Wills, Trusts & Estates Prof Blog

Special Needs Trusts for Children With Autism

The National Constitution Center is sponsoring an audio conference CLE entitled Special Needs Trusts: Financial Planning for Children with Autism on Dec. 8, 2009.

Here is a summary of the program:  

Planning for the long-term care of a child with autism or special needs can be quite challenging. Properly ensuring that your clients' assets protect special needs children for a lifetime is essential when drafting a Special Needs Trust. What are the appropriate legal guidelines for protecting trust assets & establishing long-term public benefits & insurance? Join us for this 60-minute audio program where you will discover: 

• Estate Planning for Children with Autism: Keys to Drafting SNTs 
• How to Preserve Eligibility for Essential Public Benefits & Insurance 
• Keys to Prepare & Plan a Budget for the Long-term Care of a Child 
• Strategies to Identify the Unique Benefits that Protect Children with Autism

CLE: Paying Estate Taxes With a Loan

The ABA section of Real Property, Trust and Estate Law is sponsoring a teleconference and live audio webcast CLE entitled Black, White, and Grae(gin): Borrowing to Pay Estate Taxes on Dec. 8, 2009.  

Here is information about the program:

A "Graegin loan" is a popular option for estates that lack enough liquid assets to pay estate taxes and other expenses incurred during the administration of an estate. A Graegin loan is often utilized in estates of decedents whose major asset was an interest in a closely-held business. Instead of selling the business interests, the estate can borrow cash from the business in exchange for a promissory note. There are several potential advantages to borrowing money to pay estate taxes and other expenses of administration. This program will address the economics and mathematics of Graegin loans including: 

• Financing and funding 
• Liability and litigation 
• Death and deductions 
• Use and usury 
• Administration and audit 
• Regulations and re-financing

Estate Planning & Community Property Law Journal Announces 2010 Seminar

The Estate Planning & Community Property Law Journal has announced the program for its 2010 Seminar to be held on February 5, 2010 at the Texas Tech University School of Law.

Here are some of the topics and speakers scheduled to appear:

• THE NEW IMPORTANCE OF SURROGATE DIRECTIVES Rebecca C. Morgan, Boston Asset Management Faculty Chair in Elder Law, Stetson University College of Law
• THE SLIP AND FALL OF THE CALIFORNIA LEGISLATURE IN CLASSIFICATION OF PERSONAL INJURY DAMAGES AT DIVORCE AND DEATH Helen Y. Chang, Associate Professor of Law, Golden Gate University School of Law
• POST-MORTEM SPERM RETRIEVAL AND THE SOCIAL SECURITY ADMINISTRATION: HOW MODERN REPRODUCTIVE TECHNOLOGY MAKES STRANGE BEDFELLOWS Mary F. Radford, Catherine C. Hanson Professor of Law, Georgia State University School of Law
• COURTHOUSE MORALS AND LEGISLATIVE DEVELOPMENTS: A REVIEW OF RECENT CASES AND LEGISLATION IMPACTING TEXAS ESTATE PLANNERS Gerry W. Beyer, Governor Preston E. Smith Regents Professor of Law, Texas Tech University School of Law
• AD LITEMS AND DNR’S: OR WHO WOKE THE SLEEPING FIREFIGHTER The Honorable Rory R. Olsen, Probate Court No. 3, Houston, Texas
• ETHICS AND THE LAW David Lanehart, Former Chair of the District 16A Grievance Committee, Solo Practitioner Lubbock, Texas
  
• PROTECTING TRUST ASSETS FROM THE FEDERAL TAX LIEN Bryan Camp, George H. Mahon Professor of Law, Texas Tech University School of Law
• CUTTING EDGE V. OVER THE EDGE: ETHICS AND MALPRACTICE ISSUES FOR MEDICAID PLANNING Patricia F. Sitchler, Shareholder, Schoenbaum, Curphy & Scanlan, P.C.
  
