36th Annual Estate Planning and Fiduciary Law Program

Transcription

1 Estate Planning 36th Annual Estate Planning and Fiduciary Law Program LIVE PROGRAM Thursday Saturday, July 30 August 1, 2015 Kiawah Island Golf Resort Kiawah Island, SC CLE Credit: 9.75 Hours, Includes 1.0 Substance Abuse/ Mental Health Plus 10 Video Replays Qualifies for Estate Planning and Probate Law Specialization credit Join us on Kiawah Island this summer for a stimulating learning experience by the ocean. This year s annual program provides practitioners with useful and up-to-date information about federal and state legislative changes, as well as instruction on practical issues in estate planning and administration. This year s keynote speaker, Natalie Choate, will share her extensive knowledge of charitable giving with retirement benefits as well as give the audience planning ideas for retirement benefits. Friday s tracks include sessions on the following: leveraging charitable giving through gifts of privately owned businesses; the duty to inform and report to trust beneficiaries; unitrust conversions; avoiding GST traps; directed trusts; and the representation of clients with diminished capacity. Saturday s sessions include a presentation on the resources available to lawyers who struggle with addiction and mental health issues, which qualifies for the North Carolina Substance Abuse CLE requirement, as well as a discussion of how to remove risk from wealth transfer valuations. Our agenda culminates with a presentation by our featured speaker, Sam Donaldson, discussing burning questions around grantor trusts. Planned by the NCBA Estate Planning and Fiduciary Law NCBAorg The North Carolina Bar Association Foundation is accredited by the North Carolina State Bar as a provider of continuing legal education.

2 The Fine Print Registration Registrations (including door registrations) are limited to available space, which may include a live video broadcast overflow room. Registrations received the week of the program or at the door cannot be guaranteed a book. MCLE Credit The NC Bar Association Foundation is an accredited CLE sponsor under the MCLE Regulations promulgated by the NC State Bar Board of Continuing Legal Education. This program is approved (but not sponsored) by the Board for the designated number of CLE hours. It is the responsibility of each attorney to maintain a record of his/her attendance at CLE programs for the NC State Bar annual report. MCLE credit is reported only if NC State Bar number is provided. NCBA CLE Passports Passport holders exceeding the 24-hour limit for attorneys or the 12-hour limit for paralegals will be charged $75 per program. Transfers Registrants may transfer from a Live program, Video Replay, Webcast, Webinar or Phone/ Audio Streaming Seminar without penalty within three working days after the program date. Cancellations Cancellations must be received by 9:00a the third working day prior to the program to qualify for a refund (less $25 administrative fee). Those not attending will receive the program materials (if included in tuition) in full consideration of tuition paid. Inclement Weather NCBAF makes every effort to notify registrants when a program is canceled or delayed due to weather. If inclement weather is forecast, please check your local news listings or contact the location where your program is being held. Bar Association programs will follow the work schedule of the hosting institutions, to include delayed openings. CLE Scholarships A limited number of scholarships are available to members in financial need. Contact Membership Services at or akemple@ncbar.org. Agenda Thursday, July 30, :30-8:00a Registration and Continental Breakfast 8:00-8:15 Introductions and Announcements 8:15-9:30 Federal and State Recent Developments Arias, Griggs and Stogner A review of recent federal statutory developments and cases involving trust, estate, gift and income tax matters and North Carolina case law. 9:30-10:00 North Carolina Legislative Update Johnson A review of recently enacted North Carolina statutory provisions. 10:00-10:15 Estate Planning and Fiduciary Law Section Annual Meeting Craig G. Dalton, Poyner Spruill LLP, Raleigh, presiding Section Chair 10:15-10:30 Break 10:30-11:15 Charitable Giving With Retirement Benefits Choate Keynote speaker sponsored by The Morehead Group Help your charitably inclined clients save money while doing good. Learn three reasons to fund charitable gifts with retirement benefits, eight ways to leave retirement benefits to charity, seven types of charitable entities and their suitability as beneficiaries, four situations in which charitable giving helps solve benefit-planning problems and five scenarios for lifetime giving with benefits. 11:15-12:00p The 201 Best and Worst Planning Ideas for Your Client s Retirement Benefits Choate Keynote speaker sponsored by The Morehead Group Your clients are bombarded with dreams and schemes designed to reduce the tax value of their retirement plans. Learn which ideas work, which ones probably don t and which will win your client a midnight visit from the IRS. Plus, learn tried and true estate planning practices, the nifty distribution tricks used by those in the know and cutting edge ideas for the daring. 6:30-8:00 Networking Reception Friday, July 31, :45-8:10a Continental Breakfast 8:10-8:15 Introductions and Announcements 8:15-12:00p Breakout Sessions Track 1 and Track 2 BREAKOUT SESSIONS Track 1 8:15-9:15a The Generous Business: How Families Use Their Business as an Engine for Generosity King Through real life family stories, this presentation explores an often overlooked opportunity to leverage charitable giving through gifts of privately owned businesses. Such gifts often provide double or even triple tax benefits compared to traditional gifts of cash. This presentation discusses the numerous technical issues which come into play in making and facilitating such gifts, including the unique issues that arise based on the underlying nature of the business entity through which the business operations are conducted. Finally, the speaker explores how different planning goals and objectives can be achieved through charitable gifts of privately owned business interests, including maximizing charitable deductions on an annual basis, business succession planning and the potential to double a business owner s current cash giving in conjunction with a business interest gift.

