The University of Nebraska College of Law and School of Accountancy. Present ESTATE AND BUSINESS PLANNING. University of Nebraska

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1 The University of Nebraska College of Law and School of Accountancy Present ESTATE AND BUSINESS PLANNING University of Nebraska Thursday, May 15, 2014 and Friday, May 16, 2014 UNIVERSITY OF NEBRASKA College of Law, McCollum Hall 1875 N. 42 nd Street To register on-line, go to UNL does not discriminate in its academic, admissions or employment programs and abides by all federal regulations pertaining to same. The University of Nebraska College of Law is an accredited CLE sponsor in the State of Nebraska.

2 PROGRAM Thursday, May 15, :25 Welcome by Molly Brummond, Assistant Dean, UNL College of Law 8:30-9:30 Current Federal Developments Affecting Estate Plans and Estate Planning A survey of many significant federal developments relating to estate planning and how they pertain to Nebraska practice. Moll 9:30-10:30 Planning For and With Farm Leases Barrows Changes with respect to water law, the farm program, the farm economy and land values require that provisions in farm leases be carefully reviewed. The considerations and various farm lease provisions will be reviewed and discussed. 10:30-10:45 BREAK 10:45-11:45 Medicaid Matters: What Every Estate Planner Should Know Olsen Medicaid has become a program of significant interest for many clients due to the rising cost of long-term health care and concerns about preserving assets committed to family businesses or agricultural operations. This presentation will provide a brief overview of Medicaid's rules for qualification and will then focus on the types of estate planning and asset utilization strategies that should be included in every estate planner's arsenal when working with clients who may need long-term care in the future and who may not have income or assets readily available to pay for that care. 11:45-12:45 LUNCH (included in registration fee) 12:45-1:45 Charitable Planning Tools Janssen A summary of the various planning tools that can be used in estate planning to satisfy a client s charitable goals in the most tax-efficient manner, taking into account the income tax and estate tax benefits provided for transfers to qualified charitable organizations. 1:45-2:45 Net Investment Income Tax for Individuals, Trusts and Estates Sheets For tax years beginning after December 31, 2012, certain unearned income Wood of individuals, trust and estates is subject to a surtax (i.e., it s payable on top of any other tax payable on that income). The surtax, also called the

3 2:45-3:00 BREAK unearned income Medicare contribution tax or the net investment income tax, is 3.8% of the lesser of (1) net investment income or (2) the excess of modified adjusted gross income over the applicable threshold amount. The presentation will cover definitions, examples and suggestions that may reduce the tax. 3:00-4:00 Health Care Reform in Nebraska McPike Commodity and land prices have risen substantially in the last 5 years. What are the contributing factors and will they persist? How can clients take advantage of the higher commodity prices and manage the risk of volatile prices and production? Friday, May 16, :30-9:30 Current Nebraska Developments Affecting Estate and Collins Business Planning A discussion of recent Nebraska Supreme Court decisions, Court of Appeals decisions, and legislation affecting estate planning, probate, trusts, and property. 9:30-10:30 Portability Basics and Planning Considerations Damkroger The portability "basics", including how the election is made, how the DSUE is calculated and how the DSUE can be used or lost will be reviewed. However, the primary focus of the presentation will be on how portability impacts estate planning, including the advantages and disadvantages of relying on portability as a planning strategy and its impact on the use of the traditional credit shelter trust. 10:30-10:45 BREAK 10:45-11:45 Farm Bill and other Farm Trends Pavelka A discussion of the recently passed U.S. Farm Bill and its impact on business planning for farmers. Also included will be information related to other associated recent farm trends. 11:45-12:45 LUNCH (included in registration fee) 12:45-1:45 Gifting Techniques to Fund Irrevocable Life Insurance Trusts Tannahill Life insurance and irrevocable life insurance trusts can be an important part of a client s estate plan. The success of the plan