• CAN ESTATE PLANNERS AND TRUST ADMINISTRATORS OFFER HELP TO TRUST BENEFICIARIES WHO WANT TO LEARN TO MAKE POSITIVE LIFE PLANNING DECISIONS? Robert Whitman, Professor, University of Connecticut School of Law

 Follow this link for the seminar brochure which contains registration information and additional details.

Texas' 11th Annual Building Blocks of Wills, Estates and Probate Course

The Texas Bar CLE and the Real Estate, Probate & Trust Law Section of the State Bar of Texas are co-sponsoring a studio-produced webcast of the 11th annual CLE entitled Building Blocks of Wills, Estates and Probate Course on Jan. 15, 2009 and Jan. 21, 2009. Video replays will be provided in 13 Texas locations on Jan. 29, 2009.

The course will cover the following topics:

• Basic Estate Planning
• Elder Law Planning and Issue Spotting
• Office Technology and Administration: Kicking and Screaming into the 21st Century
• Probate Procedures and Alternatives
• Administrations Issues

401(k) Update: Impact of 401(k) Guidance

The ABA Sections of Business Law, Health Law, Labor and Employment Law, Real Property, Trust and Estate Law, Taxation, and Tort Trial and Insurance Practice, and the American College of Employee Benefits Counsel, along with the Joint Committee on Employee Benefits, are sponsoring a 90 minute teleconference and live audio webcast entitled 401(k) Update on November 19, 2009.

A program summary is below:

Treasury, IRS and the Department of Labor have issued a variety of 401(k) plan guidance this year. A panel of government speakers and experienced practitioners will discuss how this guidance will impact 401(k) plan sponsors and administrators. Topics to be covered include:

• Additional flexibility for automatic contribution increases in 401(k) plans
• Contributions of unused vacation or other leave
• Waived minimum distributions for 2009: Rollover extension, Sample amendments
• New safe harbor distribution notices for 401(k) and Roth 401(k) plans
• Use of a summary prospectus in a section 404(c) plan
• 401(k) fees: Disclosing fees on Schedule C, Form 5500; Lessons from 401(k) fee cases

Recognizing and Dealing With A Client's Diminished Capacity

The ABA Senior Lawyers Division, Commission on Law and Aging, Health Law Section General Practice, Solo and Small Firm Division, Section of Individual Rights and Responsibilities, Section of Real Property, Trust and Estate Law, Section of Family Law and the ABA Center for Continuing Legal Education are sponsoring a teleconference and integrated visual webcast CLE entitled Diminished Capacity: How to Recognize it and What to do About it? on Dec. 3, 2009.

A description of the program is below:

How do lawyers and other non-clinicians recognize and address diminished capacity in providing professional services to individuals?   Some might argue that without training in mental disorders of aging and methods of formal capacity evaluation, you should not be making determinations about capacity at all. Yet lawyers and other professionals unavoidably face situations in which they must at least screen for capacity either in connection with representing the individual in transactional work, or in the context of a guardianship action or other litigation, or when serving as a guardian. A preliminary assessment of capacity can either be done by the seat of your pants or with some objective grounding.

This teleconference and integrated visual webcast will provide you with tools for objectively making preliminary assessments of capacity and undue influence, while balancing the competing goals of preserving autonomy and protecting vulnerable individuals.   Participants will have online access to Assessment of Older Adults With Diminished Capacity: A Handbook for Lawyers, by the ABA Commission on Law and Aging and the American Psychological Association.

Providing for a Client's Disposition of Tangible Property

The ABA Section of Real Property, Trust and Estate Law is sponsoring a CLE teleconference and life audio webcast on Nov. 10, 2009, entitled Passwords and Personalty: Planning and Pitfalls in the Disposition of Tangible and Quasi-Tangible Property.  

Here is a description of the program.

Do you find the disposition of tangible personal property is an often overlooked aspect of estate planning? The disposition of tangible (and quasi-tangible) personal property often is more important to clients and their family members than other aspects of the planning. If not handled properly, it can lead to more family disputes and will contests than other parts of the plan. Have you considered the financial value of digital assets (such as eBay, PayPal, online gaming sites, etc.) and the mechanisms for pragmatically including them in estate plans?