3 9:15-9:30 Break 9:30-10:30 All s Well That Ends Well Our Remedies Oft in Ourselves Do Lie Davies The determination of whether a trustee has the duty or even right to disclose various trust provisions to inquirers and beneficiaries presents a complex stew of issues involving not only the provisions of the trust instrument itself, but also the confluence of law in the principal place of administration and the situs of the governing law. Often, the resolution of the trustee s duty to inform, report, disclose and provide notices involves conflicts of law considerations, as well as the construction of ambiguous or, worse, inapt provisions of a trust instrument. Scant attention may be paid by the drafter to those portions of a document pertaining to a trustee s duty to inform and disclose and the folly of that omission may result in the necessity for judicial guidance or even a claim for breach of fiduciary duty in instances of overdisclosure or refusal to disclose. Grantors may value secrecy, and that desire may conflict with laws, common and statutory, requiring disclosure. So...what is a drafter to do? What is a trustee to do when the trust itself is silent as to duty to inform and disclose? The discussion of the law and the options presented is multifaceted and essential, affecting the estate planner and the fiduciary alike. 10:30-10:45 Break 10:45-12:00p BREAKOUT SESSIONS Track II 8:15-9:15a 9:15-9:30 Break Changing the Dispositive Provisions of the Smith Family Trusts Without Threatening Their Grandfathered GST Status: Why Unitrust Conversion Won Out Over the Power to Adjust and Decanting Faircloth and Hardin The ability to convert a trust to a unitrust, or unitrust conversion, and its cousin, the power to adjust between principal and income, have been a part of North Carolina law since The Smith Family Trustees, who have been investing for total return under modern portfolio theory, have been increasingly challenged to maintain a predictable income stream for their beneficiaries. The authors discuss why the Trustees chose to address this issue through unitrust conversion versus the power to adjust or decant. The presentation focuses on the mechanics of unitrust conversion, both judicial and nonjudicial, and the tax consequences of unitrust conversion, including a review of the 643 Regulations. Avoiding GST Traps: Practical Reporting, Calculation and Allocation Techniques Oesterreich As family issues and creditor problems continue to increase, clients seek ways to provide intergenerational wealth via trusts. It is important for practitioners to not only understand the generation skipping transfer (GST) tax, but to determine the amount available to a client and to make recommendations as to how to efficiently use GST tax exemption. This session reviews GST tax laws and discusses practical pointers including how to optin or opt-out via elections under Sec. 2642, how to report and calculate late allocations of GST exemption and methods of allocating GST exemption to transfers subject to an estate tax inclusion period (ETIP). The discussion also provides practical examples of how to deal with clients who have already completed irrevocable transfers via ILITs, QPRTs, GRATs and IDGTs including how to report such transfers and how to calculate GST exemption allocated to these transfers if the transfers were not previously reported. 9:30-10:30 Directed Trusts A Professional Fiduciary s Perspective Sovine This presentation examines the North Carolina directed trust statute and compares it to other jurisdictions, including Delaware. The session reviews relevant case law and addresses considerations in crafting and accepting directed trustee appointments. The complexities of administering directed trusts, including notice and reporting, and difficulties presented in aggregating investment performance for directed trusts are examined. This informative session shares the impact of directed trusts on a national trust company s call report, internal and external auditors and federal regulators. Best practices in administering directed trusts are included in the materials with forms to clarify, document and report investment directions and to comply with fiduciary income tax filing requirements. This presentation is recommended for practitioners who advise individual (non-corporate) trustees of directed trusts. 10:30-10:45 Break 10:45-12:00p Representing Clients with Diminished Capacity Moderator: Brown Panelists: Fountain, Graebe and Smith This moderated panel discussion provides practical insight to the complicated ethical and legal issues arising from the representation of clients with demonstrated or suspected diminished capacity. Panel members analyze fact patterns based on real life cases and representations, including claims of malpractice against a drafting attorney. The ethical and legal obligations of the attorney are explored from the perspective of a planner, litigator and professional malpractice carrier. Practical tips are provided for identifying, addressing and resolving red flags arising during the representation.

