Our unique Focus Series – Planning for the Middle-Rich provides intelligent, implementable, and interesting planning ideas for your middle-rich clients, those who are too rich to keep everything and too poor to transfer everything. Topics include marital deduction planning, charitable planning, asset protection, retirement planning, preserving the family farm, current trends in special needs and elder law, and ethical and privilege issues in assisting clients with gifting or preparing the IRS Form 709.
Monday, January 9, 2023 (10:00 a.m. – 12:00 p.m.)
Using and Misusing the Marital Deduction
Lauren J. Wolven, Julie Miraglia Kwon, Cynthia G. Lamar-Hart
The marital deduction is often taken for granted because the law surrounding the deduction has been constant for several decades. The deduction often has subtleties, however, and can create pitfalls for the unwary. This program will provide a detailed review of the tax requirements and application of the marital deduction, and will offer suggestions for making use of the nuances of this often overlooked tool.
Tuesday, January 10, 2023 (9:30 – 10:20 a.m.)
Not Too Rich, Not Too Poor: Goldilocks Planning for the Middle-Rich Clients Who Need Our Help
Turney P. Berry
Planning for clients who are too rich to keep everything, and too poor to transfer everything, remains an estate planning challenge. These clients typically lack family offices that can help implement and oversee our most complex planning, yet oftentimes it is just that planning that the client needs. And, of course, the clients need everything else too – charitable planning, asset protection, retirement planning, preserving the family farm and vacation cabin, and so on. This presentation will discuss intelligent, implementable, and interesting ideas for the middle-rich (even if we can’t quite define who they are).
Wednesday, January 11, 2023 (9:30 – 10:20 a.m.)
Current Trends in Special Needs and Elder Law
Bernard A. Krooks, Tara Anne Pleat
The SECURE Act made major changes to how estate planners address retirement accounts. Recent proposed regulations attempted to clarify (sometimes successfully and sometimes not) certain issues, including how to obtain the stretch for beneficiaries who are disabled or chronically ill and how a trust can qualify for life expectancy payouts. The presenters will address the interplay between special needs planning and retirement accounts, as well as other developments including supported decision making, the recent U.S. Supreme Court decision in Gallardo v. Marstiller, and the effects changes in the delivery of services to seniors and individuals who are disabled are having on the advice being given to clients.
Wednesday, January 11, 2023 Special Session I-B (2:00 – 3:30 p.m.)
Practical Planning for Special Needs Beneficiaries
Bernard A. Krooks, Robert B. Fleming, Tara Anne Pleat
With changes as a result of the SECURE and ABLE Acts (and new regulations for both), the landscape for special needs planning is shifting; however, some things remain unchanged. The panelists will review case studies focusing on how to plan for retirement accounts when there is a special needs beneficiary, and will also discuss special needs trust funding and administration issues, including the taxation of special needs trusts.
Wednesday, January 11, 2023 Special Session II-B (3:50 – 5:20 p.m.)
Running the Gamut on Planning for the Middle-Rich
Turney P. Berry, Robert K. Kirkland, Suzanne Brown Walsh, Melissa J. Willms
This presentation will further discuss intelligent, implementable, and interesting ideas for the middle-rich (even if we can’t quite define who they are).
Thursday, January 12, 2023 Special Session IV-A (3:50 – 5:20 p.m.)
The Gift that Keeps on Giving: Ethics and Privilege Landmines with Gifts and Form 709
Stephanie Loomis-Price, Christine S. Wakeman
Do you prepare gift tax returns? Have you ever thought, “my clients make gifts, but I leave the IRS Form 709 preparation to someone else”? If you answered yes to either of these questions, you should attend this presentation to learn more about how to navigate the numerous ethical and privilege issues for those who assist clients with gifting or preparing IRS Form 709.
Friday, January 13, 2023 (9:30 – 11:00 a.m.)
Down and Dirty Estate Planning for Retirement Benefits
Natalie B. Choate
This session will review the client's real options under SECURE for leaving benefits to their spouse, children, or other beneficiaries, including how to draft the trust to carry out the plan, from "see-through status" to "toggles".
This year’s Institute includes a series of programs on Planning with Trusts. This series of programs will analyze the factors to consider in choosing a jurisdiction for a long-term trust (including practical tips on drafting and administration), offer a review of recent fiduciary cases, provide an advanced level analysis of the developing law of trusts, examine the legal issues and practical considerations involved in removing a recalcitrant trustee, and provide an update on planning with special needs trusts.
