Estate Planning for Cannabis Business Owners

Learning Objectives

• To discuss that Cannabis Business Owners need estate planning as much or more than regular business owners.
• To consider estate planning for cannabis business owners through the perspectives of insurance, savings, traditional retirement planning tools, and trusts (revocable and irrevocable).
• To explain some of the socio/cultural and banking considerations that make estate planning for cannabis business owners, especially tricky. 
• To review that estate planning is not so much about planning for death, but also about planning for incapacity.

Course Description

This course is valid up to December 31st, 2023 for CFP Professionals. It is advisable to complete this course before that to process the credit on time.

The legal cannabis industry is one of the fastest-growing industries in the world. As more states legalize cannabis sales, estate planners may increasingly be called upon to advise clients with interests in cannabis-related businesses.

This CPE webinar provides an overview of some of the fundamental issues about which cannabis business owners are likely to seek estate planning advice: business formation matters, wealth transfers, the ability of trusts to own cannabis-related businesses, and gift, estate, and income tax considerations.

In most states that permit legal cannabis sales, there is limited guidance to provide answers to many basic questions about wealth transfers involving cannabis businesses. At the federal level, while there is a clear prohibition on income tax deductions by cannabis businesses, the gift and estate tax rules are entirely silent on the most basic matters.

Speaker Paula Collins will discuss this introductory information, forward-thinking estate planners may be better equipped to advise clients about how much is still unknown about the legal landscape for cannabis business owners and to follow future developments in this burgeoning area of law.

Wherever you are in your career in the Cannabis Business, this CPE Finance webinar will give you the tools and knowledge to make the choices necessary to have a successful financial future. 

This course covers the following Major Topics: 

• Ancillary Businesses
• Estate Planning Needs of Cannabis Entrepreneurs
• Entity documents and operating agreements
• Basic Assessments
• Insurance
• Exit Plan for the Business
• Offshore Trusts
• Plan for Death & Plan for Incapacity
• Revocable & Irrevocable Trust

Overview

• Estate planning needs of Cannabis entrepreneurs

  8 mins
• Is your client fully licensed in the state?

  11 mins
• Catastrophic planning

  24 mins
• Revocable trust

  34 mins
• Make a plan and then re-visit it annually

  41 mins