58th Annual Estate Planning Seminar October 21 & 22, 2013

Transcription

1 58th Annual Estate Planning Seminar October 21 & 22, 2013 AGENDA & SCHEDULE TOPICS/SPEAKERS ---- DAY ONE ---- Monday, October 21 6:45 a.m. Registration Opens * Attendance Sheet Sign-in Available * Exhibit Area Opens * Coffee and Pastry Service PLENARY SESSIONS ALL IN ROOM 6ABC 8:00 a.m. Welcome and Introductions by Co-chairs William E. Bill Whitaker (Chair), Kibble & Prentice Private Client Services, Seattle, WA Michael C. Harman (Co-Chair), J.P. Morgan, Seattle, WA 8:15 a.m. Keeping It in the Family: Business Succession Planning for the Family-Owned Business A discussion of business succession planning for the family-owned business, including characteristics of a family business, goals of the family business owner, exit strategies, and the planning process. In addition, the presentation will cover special considerations in dealing with family-owned businesses. Louis A. Mezzullo -- McKenna Long & Aldridge LLP, Rancho Santa Fe, CA 9:15 a.m. Decanting: Refining a Vintage Trust Have the terms of an old irrevocable trust gone stale? You may be able to decant the old trust to a new trust, and in the decanting process breathe new life into the old trust by modifying its terms. This presentation will discuss what is trust decanting and will compare the various state statutes that currently permit decanting. The discussion will cover the tax consequences of decanting, the fiduciary risks of decanting, the mechanics of decanting, and common situations in which decanting may be useful. Susan T. Bart -- Sidley Austin LLP, Chicago, IL 10:15 a.m. Break in Exhibit Hall 10:35 a.m. Federal Tax Update Stay current with this recap of the major cases, rulings, legislation and regulations from the last year. This session will focus on the federal income, estate, and gift tax developments relevant to individuals and small businesses. Samuel A. Donaldson Professor of Law, Georgia State University, Atlanta, GA

2 ---- DAY ONE ---- Monday, October 21 12:05 p.m. Lunch Served in Room 6E; Dessert in Exhibit Area 1:15 p.m. Digital Passing: Oh, What a Tangled Web We Weave What happens to accounts, Facebook and Twitter accounts, digital music, e-books, and other digital property when a person becomes incapacitated or dies? Planning ahead for a person s digital property is essential. Learn about the four major obstacles for fiduciaries and family members in dealing with digital property, and explore strategies and sample forms that you can use to overcome these obstacles. James D. Lamm -- Gray Plant Mooty, Minneapolis, MN 2:15 p.m. Professional Ethics in the Estate Planning Dynamic This session will address the conflicts and confidentiality issues that a practitioner handles through the life cycle of an estate planning engagement. Steven J. Schindler -- Perkins Coie, LLP, Seattle 3:15 p.m. Break in Exhibit Hall 3:30 p.m. Income Tax Planning for Trusts: A New Look at an Old (and Oftentimes Ignored) Topic With the Federal exemption at over $5 million and many states with no state level estate tax, many estate planning practitioners wonder what will keep them busy in the future. Practitioners are also facing the possibility of losing the irrevocable grantor trust as an estate planning vehicle, which will result in more irrevocable non-grantor trusts, since trusts will remain a staple in clients estate plans. The administration of irrevocable non-grantor trusts can be a source of ongoing work for practitioners and the income tax planning for these trusts is both sophisticated and little understood, by many accountants and attorneys. This program will provide an overview of fiduciary income taxation for trusts, as well as address recent developments in this area in a manner that will help the estate planner draft a more tax-efficient trust agreement and provide guidance for the income tax planning that becomes necessary when a trustee is considering whether to make distributions or when a trust holds special or unusual assets or is planning to enter into a transaction. Mary Ann Mancini -- Loeb & Loeb LLP, Washington, DC 4:30 p.m. Asset Protection This presentation will discuss how liability arises, when asset protection should (or won't) work, traditional techniques for protecting assets and the structure and use of domestic asset protection trusts. We are starting to see a number of reported cases concerning asset protection trusts, mostly finding against the debtor. We ll address the question: Are these cases evidence that these trusts don't work, or simply evidence of bad planning? Joshua Husbands -- Holland & Knight LLP, Portland, OR 5:30 p.m. Sign-Out Sheets Available for Selected Professions and Adjourn for Day