This program will address: Drafting techniques, client-relations strategies, valuation methods to help promote a conflict-free distribution process, and the disposition of digital assets (e.g., computer passwords, email accounts and social networking profiles).

CLE to Address U.S. Attack on Tax Havens

The ABA Section of International Law and the ABA Center for Continuing Education is sponsoring a teleconference and live audio webcast CLE entitled Will the American Assault on Tax Havens Finally Succeed?, on Thursday, Oct. 29, 2009. 

Here is a description of the program:

The White House, IRS, Treasury, and Justice Department crackdown on individuals and companies who improperly utilize tax havens has significant implications for investors and businesses worldwide. Our expert panel will review recent IRS initiatives, such as the expansion of the foreign account reporting and voluntary disclosure program and the enhanced enforcement of withholding tax compliance by non-financial businesses and financial institutions, and examine other international areas of IRS focus. The panel will discuss the Administration's 2009 proposals to combat under-reporting of income through the use of accounts and entities in offshore jurisdictions and to reform the international tax system. In addition, recent developments in the UBS summons litigation, international information exchange agreements and treaties, and the OECD initiative will be presented.

44th Annual Heckerling Institute on Estate Planning

The Heckerling Institute is sponsoring the 44th Annual Heckerling Institute on Estate Planning CLE on January 25-26, 2010 in Florida.  Details are below:

The Heckerling Institute on Estate Planning is the nation’s leading conference for estate planning professionals. It is designed for sophisticated attorneys, trust officers, accountants, insurance advisors, and wealth management professionals who are familiar with the principles of estate planning.  This year’s Institute features:
 
Recent Developments: Complete coverage of the most significant recent and anticipated developments including planning strategies for the future.
 
Cutting Edge Planning Techniques: In-depth analysis and practical guidance on the latest planning strategies of interest to experienced planners. 
 
Valuable Resource Materials and Sample Forms: Valuable materials for your practice include outlines, case studies and sample forms prepared by the nation’s leading experts.
 
Focus Series on Closely-Held Business Planning: Comprehensive coverage of  the issues involved in planning for the closely-held business, from the formation of the entity to disposition of the business interest.
 
Financial Assets Series: A look at the current economic forecast and its impact on estate planning, as well as the latest information on planning with GRATs and life insurance.
 
Litigation and Audit Issues:  The latest on family limited partnership valuation and audit issues, as well as an update on fiduciary responsibility and liability in a changing economic environment.
 
Fundamentals Program: A thorough review of three important planning areas including choice of entity and buy-sell agreements, asset protection planning, and drafting retirement beneficiary designations.
 
Networking and Practice Development: An unparalleled opportunity to exchange ideas, network, and review the latest in technology, products and services displayed in an exhibit hall dedicated entirely to estate planning.

Annual Meeting Program for AALS Section on Trusts and Estates Announced

The AALS Section on Trusts and Estates is pleased to announce the program for the Annual Meeting on Saturday, January 9, 2010

1. Phyllis C. Smith, Associate Professor, Florida A&M University College of Law: The Estate and Gift Tax Implications of Domestic Asset Protection Trusts
   
   Comment: Lee-ford Tritt, Associate Professor, Director of Center for Estate and Elder Law Planning and Estates and Trusts Practice Certificate Program; Associate Director, Center on Children and Families, University of Florida, Levin College of Law.
2. Robert Whitman, Professor of Law, University of Connecticut School of Law: Fiduciary Accounting Statutes for the 21st Century 
   
   Comment: Bridget Crawford, Professor of Law; Associate Dean for Research and Faculty Development, Pace Law School
3. Iris Goodwin, Associate Professor, University of Tennessee College of Law: How the Rich Stay Rich: Using A Family Trust Company To Secure A Family Fortune
   
   Comment: Jeffrey Cooper, Associate Professor of Law, Quinnipiac University School of Law

Texas Estate Planning and Probate Drafting CLE

TexasBar CLE presents the 20th annual Estate Planning and Probate Drafting Course.  The course will be presented live in Dallas on Oct. 29 & 30 and will be presented by video in Houston on Dec. 2 & 4.