Tuesday, January 10, 2023 (10:25 – 11:15 a.m.)
It’s a Nice Place to Visit, but Do You Want to Live There?
Amy K. Kanyuk
The dramatic evolution of trust law over the past quarter century presents valuable opportunities to choose a jurisdiction for a dynastic trust based on a client’s specific objectives. This session will provide an overview of the many factors to consider in choosing a jurisdiction for a new long-term trust.
Tuesday, January 10, 2023 (4:05 – 4:55 p.m.)
“You’re No Good, You’re No Good, You’re No Good, Baby, You’re No Good ” – Saying Goodbye to the Recalcitrant Trustee
Craig M. Frankel
The beneficiaries do not like the trustee, but the trustee refuses to step down. How can a beneficiary force the removal of a recalcitrant corporate or individual trustee? Is it even a good idea to try? Does the Uniform Trust Code offer any help?
Wednesday, January 11, 2023 (9:30 – 10:20 a.m.)
Current Trends in Special Needs and Elder Law
Bernard A. Krooks, Tara Anne Pleat
The SECURE Act made major changes to how estate planners address retirement accounts. Recent proposed regulations attempted to clarify (sometimes successfully and sometimes not) certain issues, including how to obtain the stretch for beneficiaries who are disabled or chronically ill and how a trust can qualify for life expectancy payouts. The presenters will address the interplay between special needs planning and retirement accounts, as well as other developments including supported decision making, the recent U.S. Supreme Court decision in Gallardo v. Marstiller, and the effects changes in the delivery of services to seniors and individuals who are disabled are having on the advice being given to clients.
Wednesday, January 11, 2023 Special Session I-B (2:00 – 3:30 p.m.)
Practical Planning for Special Needs Beneficiaries
Bernard A. Krooks, Robert B. Fleming, Tara Anne Pleat
With changes as a result of the SECURE and ABLE Acts (and new regulations for both), the landscape for special needs planning is shifting; however, some things remain unchanged. The panelists will review case studies focusing on how to plan for retirement accounts when there is a special needs beneficiary, and will also discuss special needs trust funding and administration issues, including the taxation of special needs trusts.
Wednesday, January 11, 2023 Special Session I-C (2:00 – 3:30 p.m.)
Review of the Past Year’s Significant, Curious, or Downright Fascinating Fiduciary Cases
Dana G. Fitzsimons Jr.
This session will review selected reported fiduciary litigation decisions from 2022 that relate to multiple areas of estate planning, estate and trust administration, the fiduciary duties of agents, administrators, trustees, and other fiduciaries, related trial practice, and identifying and navigating contemporary fiduciary challenges.
Wednesday, January 11, 2023 Special Session II-A (3:50 – 5:20 p.m.)
Upside Down with a Perfect View
Amy K. Kanyuk, Todd A. Flubacher, Miriam Wogan Henry, Sarah Moore Johnson
The myriad of factors to consider in choosing a jurisdiction for a new long-term trust can be overwhelming. The panel will discuss the overall importance of the various factors, and share their practical experiences in drafting and administering trusts intended to last for multiple generations.
Wednesday, January 11, 2023 Special Session II-C (3:50 – 5:20 p.m.)
So You Want a New Trustee?
Craig M. Frankel, Michael H. Barker, Jaclyn G. Feffer
The panel will discuss the do’s and don’ts for removing a recalcitrant trustee. Plus stories from the trenches.
Thursday, January 12, 2023 Special Session III-A (2:00 – 3:30 p.m.)
Meet the New Trust: Same as the Old Trust?
M. Read Moore, Christopher P. Cline, Stacy E. Singer
In the last two decades many states have significantly changed their law of trusts, including such things as decanting, directed trusts, nonjudicial agreements, and keeping – or not keeping – beneficiaries informed about the administration of trusts. This special session will consider whether as a practical matter recent significant changes in trust law have changed the ways lawyers draft trusts, how trustees administer trusts, and how trust controversies are resolved.
This year’s Institute includes a series of programs on Business and Financial Assets. These programs explore the tax benefits, pitfalls and opportunities surrounding planning with installment obligations, explain the uses and consequences of split dollar life insurance, examine the potential for the application of judicially created anti-abuse doctrines to the wealth transfer tax area and review the real options for planning for retirement benefits under the SECURE Act.
Tuesday, January 10, 2023 (2:55 – 3:45 p.m.)