4 Saturday, August 1, :45-8:10a Continental Breakfast 8:10-8:15 Introductions and Announcements 8:15-9:15 Yes, There s Help: Resources for Lawyers, Their Clients and a Personal Story of Recovery Kohut This presentation provides an overview of the assistance available to lawyers for alcohol and substance abuse and mental health through the North Carolina Lawyer Assistance Program (NCLAP), including the history of NCLAP, current structure and confidentiality. A review of other resources generally available to lawyers, their clients and family members will also be covered. The presentation concludes with a personal story of recovery. 9:15-9:30 Break 9:30-10:15 Protecting Yourself and Your Clients from Wealth Transfer Nightmares Webb Valuations are a critical part of nearly every estate plan but can be a nightmare for the tax practitioner. You can now accomplish wealth transfers so they no longer attract unnecessary audits. This presentation gives participants five valuable tools and insights that put you in control, protect you and your clients and increase the efficiency of your estate planning efforts: 1) A detailed fact checklist for real estate holding companies lets you ask the single most important question where are the facts? before IRS does; 2) disproportionate tenancy-in-common interests are easy audit setups that you can entirely avoid; 3) tiered entities invite discount overreaching that can be caught with a simple test; 4) how to get the most out of experts with different specialties and experts in different roles; and 5) assure that the expert tells a persuasive story it first must persuade you. This presentation uncovers important valuation mysteries and provides concrete steps you can take to make the IRS happy, drastically reduce your risk and secure all the benefits to which your clients are entitled. 10:15-10:30 Break 10:30-12:00p Burning Questions (and Even Hotter Answers) About Grantor Trusts Donaldson Featured speaker sponsored by Brown Brothers Harriman This presentation addresses what appear to be basic questions about grantor trusts, but for which there are no clear answers. Specific topics addressed include whether a defective grantor trust remains valuable in a world with very high estate tax exclusion amounts, the use of swap powers, whether grantor trusts should include Crummey powers and the income tax consequences upon the grantor s death. Indicates portion providing Substance Abuse/Mental Health credit Digital Program Materials Information and Instructions To retrieve your digital materials, simply log in and select My Course Materials on the CLE website. Only a limited number of printed books will be available for purchase at the Live program. STEP-BY-STEP DOWNLOAD INSTRUCTIONS 1. Go to 3. Log in 2. Click My Course Materials 4. Click CLE program title (on right-side navigation) 5. Download and save 3

