Getting Money Out of the Family Business
Check-in begins at 11:45 am. Lunch and Presentation from 12:00-1:15 pm.
About the talk: This program will review planning techniques and considerations associated with extracting money from the family business - to the business owner, to family members, to trusts, and to related entities - whether in the form of compensation, dividends, S corporation distributions, redemption payments, rental income, interest and principal payments on installment notes, consulting arrangements, payments for the purchase of goodwill, or AFR loans.
Speaker bio: Farhad Aghdami is chair of the Tax Department at Williams Mullen, where he focuses his practice on business succession planning, mergers and acquisitions, entity formation and structuring, and wealth transfer planning and preservation. He counsels a wide variety of clients, from middle market business owners and entrepreneurs to publicly traded enterprises. In addition, Mr. Aghdami has extensive experience in Federal income, estate and gift taxation. He advises clients on a range of business-oriented problems and issues and in structuring complex business arrangements and transactions. They also seek his assistance in connection with their personal financial affairs and wealth transfer planning.
Mr. Aghdami is a Fellow in the American College of Trust and Estate Counsel. He is listed in The Best Lawyers In America in both the Tax and Trusts and Estates categories. In addition, he has been named to the Virginia Business “Legal Elite” in the Tax/Trusts and Estates category and a “Super Lawyer” for Tax Law by Virginia Super Lawyers magazine. Mr. Aghdami currently serves as an adjunct professor at the T.C. Williams School of Law at the University of Richmond. He previously served as an adjunct professor at Washington & Lee University School of Law.
Mr. Farhad currently serves as vice-chair of the Virginia Bar Association’s Wills, Trusts & Estates Section and is a member of its Legislative Committee. Mr. Aghdami is a member of and currently holds or previously held leadership positions in a number of bar and professional organizations, including, the Fiduciary Income Tax Committee of the ABA Tax Section (chair, 2003-2005), Insurance Planning Committee of the ABA Real Property, Probate & Trust Section (chair, 2003-2004), Estate Planning Council of Richmond, Inc. (current treasurer and member of board of directors, 2006-present), Trust Administrators Council of Richmond (president, 2004-2005), University of Richmond Estate Planning Advisory Council (chair, 2004-2009), and Private Business Study Group (chair, 2001-2002). He also served on the Task Force on Reform of Federal Wealth Transfer Taxes (2002-2004).
Mr. Aghdami is a co-author of Structuring Buy-Sell Agreements (2nd Ed.; Warrant Gorham & Lamont). He is the author of numerous articles that have appeared in tax journals, including The Tax Lawyer and The Journal of Taxation. Mr. Aghdami regularly speaks at advanced planning conferences and seminars, including programs sponsored by the NYU Federal Tax Institute, the University of Miami-Heckerling Estate Planning Institute, the Southern Federal Tax Institute, ALI-ABA, the ABA Tax Section, the ABA Real Property, Probate & Trust Section, and the American Institute of Certified Public Accountants (AICPA).
Mr. Aghdami is a 1989 graduate of the University of Virginia and a 1992 graduate from the Wake Forest University School of Law. Mr. Aghdami received his masters of laws in taxation from Georgetown University Law Center in 1995.