Goblins Lamentation List: Unscrambling “Installment Obligations”
Paul S. Lee
With income tax rates likely to be higher in the future and with the popularity of sales to IDGTs in estate planning, understanding the income tax aspects of taxable installment obligations versus IDGT installment notes versus intrafamily promissory notes is crucial. This presentation will discuss the income tax benefits, pitfalls, planning opportunities, and the unknowns surrounding taxable and non-taxable deferred payment arrangements commonly used by taxpayers.
Wednesday, January 11, 2023 Special Session I-A (2:00 – 3:30 p.m.)
Split Dollar Is Still Alive and Kicking – Fundamentals and Intergenerational Update
Donald O. Jansen, G. Michelle Ferreira, Mary Ann Mancini
Twenty years after final regulations, the panel will summarize the uses of split dollar life insurance premium financing, explain when economic benefit or loan regimes make sense and discuss income and transfer tax consequences. The recent pro-taxpayer Tax Court intergenerational split dollar decision will be highlighted by the attorney who tried the case.
Thursday, January 12, 2023 (9:30 – 10:20 a.m.)
Structuring Inbound Investments into U.S. Markets (Layover Required)
Scott A. Bowman
Advising a non-U.S. person on the ideal structure for investing into U.S. markets is complex. This presentation will take you to cruising altitude for a view of the tax considerations that underlie structuring decisions and explore the application of these structures to common objectives of non-U.S. investors. Be sure to pack a carry-on!
Thursday, January 12, 2023 Special Session III-B (2:00 – 3:30 p.m.)
Shedding More Light on Planning with Installment Obligations
Paul S. Lee, Cassady V. Brewer
This panel presentation will further analyze the income tax benefits, pitfalls, planning opportunities, and the unknowns surrounding taxable and non-taxable deferred payment arrangements commonly used by taxpayers.
Thursday, January 12, 2023 Special Session IV-B (3:50 – 5:20 p.m.)
From Take Off to Touch Down – A Comprehensive Look at Inbound Investments into U.S. Markets
Scott A. Bowman, Michael Rosen-Prinz, Dina Kapur Sanna
This panel discussion will take a comprehensive look at common inbound investments structures. Beyond mere U.S. estate and income taxation, non-U.S. persons investing into U.S. markets must confront withholding tax considerations, the application of bilateral tax treaties, planning for a step-up in U.S. income tax basis and a variety of disclosure and reporting issues. Add to this the need to coordinate the tax and non-tax considerations in their countries of residence. Turbulence is expected.
Friday, January 13, 2023 (9:30 – 11:00 a.m.)
Down and Dirty Estate Planning for Retirement Benefits
Natalie B. Choate
This session will review the client's real options under SECURE for leaving benefits to their spouse, children, or other beneficiaries, including how to draft the trust to carry out the plan, from "see-through status" to "toggles".
This year’s Institute includes a series of programs on Litigation. These programs cover the potential litigation considerations that may be built into planning opportunities including the potential application of judicially created anti-abuse doctrines to the wealth transfer tax area, the do’s and don’ts of removing a recalcitrant trustee, the issues involved in enforcing a charitable gift agreement, and assisting clients with gifting or preparing IRS Form 709.
Tuesday, January 10, 2023 (4:05 – 4:55 p.m.)
“You’re No Good, You’re No Good, You’re No Good, Baby, You’re No Good ” – Saying Goodbye to the Recalcitrant Trustee
Craig M. Frankel
The beneficiaries do not like the trustee, but the trustee refuses to step down. How can a beneficiary force the removal of a recalcitrant corporate or individual trustee? Is it even a good idea to try? Does the Uniform Trust Code offer any help?
Wednesday, January 11, 2023 Special Session II-C (3:50 – 5:20 p.m.)
So You Want a New Trustee?
Craig M. Frankel, Michael H. Barker, Jaclyn G. Feffer
The panel will discuss the do’s and don’ts for removing a recalcitrant trustee. Plus stories from the trenches.
Thursday, January 12, 2023 (10:25 – 11:15 a.m.)
“With Strings Attached”: Designing and Documenting Charitable Gifts Today
Alan F. Rothschild, Jr.
Donors increasingly want significant control and input over the use of their charitable gifts. This session will review the legal and practical issues impacting the negotiation, drafting and enforcement of a charitable gift agreement, including race and gender-based grant making, donor involvement post-gift, the enforceability of charitable pledges and standing to sue to enforce the terms of the gift.