3 ---- DAY TWO ---- Tuesday, October 22 7:15 a.m. Registration Opens * Attendance Sheet Sign-in Available * Exhibit Area Opens * Coffee and Pastry Service PLENARY SESSIONS ALL IN ROOM 6ABC 7:55 a.m. Opening Remarks by Program Chairs William E. Bill Whitaker (Chair), Kibble & Prentice Private Client Services, Seattle, WA Michael Harman (Co-Chair), JP Morgan, Seattle, WA 8:00 a.m. Panel Discussion Hot Topics A unique opportunity to inquire about the burning issues faced on a daily basis or that once in a lifetime exception you need answered for your client. In addition to some of the most common hypothetical situations, our panelists will be reviewing questions provided by attendees. Samuel A. Donaldson Professor of Law, Georgia State University, Atlanta, GA Wendy S. Goffe -- Stoel Rives LLP, Seattle, WA Christopher P. Cline -- Wealth Management Director, Wells Fargo Bank, Portland, OR 9:00 a.m. Portability Portability is now a permanent fixture in the transfer tax arena. Its permanency makes it a true game-changer in how we plan today. For the past thirty-plus years, we have had a use-it-or-lose-it provision with respect to one s estate and gift tax lifetime exemption, and if not used by the time one dies, it disappears. Portability changes all of that: it now allows for the full use of a couple s exemption though the death of the second spouse to die. The provision is taxpayer-friendly. It is also a bit more complex than it appears. It requires the planner to think about the ramifications of planning today. Portability is a post-mortem planning tool, and it is so much more. Portability opens up new ways in which to more effectively plan for clients. It our new tax environment with higher exemptions, higher estate, gift and GST tax rates, and higher income tax rates, understanding portability s role in minimizing the effects of these taxes is crucial, and properly planning for such will greatly benefit clients. Lester B. Law -- Managing Director, U.S. Trust, Private Wealth Management, Naples, FL 10:00 a.m. Break 10:30 a.m. Essentials of Chapter 14 A Practitioner s Guide Through The Minefield The provisions under Chapter 14 of the Internal Revenue Code have existed for over twenty years yet many of the draconian gift and estate tax provisions thereunder remain relatively unknown to Trusts and Estates professionals. This presentation will provide a discussion of the many estate and gift tax pitfalls that practitioners need to keep in mind whenever structuring transactions between family members. A broad overview of the statutory provisions of 2701 through 2704 will be covered and the policy reasons behind the sometimes confounding rules included in Chapter 14. In addition, pro-active planning opportunities with Chapter 14 compliant structures will also be discussed. "Vertical Slice" fund carried interest transfer planning and "Non-Vertical" alternatives GRATs, QPRTs and Sales of Remainder Interests Sales to Intentionally Defective Grantor Trusts Buy-Sell Agreements and Section 2703 challenges FLP challenges under 2703 and other sections Marital Deduction mis-match problems that can arise as a consequence of Section 2703 N. Todd Angkatavanich -- Withers LLP, Greenwich, CT