5 36th Annual Estate Planning and Fiduciary Law Program Program Planners Parrish L. Peddrick, Wells Fargo Bank, Greensboro Holly B. Norvell, Johnston Allison & Hord PA, Charlotte Speakers Elizabeth K. Arias, Womble Carlyle Sandridge & Rice LLP, Raleigh Stephen A. Brown, Young Moore & Henderson PA, Raleigh Natalie B. Choate, Nutter McClennen & Fish LLP, Boston, MA Janice L. Davies, Davies Law PLLC, Charlotte Samuel A. Donaldson, Georgia State University College of Law, Atlanta, GA Frederick W. Faircloth IV, James C. Hardin III PLLC, Charlotte Reed N. Fountain, Young Moore & Henderson PA, Raleigh William S. Graebe, Lawyers Mutual Liability Insurance Company of NC, Cary Edward W. Griggs, Womble Carlyle Sandridge & Rice LLP, Winston-Salem James C. Hardin III, James C. Hardin III PLLC, Charlotte Linda Funke Johnson, Senter Stephenson Johnson PA, Fuquay Varina Michael King, National Christian Foundation, Alpharetta, GA Paula A. Kohut, Kohut PLLC, Wilmington Tanya N. Oesterreich, Smith Moore Leatherwood LLP, Charlotte Brett D. Sovine, Brown Brothers Harriman Trust Company, Charlotte Aimee Smith, Craige Brawley Liipfert & Walker LLP, Winston-Salem Kimberly H. Stogner, Womble Carlyle Sandridge & Rice LLP, Winston-Salem Dennis A. Webb, ASA, MAI, FRICS, Primus Valuations, Los Angeles, CA Sponsors (at time of printing) Platinum The Morehead Group Gold Barry Evans Joseph & Snipes BB&T Wealth Brown Brothers Harriman PNC Wealth Management SunTrust Bank Wells Fargo Private Bank Silver Altavista Wealth Management Argent Trust Company Banister Financial Bank of the Ozarks Bernstein Global Wealth Management Bessemer Trust Boys Arnold Trust Company Credit Suisse Securities USA LLC Cumberland Trust Diversified Trust Elliott Davis Decosimo Empire Valuation Consultants Fifth Third Private Bank Franklin Street Trust GreerWalker LLP Harris Crouch Long Scott & Miller, Inc. Investors Trust Company Management Planning Inc. National Christian Foundation Piedmont

6 36th Annual Estate Planning and Fiduciary Law Program Video Locations To qualify for the Early Bird ( ) tuition, registration must be received one week prior to program date. NC State Bar rules require a minimum number of pre-registered active State Bar members. The NCBAF reserves the right to cancel any video program prior to the program date if registrations do not meet the NC State Bar requirement. Visit to confirm video replay registration and program start times. CLE credit hours at Video Replays are subject to change. Video Replays are 100% DIGITAL Asheville Tuesday Wednesday, Oct. 6 7, 2015, Comfort Suites Biltmore Mall 890 Brevard Road Crown Room Site Contact: Day 1: 9:00a 4:30p/Day 2: 9:00a 12:00p ( Sept. 29) #375ASV Cary Tuesday Wednesday, Oct , 2015, NC Bar Center 8000 Weston Parkway Dorsett Auditorium Site Contact: CLE Department or ( Oct. 20) #375BAR Charlotte Thursday Friday, Aug , 2015, Hampton Inn and Suites South Park 6700 Phillips Place Court Meeting Room Site Phone: ( Aug. 20) #375CHA Concord Thursday Friday, Oct , 2015, Hilton Garden Inn 7831 Gateway Lane NW Cardinal Room A Site Phone: ( Oct. 15) #375CRD Hickory Thursday Friday, Nov. 5 6, 2015, Catawba Valley CC Corporate Development Center 2664 Highway 70 SE Room 109B Site Contact: Day 1: 9:00a 4:30p/Day 2: 9:00a 12:00p ( Oct. 29) #375HIC High Point Thursday Friday, Sept , Wingate by Wydham Hotel 3901 Sedgebrook Street Oak Hollow Room Site Contact: Day 1: 9:00a 4:30p/Day 2: 9:00a 12:00p ( Sept. 3) #375HPT Leland Tuesday Wednesday, Sept , 2015, Holiday Inn Express 2010 Grandifloria Road Meeting Room Site Contact: Day 1: 9:00a 4:30p/Day 2: 9:00a 12:00p ( Sept. 22) #375LEL River Bend/New Bern Thursday Friday, Oct.15-16, 2015, River Bend Country Club 94 Shoreline Drive Banquet Room Site Phone: ( Oct. 8) #375NEW Pinehurst Thursday Friday, Oct. 8 9, 2015, Comfort Inn of Pinehurst 9801 US Hwy Site Contact: Day 1: 9:00a 4:30p/Day 2: 9:00a 12:00p ( Oct. 1) #375PIN Rocky Mount Tuesday, Nov. 10, 2015, Hampton Inn 530 North Winstead Avenue Conference Room Site Contact: :30a 6:30p ( Nov. 3) #375RMT All of the materials for this program will be available for download in advance of the program and we encourage all program attendees to take advantage of this digital option. Video replay program attendees may purchase the printed manuscript at a discounted rate based upon our cost to print and ship. Due to printing and shipping lead times we are unable to accommodate requests for print materials made fewer than seven (7) days prior to any video replay program.