4 depends on the trust being able to pay the premiums. This presentation will review different ways for clients to fund ILITs, ranging from simple to sophisticated. 1:45-2:45 Farm, Business and Tax Issues in Divorce Langan Mach This seminar will discuss the legal and tax issues that divorce lawyers face in farm or business cases and provide planning suggestions for you to use with your clients. 2:45-3:00 BREAK 3:00-4:00 The Ethical Lawyer Goes To The Movies: Great Films Featuring Dooling the ABA Model Rules of Professional Conduct Film clips from four or more movies will be shown, and then put the text of the Model Rule dramatized by the clip and discuss the Model Rules as applied to the lawyers in the film clip. The situations portrayed in the film enable lawyers to imagine themselves faced with the same ethical dilemmas faced by the lawyers in the films and then apply the Model Rules and the common law to determine the correct response. The vivid film clips enable lawyers to practice wrestling with ethical situations, and then we follow up with discussions of the Rules. 4:00-5:00 Legal Ethics and Social Media Dority Baker As legal professionals increasingly join and use social software platforms, the gray area between professional and social interaction online can be a challenge to distinguish. It is imperative that professionals know and understand the rules governing advertising, solicitation and communication. This presentation will review the ethics rules in Nebraska (and Iowa) for appropriate use of social media by lawyers including the use of social media policies, disclaimers and best practices to manage online presence. Social software is defined as the interactive tools used to communicate. Social software applications include websites such as LinkedIn for professional connections and networking, or social media sites including Facebook or Twitter, and blogs such as WordPress. Current events, situations and news directly affected by this topic will be discussed..

5 FACULTY BRADLEY E. BARROWS, ESQ. Barrows Legal Solutions, LLC Lincoln/York, Nebraska DENNIS W. COLLINS, ESQ. Jewell & Collins Norfolk, Nebraska RICK A. DAMKROGER, ESQ. Harding & Schultz, P.C. L.L.O. RICHARD P. DOOLING, ESQ. University of Nebraska College of Law MARCIA L. DORITY BAKER Marvin & Virginia Schmid Law Library University of Nebraska College of Law DON R. JANSSEN, ESQ. Cline Williams Wright Johnson & Oldfather JANE F. LANGAN MACH Rembolt Ludtke LLP CHRISTINE McPIKE Compensation Programs, Inc. TIMOTHY L. MOLL, ESQ. Rembolt Ludtke LLP Lincoln/Seward, Nebraska PAMELA E. OLSEN Cline Williams Wright Johnson & Oldfather Lincoln/Scottsbluff, Nebraska

6 ADAM D. PAVELKA, JD Agri Affiliates, Inc. Hastings, Nebraska PAMELA S. SHEETS Labenz and Associates, LLC BRUCE A. TANNAHILL, JD, CPA/PFS, CLU, ChFC, AEP Mass Mutual Financial Group Phoenix, Arizona VONITA L. WOOD Labenz and Associates, LLC

7 PLANNING COMMITTEE Christina L. Ball, ESQ. Baylor, Evnen, Curtiss, Grimit & Witt, LLP Robert N. Bettenhausen, CLU Bettenhausen Insurance Services Kent E. Endacott, ESQ. Woods & Aitken LLP Thomas M. Haase, ESQ. Perry, Guthery, Haase & Gessford, P.C., L.L.O. Don R. Janssen, ESQ. Cline, Williams, Wright, Johnson & Oldfather, L.L.P. Janet M. Labenz, CPA, ABV, CFF Labenz & Associates LLC Professor William H. Lyons Chair University of Nebraska College of Law Timothy L. Moll, ESQ. Rembolt Ludtke LLP Bradley A. Philson, J.D., CTFA Union Bank & Trust Company Julie L. Pokorny, J.D., CTFA Union Bank and Trust Company Bryan P. Robertson, J.D., CPA Juris Valuation Advisors, LLC Paul A. Shoemaker Professor & Director University of Nebraska School of Accountancy Susan J. Spahn, ESQ. Fitzgerald, Schorr, Barmettler & Brennan, P.C., L.L.O. Robert S. Woodruff, J.D. Ameriprise Financial Services, Inc. PROGRAM LOCATION - McCollum Hall; East Campus (Insert East Campus map, similar to that used in the brochure last year, with Lot C south of the Law College in red) For a detailed map of East Campus, go to LODGING INFORMATION Rooms have NOT been blocked off for this event. Here are some facilities you might consider. Cornhusker Marriott Hotel 333 S. 13 th 402/ thecornhusker.com Embassy Suites 1040 P 402/ embassysuites.com

8 New Victorian Suites 225 N 50th St, 402/ newvictorianinn.com Super 8 Motel 2545 Cornhusker 402/ super8.com Staybridge Suites 2701 Fletcher sbs-lincoln.com

9 ESTATE AND BUSINESS PLANNING SPONSORED BY THE UNIVERSITY OF NEBRASKA COLLEGE OF LAW AND SCHOOL OF ACCOUNTANCY Thursday, May 15, 2014 and Friday, May 16, 2014 at University of Nebraska College of Law, McCollum Hall 1875 N. 42 nd Street

10 ESTATE AND BUSINESS PLANNING Sponsored by the University of Nebraska College of Law and School of Accountancy Thursday, May 15, 2014 and Friday, May 16, 2014