Thursday, January 12, 2023 (11:35 a.m. – 12:25 p.m.)
Watch Your Steps--Don’t Abuse Substance in Transfer Tax Transaction
Carol A. Harrington
For decades, courts have applied judicially created anti-abuse doctrines to transactions despite literal compliance with tax statutes. These doctrines overlap to some extent and include substance over form, business purpose, economic substance, and step transaction. These doctrines have been applied liberally in the income tax area but more sparingly in the transfer tax area. This discussion will explain these doctrines, how they have and have not been applied in the transfer tax area, and explore possible ways to protect your transaction from these doctrines.
Thursday, January 12, 2023 Special Session III-C (2:00 – 3:30 p.m.)
Diving Deeper into Charitable Gift Agreements
Alan F. Rothschild, Jr., Michele A.W. McKinnon, Shirley J. McLaughlin
The panel will discuss real life examples of how charitable gifts get off track and offer practical suggestions for drafting gift agreements that effectively address future changes in circumstances, the use of race and gender gift restrictions, donor involvement, naming (and un-naming) rights, and amendments to the gift agreement.
Thursday, January 12, 2023 Special Session IV-A (3:50 – 5:20 p.m.)
The Gift that Keeps on Giving: Ethics and Privilege Landmines with Gifts and Form 709
Stephanie Loomis-Price, Christine S. Wakeman
Do you prepare gift tax returns? Have you ever thought, “my clients make gifts, but I leave the IRS Form 709 preparation to someone else”? If you answered yes to either of these questions, you should attend this presentation to learn more about how to navigate the numerous ethical and privilege issues for those who assist clients with gifting or preparing IRS Form 709.
This year’s Institute includes a series of programs on International Planning. These sessions provide guidance on advising non-U.S. persons on the best structure for investing into U.S. markets, including income and transfer tax considerations, withholding, the application of bilateral tax treaties, disclosure and reporting issues, and the need to coordinate planning in the country of residence.
Wednesday, January 11, 2023 (10:25 – 11:15 a.m.)
America the Gradual: An Update on How Anti-Money Laundering Initiatives Affect Estate Planners
Read Moore, Nancy G. Henderson
The U.S. government has long been a cheerleader in world-wide efforts to enlist “gatekeepers” such as lawyers, accountants, title companies, banks, and trust companies in the fight against money laundering, but the United States has lagged behind most of its peer countries in implementation of gatekeeper-related legislation and regulation. This is now gradually changing, with the U.S. slowly, joining its peer countries in regulating gatekeepers in ways that reflect American traditions and sensibilities. This presentation will cover recent developments in transparency initiatives that affect estate planners, including ethical considerations, the Corporate Transparency Act, identifying beneficial owners of financial accounts, and the continued attempts to make lawyers part of law enforcement.
Thursday, January 12, 2023 (9:30 – 10:20 a.m.)
Structuring Inbound Investments into U.S. Markets (Layover Required)
Scott A. Bowman
Advising a non-U.S. person on the ideal structure for investing into U.S. markets is complex. This presentation will take you to cruising altitude for a view of the tax considerations that underlie structuring decisions and explore the application of these structures to common objectives of non-U.S. investors. Be sure to pack a carry-on!
Thursday, January 12, 2023 Special Session IV-B (3:50 – 5:20 p.m.)
From Take Off to Touch Down – A Comprehensive Look at Inbound Investments into U.S. Markets
Scott A. Bowman, Michael Rosen-Prinz, Dina Kapur Sanna
This panel discussion will take a comprehensive look at common inbound investments structures. Beyond mere U.S. estate and income taxation, non-U.S. persons investing into U.S. markets must confront withholding tax considerations, the application of bilateral tax treaties, planning for a step-up in U.S. income tax basis and a variety of disclosure and reporting issues. Add to this the need to coordinate the tax and non-tax considerations in their countries of residence. Turbulence is expected.
This year’s Institute features a series of programs on Charitable Giving and Philanthropy. These sessions explore the legal and practical issues impacting the negotiation, drafting and enforcement of charitable gift agreements, including suggestions on drafting agreements that address future changes, enforceability of charitable pledges, and standing to sue to enforce the terms of the gift.
Thursday, January 12, 2023 (10:25 – 11:15 a.m.)
“With Strings Attached”: Designing and Documenting Charitable Gifts Today
Alan F. Rothschild, Jr.