4 11:30a.m. Washington Probate and Trust Law Update ---- DAY TWO ---- Tuesday, October 22 An update on those Washington court cases you might have missed reading over the past year. Also, highlights of new statutes passed by the Washington State Legislature that affect your practice. Recent trends will be identified and practice tips shared. Mark Wilcox Roberts -- K&L Gates LLP, Seattle, WA 12:30 p.m. Lunch Served in Room 6E; Dessert Served in Exhibit Area CONCURRENT SESSIONS ROOM LOCATIONS NOTED BELOW TBD 1:30 PM SESSIONS The Honeymoon is Over: Cleaning Up After was a historic year for estate planning, most notably, wealth transfer. But the work did not end on January 1, We will discuss a variety of issues related to post-transfer administration, alternative strategies to addressing those issues, and possible solutions for clients with wealth transfer misgivings. Mark C. McBride -- Perkins Coie LLP, Seattle Insurance Update Part I: What s Hot & What s Not! A two-part session that will cover recent cases, rulings, legislative updates and general musings on life, including: Transfer for Value A Dangerous Tax Trap and How to Avoid It PLR The Latest on Employer Owned Life Insurance Rev. Rul Substitution of Assets in ILIT Treasury Report on CHOLI Charity and Life Insurance Kahanic Life Insurance and Marital Settlements Todd Death Benefit Only Plan French v. Wachovia A Trustee Surcharge Rickard Free Life Insurance Taxable Florida Bar Association v. Doherty Unauthorized Practice of Law and Malpractice Charges Neff Equity Split Dollar Natofsky Insurable Interest Hilliard Insurable Interest Turner Crummey Powers Revisited Steve Leimberg, Publisher, Leimberg Information Services, Inc. (LISI), Amelia Island, FL Ten Shades of Community Property - or is it Separate Property? This session will address community and separate property analysis from the perspective of an estate planning attorney and highlight differences from the perspective of a family law attorney. Nuances of community property and separate property analysis, new developments, valuation issues, committed intimate relationship issues, and same sex marriage issues are just a few of the highlights. Estate, gift, and income tax return preparation in light of community property and separate property will also be included. Kirstin Humann Thompson Stoel Rives LLP, Seattle, WA

5 ---- DAY TWO ---- Tuesday, October 22 2:30 2:45 p.m. BREAK & MOVE BETWEEN CONCURRENT SESSIONS 2:45 PM SESSIONS Planning for the Global Family: Practical Guide to Advising International Clients Did you know that 1/4 of families in King County speak a language other than English at home? Did you know that every year 17,000 people acquire documentation to reside in the U.S. at the Homeland Security building in Tukwila? In today s increasingly-global world, clients often come with assets and families in interesting places. Even if your practice does not focus on international clients, learning some basic concepts will help your clients avoid unpleasant surprises. This session will focus on providing you, the advisor, with practical and useful tools to troubleshoot the international issues. Akane Suzuki -- Garvey Schubert Barer, Seattle Insurance Update - Part II: What s Still Hot & What s Not! The second session continues to review the major insurance issues of the last year and future. Steve Leimberg, Publisher, Leimberg Information Services, Inc. (LISI), Amelia Island, FL Spousal Trusts The 2012 Tax Act resulted in an estate planning sea change: estate tax planning has become less important, while income tax planning is critical. Dealing with these changes while trying to address the real world problems that estate planners face every day makes this year especially challenging. One of the most useful tools, both from an income and an estate tax perspective is the trust for a spouse. Whether in the form of lifetime QTIP trusts or spousal lifetime access trusts, a spousal trust can help relieve a client s anxiety. This program will focus on both new spousal trust planning and ideas for handling existing trusts in this new environment. Christopher P. Cline Senior Regional Fiduciary Manager, Wells Fargo Bank, N.A., Portland, OR 3:45 p.m. BREAK & MOVE BETWEEN CONCURRENT SESSIONS 4:00 PM SESSIONS Estate Planning with Residential Real Property This presentation will touch on planning issues peculiar to residential real estate, from QPRTs to valuation discounts, funding trusts and LLCs with residential real estate, and excise tax affidavit issues. Karen Boxx -- Keller Rohrback LLP, Seattle Use of Life Insurance in the Closely-Held Business A process-oriented look at the role of life insurance in estate and business succession planning, including determining the needs for insurance, selecting ways to pay premiums on large policies, use of insurance in key person retention and selected aspects of insured buy-sell agreements. Charles L. Ratner, JD, CLU, ChFC, AEP (Distinguished), Ernst & Young LLP, Cleveland, OH Estate Planning in Light of New Biology The growing societal acceptance of same-sex relationships along with the rapidly expanding use of assisted reproductive technology (ART) combine two challenges for family law and probate courts: Who will be treated as the spouse and who will be treated as the child (or further descendant)? This session will examine some of the legal issues you may encounter in your practice, and will point out drafting considerations and provide forms to deal with some of the issues raised. Wendy S. Goffe -- Stoel Rives LLP, Seattle, WA 5:00 p.m. Complete Evaluation Forms and Adjourn; Sign-Out Sheets Available for Selected Professions

6 58th Annual Estate Planning Seminar Washington State Convention Center Seattle October 21 & 22, 2013