Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

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Wednesday, September 17, 2014

CLE on Strategies for Using Lifetime QTIPs

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American Law Institute Continuing Legal Education (ALI CLE) is holding a CLE entitled, Creative Estate Planning Strategies for Using Lifetime QTIPs, on October 22, 2014 from 2:00 – 4:00 PM EDT via video webcast.  Here is why you should attend:

Lifetime QTIPs, once used infrequently, are now increasing in popularity as planners realize their benefits. In fact, the lifetime QTIP is perhaps one of the best and most under-utilized estate planning techniques.

Recent income and transfer tax law changes contribute to the utility of lifetime QTIPs, catapulting them into the mainstream for planners. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 and the American Taxpayer Relief Act introduced portability and generally increased the income tax rates relative to the estate tax rates. As a result, inter vivos QTIPs can be used to ensure that higher exclusions of both spouses are used notwithstanding the order of deaths and to achieve better income tax results, but that is just the tip of the iceberg!

Lifetime QTIPs must provide a qualifying interest for life to the beneficiary spouse, notwithstanding the possibility of divorce. The panel will include a recognized expert marital lawyer to sort through the marital law implications that must be considered when establishing a lifetime QTIP.

 

September 17, 2014 in Conferences & CLE, Estate Planning - Generally, Income Tax, Trusts | Permalink | Comments (0) | TrackBack (0)

Thursday, September 11, 2014

CLE on Domestic Asset Protection Trust Planning: Delaware, Ohio, Mississippi, and North Carolina

CLEThe ABA Section of Real Property, Trust and Estate Law is presenting the first of five eCLE webinars that are part the Domestic Asset Protection Trust Planning: Jurisdiction Selection Series. The first webinar will focus on asset protection laws in Delaware, Ohio, Mississippi, and North Carolina, on Tuesday, October 14, 2014, 12:00 – 1:30 p.m. CT.  1.50 General CLE Credit Hours. Here is why you should attend:

Speakers: Michael Gordon, J. Aaron Byrd, Michael Stegman, Gray Edmondson, and Scott “Rust” Trippett

There's No Place Like Home - Domestic Self-Settled Asset Protection Trusts and Inter Vivos QTIP Trusts: Why Do Them and Where To Go When You Do

Effective July 1, 2014, Mississippi became the 15th state to permit the creation of full blown self-settled asset protection trusts. Besides the 15, at least 10 other states allow some form of an asset protection trust, including inter vivos QTIP trusts. The proliferation of domestic asset protection trusts leaves attorneys inquiring about the laws in each asset protection state and the benefits of creating such a trust in one state versus another. Other frequently asked questions include:

    • What is an inter vivos QTIP trust and how can it help my clients?
    • Will domestic self-settled asset protection trusts benefit my clients?
    • Do the costs of creating a trust in one state for creditor protection or taxation benefits really outweigh the creation of such a trust in another?
    • Is the trust really protected from creditors?
    • Can the trust be used to avoid the income tax in the grantor's state of residence?
    • Can a same sex couple benefit from the use of these trusts?
    • Is using an offshore trust better?

September 11, 2014 in Conferences & CLE, Estate Planning - Generally, Non-Probate Assets, Trusts | Permalink | Comments (0) | TrackBack (0)

Wednesday, September 10, 2014

CLE on International Trust and Estate Planning

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The American Law Institute Continuing Legal Education (ALI CLE) is holding a CLE entitled, International Trust and Estate Planning, on October 20-21, 2014 in San Francisco, California.  Here is why you should attend:

If you provide tax and trust advice to U.S. clients with international connections or to foreign clients with U.S. connections (or you don’t currently counsel such clients, but wish to start doing so), you must attend this program!

Set in San Francisco, International Trust and Estate Planning comprises more than 13 hours of instruction, including two hours of ethics, and gives attendees the tools they need to not only stay competitive, but also to practically advise clients on rapidly-changing legislative, regulatory, and enforcement developments in this complex area.

An all-star faculty – including a representative of the Internal Revenue Service who addresses current offshore compliance and enforcement initiatives – examines the practical application of the complex U.S. income, gift, and estate tax rules affecting noncitizens living or investing in the U.S., or U.S. clients with foreign property, foreign financial accounts, interests in foreign entities, or who are beneficiaries of foreign trusts or trust-like vehicles. The course also includes segments focusing on country-specific developments outside the U.S., and multi-national initiatives related to tax compliance, bank secrecy, and the prevention of money laundering.

September 10, 2014 in Conferences & CLE, Estate Planning - Generally, Trusts | Permalink | Comments (0) | TrackBack (0)

Tuesday, September 9, 2014

Free Webinar on Trust Decanting

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The American Bar Association is holding a free webinar entitled, Trust Decanting and the Uniform Trust Decanting Act, on September 10, 2014 from 12:30 PM – 1:30 PM ET.  Here is why you should attend:

Trust decanting (the distributing of assets from an older trust to a new one with more favorable terms) is a practice that has caught the attention of estate planners and attorneys — and the Uniform Law Commission, which is now preparing a new Uniform Trust Decanting Act.  Our program will address the reasons for and the current status of this Act, which is expected to be completed and approved in 2015. Our speakers include the Reporter for the Act (Susan Bart) and two members of the Drafting Committee (Turney Berry and David English). 

