Why you should attend
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of2010, which was enacted on December 17, 2010, completely changed the landscape regarding federal estate taxes, gift taxes and generation- skipping transfer taxes, but these tax law changes are scheduled to expire on December 31, 2012. In addition, President's Obama's budget for the government's fiscal year ending September 30, 2013 contains major proposals for transfer tax and income tax changes. The program will explore the possible transfer tax and income tax changes that may occur in 2013 and how you can use this information to your clients' maximum advantage.
What you will learn
- An analysis of the consequences that would result from the expiration of the 2010 Tax Act on December 31, 2012
- A review of the Administration’s current transfer tax and income tax proposals
- Drafting estate planning documents to comply with and take advantage of the 2010 Tax Act
- Marital deduction planning under the 2010 Tax Act
- Prudent investing for the fiduciary in the 21st century
- Post-death elections and planning under the 2010 Tax Act
- State transfer tax consequences of the 2010 Tax Act
- Effective life insurance planning
- Marital deduction planning in the age of portability
- An update on recent developments in all other areas of estate, trust and transfer tax planning
- Sophisticated planning techniques in a low interest rate environment
- Ethical concerns in estate planning
- Estate planning for collectibles
Who should attend
Attorneys and other professionals who specialize in estate planning and life insurance and transfer tax planning, including accountants, financial planners, trust officers, non-profit development professionals and anyone else whose practice requires a solid understanding of estate planning.
Day One: 9:00 a.m. - 5:00 p.m.
Morning Session: 9:00 a.m. - 12:30 p.m.
9:00 Recent Developments in Estate Planning and Federal Taxation
- Estate planning under the 2010 federal Tax Act
- Prospects for further federal transfer tax legislation
- State transfer taxation issues
- New proposed alternate valuation date rules
- IRS guidance regarding protective estate tax refund claims under Code Section 2053
- IRS reviews transfer tax aspects of “decanting” of trusts
Sanford J. Schlesinger
10:15 Charitable Planning Tax Strategies
- Latest developments
- Gathering windfalls and avoiding pitfalls
- Drafting charitable remainder trusts for maximum flexibility
11:15 Networking Break
11:30 Update on Elder Law, Especially Medicare and Medicaid
- Elder law planning for single individuals and married couples
- Long-term care insurance, including tax considerations
- Protecting the family home
- Use of trusts in elder law and special needs planning
- Retirement accounts and long-term care planning
- Medicare: What's covered? What's not?
Bernard A. Krooks
Afternoon Session: 1:45 p.m. - 5:00 p.m.
1:45 Estate Planning with Life Insurance
- Basic types of life insurance policies
- Incidents of ownership
- Section 2035 and transfers of life insurance
- Life insurance trusts
- Estate, gift and generation skipping transfer tax considerations
- Valuation of life insurance policies
- Powers of withdrawal and appointment
- Buy-Sell agreements and life Insurance
- Income taxation of life insurance contracts
Richard J. Miller, Jr.
2:45 Prudent Investing for the Fiduciary in the 21st Century
- Following modern portfolio theory as reflected in prudent investor rules
- Balancing the duty to diversify with settlor’s intent and retention clauses
- How/when to exercise power to adjust or unitrust conversions
Susan R. Schoenfeld
3:45 Networking Break
4:00 Ethical Perils for Individual Trustees: What Every Trustee and Advisor Should Know About Defusing Ethical Conflicts and Reducing Litigation Exposure
- Identify your client when acting as trustee or as advisor
- Manage conflicts of interest in the trust context and reduce litigation exposure
- Balance competing beneficial interests with trustee distribution tools, investment strategy and tax apportionment
- Retainer agreements and considerations for limiting potential on-going attorney liability
- Attorney-client privilege - can it be trumped in the fiduciary context?
- Effectiveness of and ethical considerations surrounding exculpatory provisions
- Practical guidance for reducing fiduciary risk when acting as fiduciary or representing fiduciaries
Sharon L. Klein
Day Two: 9:00 a.m. - 5:00 p.m.
Morning Session: 9:00 a.m. - 12:15 p.m.