Donors increasingly want significant control and input over the use of their charitable gifts. This session will review the legal and practical issues impacting the negotiation, drafting and enforcement of a charitable gift agreement, including race and gender-based grant making, donor involvement post-gift, the enforceability of charitable pledges and standing to sue to enforce the terms of the gift.
Thursday, January 12, 2023 Special Session III-C (2:00 – 3:30 p.m.)
Diving Deeper into Charitable Gift Agreements
Alan F. Rothschild, Jr., Michele A.W. McKinnon, Shirley J. McLaughlin
The panel will discuss real life examples of how charitable gifts get off track and offer practical suggestions for drafting gift agreements that effectively address future changes in circumstances, the use of race and gender gift restrictions, donor involvement, naming (and un-naming) rights, and amendments to the gift agreement.
This year’s Institute features a series of programs on Ethics. This track of programs explores the issues surrounding the termination of a client relationship, including some of the most common reasons for termination, the best practices in terminating the relationship and the ethical considerations involved. The series will also examine the ethical and privilege issues involved in assisting clients with gifting or preparing the IRS Form 709. Finally, the series provides an update on how anti-money laundering initiatives affect estate planners, including transparency initiatives and ethical considerations.
Tuesday, January 10, 2023 (2:00 – 2:50 p.m.)
You’re Fired! Whether, When, and How to Terminate Representation of a Client (Including Ethical Considerations)
Bruce M. Stone
Estate planning professionals spend a lot of time and effort on generating new clients and cultivating existing client relationships. Sometimes, however, it is either advisable or necessary to terminate a client relationship. What are some of most commonly encountered reasons to fire a client? What are the best practices in terminating a client relationship? What are the ethical considerations in terminating representation of a client who wants to continue with the representation? If the decision is made to terminate representation of a client, how should the decision be documented and communicated to the client?
Wednesday, January 11, 2023 (10:25 – 11:15 a.m.)
America the Gradual: An Update on How Anti-Money Laundering Initiatives Affect Estate Planners
Read Moore, Nancy G. Henderson
The U.S. government has long been a cheerleader in world-wide efforts to enlist “gatekeepers” such as lawyers, accountants, title companies, banks, and trust companies in the fight against money laundering, but the United States has lagged behind most of its peer countries in implementation of gatekeeper-related legislation and regulation. This is now gradually changing, with the U.S. slowly, joining its peer countries in regulating gatekeepers in ways that reflect American traditions and sensibilities. This presentation will cover recent developments in transparency initiatives that affect estate planners, including ethical considerations, the Corporate Transparency Act, identifying beneficial owners of financial accounts, and the continued attempts to make lawyers part of law enforcement.
Thursday, January 12, 2023 Special Session IV-A (3:50 – 5:20 p.m.)
The Gift that Keeps on Giving: Ethics and Privilege Landmines with Gifts and Form 709
Stephanie Loomis-Price, Christine S. Wakeman
Do you prepare gift tax returns? Have you ever thought, “my clients make gifts, but I leave the IRS Form 709 preparation to someone else”? If you answered yes to either of these questions, you should attend this presentation to learn more about how to navigate the numerous ethical and privilege issues for those who assist clients with gifting or preparing IRS Form 709.
This year’s Institute includes a series of programs on Fundamentals. These programs provide an in-depth look at marital deduction planning and examine the uses and tax consequences of split dollar life insurance premium financing.
Monday, January 9, 2023 (10:00 a.m. – 12:00 p.m.)
Using and Misusing the Marital Deduction
Lauren J. Wolven, Julie Miraglia Kwon, Cynthia G. Lamar-Hart
The marital deduction is often taken for granted because the law surrounding the deduction has been constant for several decades. The deduction often has subtleties, however, and can create pitfalls for the unwary. This program will provide a detailed review of the tax requirements and application of the marital deduction, and will offer suggestions for making use of the nuances of this often overlooked tool.
Wednesday, January 11, 2023 Special Session I-A (2:00 – 3:30 p.m.)
Split Dollar Is Still Alive and Kicking – Fundamentals and Intergenerational Update
Donald O. Jansen, G. Michelle Ferreira, Mary Ann Mancini
Twenty years after final regulations, the panel will summarize the uses of split dollar life insurance premium financing, explain when economic benefit or loan regimes make sense and discuss income and transfer tax consequences. The recent pro-taxpayer Tax Court intergenerational split dollar decision will be highlighted by the attorney who tried the case.