September 9, 2014 in Conferences & CLE, Estate Planning - Generally, Trusts | Permalink | Comments (0) | TrackBack (0)

Monday, September 8, 2014

Call for Papers -- The Centennial of the Estate Tax: Perspectives and Recommendations

ACTECThe American College of Trust and Estate Counsel’s Legal Education Committee and Boston College Law School are organizing the 6th Academic Symposium financially supported by the ACTEC Foundation.  The symposium, The Centennial of the Estate Tax: Perspectives and Recommendations, will be held at Boston College Law School on Friday, October 2, 2015.

The symposium will examine the estate tax, which will have its 100th anniversary in 2016.  Panels will address: 

  • whether it is it desirable to tax the gratuitous transfer of wealth during life or at death,
  •  whether methods other than an estate and gift tax could better address problems associated with wealth concentration, and 
  • what improvements could be made to the existing estate and gift tax system.

Michael Graetz, Columbia Alumni Professor of Tax Law at Columbia Law School and author of Death by a Thousand Cuts: The Fight Over Taxing Inherited Wealth (with Ian Shapiro) (Princeton University Press 2005), will be the symposium’s key-note speaker.

Papers presented at the symposium will consist of papers selected from this Call for Papers and papers from invited speakers.  Symposium papers will be published in a Symposium Edition of the Boston College Law Review in May, 2016. 

If you would like to be considered to be a presenter for one of the panels, please submit an abstract of your paper to James Repetti by email (Repetti@bc.edu) by December 1, 2014.  Submissions that address domestic or international perspectives are welcomed and submissions from new, as well as experienced, scholars are encouraged. The Boston College Law Review will notify individuals chosen to participate in the symposium by email no later than January 15, 2015.  Symposium speakers will be required to submit a draft of their papers by September 1, 2015. 

Symposium speakers will be reimbursed for their travel expenses (airfare and the cost of ground transportation and hotel) courtesy of an ACTEC Foundation grant.  Speakers will also be invited to a Speakers’ Dinner on the evening of Thursday, October 1, and breakfast and lunch will be provided to both speakers and attendees on Friday, October 2, courtesy of the ACTEC Foundation grant. 

September 8, 2014 in Conferences & CLE | Permalink | Comments (0) | TrackBack (0)

Saturday, September 6, 2014

Conference on Tax, Estate Planning, and the Economy

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The Society of Trust and Estate Practitioners (STEP) is holding its 4th Annual Institute on Tax, Estate Planning and the Economy conference on January 22 – 24, 2015 at the Newport Beach Marriot Hotel & Spa in Newport Beach, California.  Provided below is a list of topics that will be covered:

  • Decanting an Irrevocable Trust: The Ultimate Do-Over
  • The Top Ten Reasons International Families Establish U.S Situs Trusts
  • Dealing with The Asian Client: Some Common Issues, Some Unique Issues, Some Tax Traps For Asians (and foreigners generally)
  • Incomplete Gift Non-Grantor Trusts: State and Federal Income Tax Considerations
  • Creative Uses of 529 Plans: The Educational Dynasty Trust
  • Estate Planning Considerations for Persons Having Connections with Latin America, with emphasis on Mexico, Argentina, Brazil, Colombia and Chile
  • Privacy In A Transparent World: FATCA, Son Of FATCA (the UK version), IGA's - Is FATCA Now Obsolete?
  • Following The Map of Foreign Asset Protection Trusts: A Country By Country Review Of The Best Offshore Asset Protection Legislation
  • Grantor Retained Annuity Trusts: Why they May Be More Relevant Than Ever
  • Family Limited Partnerships Including a Discussion Of The Step Transaction Doctrine, Qualifying for the Annual Exclusion and Defined Value Formula Gifts
  • Recent Developments In Income and Estate Tax Planning For Art
  • Special presentation by the Consul General of Luxembourg

September 6, 2014 in Conferences & CLE, Estate Planning - Generally, Income Tax, Trusts | Permalink | Comments (0) | TrackBack (0)

Thursday, September 4, 2014

CLE on Trusting Your Trust

CLEThe Suffolk Academy of Law is holding a CLE and CPE entitled, Can You Trust Your Trust? on Thursday, November 6, 2014 from 9:00 a.m. – 12:45 p.m. at the Suffolk County Bar Center in Hauppauge, New York.  Here is why you should attend:

Many taxpayers use trusts in their estate plans to avoid probate. A trust is frequently used as the alter ego of a will. Trusts are worthwhile when done properly, but can be nightmares if improperly administered. As a result of the revamping of many state trust laws – including New York’s– trustees often find themselves with more questions than they are prepared for, questions without easily discernible answers. The purpose of this program is to alert practitioners as to the many issues that they must consider from a practical point of view. Ethics issues and potential malpractice situations will be covered as well. The presenter, Seymour Goldberg, has lectured and trained many attorneys and CPAs on the trust accounting income and principal rules under the revised New York State trust accounting laws. His newest book – “Can You Trust Your Trust?” – was published by the American Bar Association in 2014 and is a first of its kind manual, written from areal world standpoint; the book will be given to registrants, at no additional cost, as part of the course materials. 

