Business Succession Breakthroughs Using ESOPs
Co-Sponsored by the Estate Planning Committee of the AAA-CPA
Presenter: Louis H. Diamond, Esq., CPA, Diamond ESOP Advisors PLLC
Moderator: David Henderson, CPA, JD, LLM, Duggan Bertsch, LLC, Chair, Estate Planning Committee, AAA-CPA
All estate and business succession planners should know about the potential attainable through Employee Stock Ownership Plans (ESOPs). Where the facts fit, and they frequently do, optimum results are obtainable. Business owners can sell without paying a tax on their gain, retain control, get paid in tax-free or deducted dollars, and even cause their company to become tax-free, while benefiting their employees. ESOPs don't fit everywhere, but unless they have at least been considered, it is hard to justify that an adequate study has been done.
Louis H. Diamond, Esq., CPA, Managing Member of Diamond ESOP Advisors PLLC, is one of the leading Employee Stock Ownership Plan (ESOP) attorneys in the country. His work with ESOPs is all cncompassing, ranging from representing companies adopting and owners selling stock to an ESOP, ESOPs themselves and their trustees, banks and others making ESOP loans, and employees pooling ESOP funds to purchase their division/subsidiary from their employer. AT the Georgetown University Law Center he taught Business Planning and one of the very few ESOP courses in the United States. His ESOP and tax related articles have been published in numerous leading journals, and he has authored a chapter in a treatise on ESOPs. He has frequently spoken at employee benefit and tax conferences, including the ESOP Association, the American Institute of CPAs, the NYU Institute on Federal Taxation and the Southern Federal Tax Institute. Mr. Diamond is a past chairman of the ESOP Association's Legislative and Regulatory Advisory Committee, and is a member of the National Center for Employee Ownership, a Charter Fellow of the American College of Employee Benefits Counsel, and a Fellow of the American College of Tax Counsel. He also served as an attorney advisor at the US Tax Court. He has a B.A. in accounting and a J.D. cum laude from George Washington University Law Center where he served as an Associate Editor of the Law Review. He then obtained his LL.M. in Taxation from the Georgetown University Law Center. He is also qualifed as a CPA and a member of the American Association of Attorney-CPAs.
Mr. Henderson is a member with DUGGAN BERTSCH, LLC and practices in DUGGAN BERTSCH'S Private Client Practice Group. Mr. Henderson is the lead member of DUGGAN BERTSCH’S tax compliance and tax controversy team. He has a coast-to-coast federal tax practice in which he advises, counsels and represents some of the nation’s most successful and well-known individuals, for-profit businesses, family offices, and tax-exempt organizations. His extensive experience and education focuses on the interrelated disciples of taxation, wealth planning and business law. Prior to joining DUGGAN BERTSCH, LLC, Mr. Henderson practiced as a senior associate with Handler, Thayer & Duggan, LLC and as a Certified Public Accountant in a Chicago-based public accounting firm. Mr. Henderson's expertise includes U.S. tax planning, analysis, transactional structuring, pass throughs, international inbound and outbound U.S. tax planning and compliance, executive compensation and benefits, tax compliance, tax controversy and litigation, and tax advantaged investment planning and structuring. His wealth planning expertise includes family office planning, structuring, governance and administration, wealth planning, trusts and estates planning, estate administration, wealth and asset protection planning, insurance planning, transfer and income taxation planning, succession planning, and associations and foundations. Additionally, his business law expertise includes general corporate and limited liability company services, insurance and reinsurance, finance, private equity, business solutions and governance, business counseling and transactions, and business restructuring. Mr. Henderson earned a Bachelor of Sciences degree with dual majors in Accounting and Finance from Indiana University, a certificate of Certified Public Accountant from the University of Illinois at Urbana-Champaign, a Juris Doctor degree from the John Marshall Law School (Cum Laude) in Chicago, Illinois, and a Juris Doctor Certificate in Tax Law from the John Marshall Law School. Mr. Henderson was the sole recipient of the Dean’s Award for outstanding academic achievement upon completion of his Juris Doctor degree. Mr. Henderson also completed his Masters of Law (LL.M.) (Highest Honors) in Taxation Degree with concentrations in Estate Planning and Employee Benefits at the John Marshall Law School. Mr. Henderson is an adjunct professor of law at the John Marshall Law School where he teaches in Masters of Law program courses in both federal taxation and the business, financial, tax and legal aspects of life insurance. Mr. Henderson is a member of the American, Illinois State and Chicago Bar Associations, the American Association of Attorney-Certified Public Accountants, the American Institute of Certified Public Accountants and the Illinois Society of Certified Public Accountants. Mr. Henderson is licensed to practice in Indiana, Illinois and Florida as well as before the U.S. Tax Court.