7 36th Annual Estate Planning and Fiduciary Law Program #375EPF 7/30 8/31, 2015 NC Bar Association Registration/Order Form B Print Full Name Firm/Agency Name Street Address P.O. Box City, State, Zip Daytime Phone/Daytime Fax Address For MCLE Credit list both: NC State Bar No. NCBA No. q Check if any information has changed Program Choice Registration must be received one week prior to program date for Early Bird tuition. Live Program q July 30 Aug.1 Kiawah Island, SC #375EPF Video Replays q Oct. 6 7, 2015 Asheville #375ASV q Oct , 2015 Cary #375BAR q Aug , 2015 Charlotte #375CHA q Oct , 2015 Concord #375CRD q Nov. 5 6, 2015 Hickory #375HIC q Sep , 2015 High Point #375HPT q Sep , 2015 Leland #375LEL q Oct , 2015 New Bern #375NEW q Oct. 8 9, 2015 Pinehurst #375PIN q Nov. 10, 2015 Rocky Mount #375RMT Live and Video Replay Tuition Thanks to funding by the NCBA Estate Planning and Fiduciary Law Section, NCBA members receive an additional $30 off the live program tuition if registered by Friday, June 26, Tuition includes digital program materials. Early Bird Rec vd 1 week before program The following categories include the MCLE fee. Regular Rec vd less than 1 week before program q NCBA Estate Planning Section Member $355 $425 q NCBA Member $375 $445 q Non-Member $445 $515 q Full-time *LANC Attorney (NCBA Member) $230 q CLE Passport 9 tokens The following categories do not include MCLE fees or qualify for the special EP discount. q Judge (NCBA Member) $25 q Clerk of Court (NCBA Member) $25 q Law Professor (NCBA Member) $25 q Law Student Division Member $25 q Paralegal Division Student Member $25 * Legal Aid of NC Your CLE tuition includes mandatory State Bar fees. These fees are used to administer the State Bar s Mandatory Continuing Legal Education program and to support both the Chief Justice s Commission on Professionalism and the Chief Justice s Equal Access to Justice Commission. Payment Options Separate tuition is required for each program. Registration is processed only after payment is received. Total $ q Check Enclosed payable to NC Bar Foundation q Visa/MC/AmEx Acct. No. Exp. Date Signature 4 ways to register: Phone CLE* *Credit card only Website* *Credit card only Fax CLE* *Credit card only Mail* Attn: Accounting NCBAF P.O. Box 3688, Cary, NC *Check or credit card

8 36th Annual Estate Planning and Fiduciary Law Program Program HIGHLIGHTS Thu. Sat., July 30 Aug.1, 2015 Kiawah Island, SC Informative sessions on recent developments and legislative updates Diverse topics including unitrust conversions, directed trusts, representation of clients with diminished capacity, planning with retirement benefits and grantor trusts BY N.C. LAWYERS 100% HOMEGROWN FOR N.C. LAWYERS NCBA FOUNDATION CLE FOR N.C. LAWYERS BY N.C. LAWYERS P.O. Box 3688 Cary, NC Nonprofit Org. US Postage PAID Raleigh, NC Permit #297 Great program. Always look forward to this conference. Always learn something that I can use in my practice. Attendee, 35th Annual Estate Planning and Fiduciary Law Program Program materials are 100% DIGITAL Simply log in and click My Course Materials on the CLE website to digitally download the materials before the start of your program.