September 4, 2014 in Conferences & CLE, Estate Planning - Generally, Trusts | Permalink | Comments (0) | TrackBack (0)

Saturday, August 30, 2014

CLE on 2014 Joint Fall CLE Meeting

CLEThe ABA Section of Taxation is offering the 2014 Joint Fall CLE Meeting, September 18-20, 2014, at the Sheraton Denver Downtown Hotel in Denver, Colorado. Registration and fees are due by September 11, 2014. Here is why you should attend:

Join us and take advantage of the opportunity to meet with the country’s leading attorneys and government officials to discuss the latest federal tax policies, initiatives, regulations, legislative forecasts and planning ideas. In addition, you will have the opportunity to earn valuable CLE and ethics credits and network with Tax Section and Trust and Estate Division members and government guests. The Sheraton Downtown will serve as the host hotel.

August 30, 2014 in Conferences & CLE, Estate Planning - Generally | Permalink | Comments (0) | TrackBack (0)

Friday, August 29, 2014

CLE on Domestic Asset Protection Trust Planning

CLEThe ABA Section of Real Property, Trust and Estate Law is presenting an eCLE series entitled, Domestic Asset Protection Trust Planning: Jurisdiction Selection Series. The series includes five webinars, each focusing on asset protection laws in a group of states. The first of the series is Tuesday, October 14, 2014, 12:00 – 1:30 p.m. CT.  Here is why you should attend:

There's No Place Like Home - Domestic Self-Settled Asset Protection Trusts and Inter Vivos QTIP Trusts: Why Do Them and Where To Go When You Do

Effective July 1, 2014, Mississippi became the 15th state to permit the creation of full blown self-settled asset protection trusts. Besides the 15, at least 10 other states allow some form of an asset protection trust, including inter vivos QTIP trusts. The proliferation of domestic asset protection trusts leaves attorneys inquiring about the laws in each asset protection state and the benefits of creating such a trust in one state versus another. Other frequently asked questions include:

  • What is an inter vivos QTIP trust and how can it help my clients?
  • Will domestic self-settled asset protection trusts benefit my clients?
  • Do the costs of creating a trust in one state for creditor protection or taxation benefits really outweigh the creation of such a trust in another?
  • Is the trust really protected from creditors?
  • Can the trust be used to avoid the income tax in the grantor's state of residence?
  • Can a same sex couple benefit from the use of these trusts?
  • Is using an offshore trust better?

These are just some of the questions that will be answered over the course of five eCLE webinars addressing some of the full blown domestic self-settled asset protection trust statutes and inter vivos QTIP trust statutes.

Session 1:

Delaware, Ohio, Mississippi, North Carolina

Tuesday, October 14, 2014

Speakers: Michael Gordon, J. Aaron Byrd, Michael Stegman, Gray Edmondson, and Scott “Rust” Trippett

Session 2:

Florida, Texas, Tennessee

Tuesday, December 9, 2014

Speakers: Jonathan Gopman, Michael Sneeringer, Elizabeth Morgan, Rick Travis, and Wick Ruling

 Session 3:

Alaska, South Carolina, Wyoming, Oklahoma

Tuesday, February 10, 2015

Speakers: Brandon Cintula, Doug Blattmachr, Dan Collins, Greg Dyekman, and Rod Yancy

 Session 4:

Arizona, Maryland, Nevada, New Hampshire

Tuesday, April 14, 2015

Speakers: Philip R. Rupprecht, Fred Franke, Julia Gold, and Todd Mayo

 Session 5:

South Dakota, Utah, Kentucky

Tuesday, June 9, 2015

Speakers: Al King, Rust Tippett, Mary Beth Anderson, and Walter Morris

August 29, 2014 in Conferences & CLE, Estate Planning - Generally, Non-Probate Assets, Trusts | Permalink | Comments (0) | TrackBack (0)

Saturday, August 16, 2014

CLE on When a Revocable Trust Becomes Irrevocable

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American Law Institute Continuing Legal Education (ALI CLE) is holding a CLE entitled, When a Revocable Trust Becomes Irrevocable: Dealing with the Trust Administration Issues Following a Grantor’s Death, on Aug. 29, 2014 from 12:00 – 1:30 PM ET, available via telephone seminar or audio webcast.  Here is why you should attend:

When a grantor dies, a number of trust administration issue arise-- some that could have been handled during the drafting phase, others that are totally unexpected. Understanding what should be done at the drafting phase to anticipate and eliminate issues, as well as what the administration challenges will be when those drafting tips are not implemented, is the focus of this fast-paced program.

August 16, 2014 in Conferences & CLE, Estate Administration, Estate Planning - Generally, Trusts | Permalink | Comments (0) | TrackBack (0)