9:00 Online Life After Death
- What are digital assets, where are they and who can access them?
- Protecting and disclosing username and passwords
- Preventing disclosure of your digital secrets, writings, photos, social network data
- What do websites do with a user’s account after death?
- Executor’s responsibilities for decedent’s digital assets
- Estate planning for disposing of digital assets
- Digital property belonging to employer
- Afterlife companies - are they worth it?
Donald A. Hamburg
10:00 Sophisticated Planning Techniques in a Long Term Low Interest-Rate Environment
- How the Obama administration’s Fiscal Year 2013 proposals would affect transfer taxes and key planning techniques such as GRATs (grantor retained annuity trusts) and Sales to Defective Grantor Trusts
- Working with GRATs and Sales to Defective Grantor Trusts - pros and cons
- CLATs (charitable lead annuity trusts) - do they make sense?
- Planning with residences - QPRTs (qualified personal residence trusts) and the practical: harmonizing family ownership of the vacation home?
- Intra-family loans
Blanche Lark Christerson
11:00 Networking Break
11:15 Planning for Post-Death Decisions
- State of domicile can have a wide range of consequences to the estate
- Put options and other rights (options) under buy-sell and other agreements
- Extension of time to pay estate tax under 6161 for reasonable cause
- Estate tax deferral 6166
- Graegin loans
- Planning gain or loss on distributions
- Disclaimers - a key tax and dispositive factor
- Martial deduction can be the subject of a host of elections or elective actions by the executor or trustees
- Claims and liabilities can be impacted by the executor’s actions
- If the assets have declined in value, and there is a reduction on the estate/GST tax due, then the fiduciary can make an election to use the alternate valuation date (“AVD”) to value assets at the date six months following the decedent’s death (IRC Section 2032)
Martin M. Shenkman
Afternoon Session: 1:30 p.m. - 4:45 p.m.
1:30 Estate and Tax Planning for Same Sex Couples and Multiple Marriages
- Focus on prenuptial and postnuptial agreements
- Recent developments affecting domestic partners, same sex spouses and alternative families
- Estate planning for non-traditional families
- Domestic partnership agreements and special issues regarding prenuptial agreements for same-sex spouses
- Issues arising from joint ownership arrangements
- Useful estate planning instruments for domestic partners
Erica Bell, Judith L. Poller
2:30 Marital Deduction Planning in the Age of Portability
- Portability - here to Stay?
- Credit Shelter Trusts - Why they are still relevant
- Electing portability of the Deceased Spousal Unused Exemption Amount ("DSUEA")
- What is DSUEA?
Carole M. Bass
3:30 Networking Break
3:45 Estate Planning for Collectibles
- Donating Works of Art
- Valuation of Works of Art - New Appraisal Rules
- Transfer of Works of Art to Family Members
- New Planning Techniques for Collectibles
Ralph E. Lerner
Sharon L. Klein
~ Managing Director, Head of Wealth Advisory, Lazard Wealth Management LLC
New York City Seminar Location
PLI New York Center, 810 Seventh Avenue at 53rd Street (21st floor), New York, New York 10019. Message Center, program days only: (212) 824-5733.
New York City Hotel Accommodations
The New York Hilton & Towers, 1335 Avenue of the Americas, New York, NY 10019. 1 block from PLI Center. Reservations 1-800-HILTONS or, 1-877-NYC-HILT. Please mention that you are booking a room under the Practising Law Institute Corporate rate and the Client File # is N495741. Reservations on line at www.hilton.com and enter the same Client File # in the Corporate ID # field to access Practising Law Institute rates.
The Warwick New York Hotel, 65 West 54th Street New York, NY 10019. 1 block from PLI Center. Reservations 800-223-4099 or, hotel direct 212-247-2700. Please mention that you are booking a room under the Practising Law Institute Corporate rate. Reservations on line at www.warwickhotelny.com Click reservations in menu bar on left. Select desired dates. In 'Special Rates' drop down window select Corporate Rate. In 'Rate Code' enter PLIN. Click search and select desired room type and rate plan. Or, you may email reservation requests to: firstname.lastname@example.org
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