantor Trusts
• Which clients should care about these?
• What is accomplished by a GRAT that “works”?
• Zeroed-out GRATs and “laddered GRATs”
• Using IDGTs with installment sales of appreciating assets
• Using valuation-adjustment clauses with sales to IDGTs

A potpourri of “old standbys” and some techniques with narrow scope or doubtful prospects
• ILITs (irrevocable life insurance trusts)
• SCINs (self-canceling installment notes)
• QPRTs (qualified personal residence trusts) and the alternative of a sale of a remainder interest
• SLATs (spousal limited access trusts)
• The Supercharged Credit Shelter TrustSM (SCST)

Concepts and techniques to achieve basis step-up of assets at the death of a trust beneficiary or power holder
• GPOAs (general powers of appointment) and “PEG powers” (presently exercisable GPOAs)
• Intentionally triggering the “Delaware Tax Trap” under IRC § 2041(a)(3) to cause inclusion of assets in estate of the holder of a limited appointment power that re-sets the clock on the running of Rule Against Perpetuities
•  “Optimal Basis Increase Trust” (OBIT) designed and proposed by Edwin P. Morrow III

DINGs (Delaware Incomplete Non-Grantor Trusts) or NINGs (Nevada Incomplete Non-Grantor Trusts)
• Primary purpose is to lawfully avoid state income taxes
• Create in a state that does not impose income tax on accumulated or non-distributed trust income, and fund with an incomplete gift(s) (grantor must retain enough control to prevent a completed gift)
• Adverse parties such as a distribution committee should be involved in the approval of all discretionary distributions to the grantor, so that the trust is not a grantor trust
• State of residence of  beneficiaries is crucial in determining which (and how much) state income taxes will be avoided
• Distributions actually made to Indiana-resident grantor will be subject to income tax in Indiana
• BINGs (Beneficiary Irrevocable Grantor Trusts)
• Also known as Beneficiary Defective Inheritor Trusts (BDITs)
• A Crummey trust under which a withdrawal power is currently possessed by primary beneficiary or previously lapsed
• Takes advantage of IRC § 678(a) and causes all of the trust’s income to be taxable to that beneficiary
• Because the beneficiary is treated as the grantor and owner of the trust, the beneficiary and the trust can engage in asset sale transactions between them without triggering any taxable income

Jeffrey S. Dible, Chair
Frost Brown Todd LLC, Indianapolis, IN

William J. Dale, Jr.
Dale & Eke Professional Corporation, Indianapolis, IN

Ellen M. Deeter
Of Counsel, Dale & Eke Professional Corporation, Indianapolis, IN

Julia S. Weaver
Oxford Financial Group, LTD, Indianapolis, IN


6 CLE – Friday, October 7,  9:00 A.M. – 4:30 P.M.

– ICLEF Conference Facility, Indianapolis

– From your home or office computer

ICLEF • Indiana Continuing Legal Education Forum, Indianapolis, IN

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Advanced Family Law live in Merrillville, Sept. 30


• Ethical Considerations in a Family Law Practice

• Support, Maintenance, Educational Expense Orders, and dealing with the Stay-at-Home Commuter

• Business Valuation Issues in Closely Held Businesses

• Intellectual Property Issues Relating to the Marital Assets

• Recent Developments and Issues with Marriage Equality and Parental Rights

• When Immigration Law Intersects Family Law


Paul A. Leonard, Jr., Chair
Burke Costanza & Carberry LLP, Merrillville, IN

J. Douglas Angel
Law Offices of J. Douglas Angel, Munster, IN

James J. Bell
Paganelli Law Group, Indianapolis, IN

Wendy Crawford-Schultz
Bluewater Consulting Group, Wilmette, IL

Cornelius B. “Neil” Hayes
Hayes & Hayes, Fort Wayne, IN

Debra Lynch DuBovich
Levy & DuBovich, Merrillville, IN

Linda Peters Chrzan
Chrzan Law LLC, Fort Wayne, IN

Dana Rifai
Burke Costanza & Carberry LLP, Merrillville, IN


6 CLE / 1 E – Friday, September 30
8:30 A.M. – 4:00 P.M. (Central)

– Avalon Manor, Merrillville, IN


ICLEF • Indiana Continuing Legal Education Forum, Indianapolis, IN

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