Course highlights include:

• Forms from Around the State: When and How to Use Them (and When Not to)
• Drafting to Win: Winning the Will Contest on the Front End
• How to Undo What the Client Has Done
• Pleadings, Discovery Requests for Will Contest, Trust Disputes, and Fiduciary Litigation
• Electronics and Paperless Impact on the Drafting Process

The Creighton University Law Review announces the third annual multidisciplinary symposium on Friday, April 16, 2010, at Creighton University School of Law in Omaha, Nebraska. The Law Review is soliciting papers to be presented at the symposium, which will explore the theme of moral, religious, and ethical perspectives in estate planning, including issues affecting wills, trusts, estates, and taxation. Authors from legal or social science perspectives are invited to submit papers for discussion at the symposium.

Interested authors must submit their papers to the Law Review by December 15, 2009. All papers should be accompanied by an abstract of 250 words or less. Authors of selected papers will be notified by January 15, 2010, and they will be invited to present their work at the symposium on Friday, April 16, 2010. Travel expenses up to $500 and all lodging expenses for presenters will be reimbursed by the Law Review.

Qualifying papers will be published in the third issue of the Creighton Law Review, which is devoted to the symposium.

Papers should be submitted, preferably in electronic form, to:
Patrice Ott
Senior Lead Articles Editor
Creighton University Law Review
Creighton University School of Law
2500 California Plaza
Omaha, NE 68178
patriceott@creighton.edu

Papers may also be submitted through the Express-O service.

Estate Planning CLE

The ABA Section of Real Property, Trust and Estate Law is sponsoring a teleconference and live audio webcast CLE entitled Estate Planning for Owners of Retirement Plan Accounts (Including IRA's) on October 6, 2009.  A description of the program is below:

During this presentation the panelists will present practical pointers on how to draft estate plans and beneficiary designations when bequeathing IRAs and similar retirement plan assets. They will discuss technical nuances to the extent that they are of practical help during drafting. They will combine basic and cutting-edge current developments and focus on strategy. The discussion will be appropriate and beneficial to both new and highly experienced lawyers. During the discussion they will cover:

• Drafting of documents to govern distributions of assets from IRAs and qualified retirement plans
• Traps in drafting marital trusts or charitable bequests
• Practical issues when assets are payable to trusts
• Sample forms
• Technical tax issues.

Conference on Ethical Issues Affecting Estate Planners

The following is an email received from Dennis Belcher, president of the American College of Trust and Estate Counsel:

Dear Fellows:

Please join me on Wednesday, October 7, 2009, beginning at 12:00 noon ET/ 11:00 am CT/ 10:00 am MT/ 9:00 am PT, to listen to the Third Annual ACTEC/ALI-ABA Teleconference on Ethical Issues Affecting Estate Planners. This informative teleconference is two hours in length and is aimed specifically at the most important ethical challenges that confront estate planners. The previous two teleconferences received quite favorable comments from attendees.

Using a series of hypotheticals to present each issue and the ACTEC Commentaries as a text, the panelists will discuss these and other issues:

Representation of the Trustee and Beneficiaries Simultaneously
Representation of Multiple Generations of a Family
Representation of Multiple Owners in a Closely Held Business, Partnership, or LLC
The Incapacitated Client
Turnover of Files after the Death of the Estate Planning Client
Referral Fees
When, If Ever, to Review Metadata
Diligence in Completing Work
Disclosure to Client of Representation of Corporate Trustee or Executor
Adequate Disclosure of the Provisions in Estate Planning Documents to Clients
Issues Involving Gift Tax Returns

ACTEC Fellow, Cynda C. Ottaway, is the Moderator for the Program and the presenters are Fellows Robert D. Chapin, William T. Hennessey, III, and Adam F. Streisand. CLE credit will be available in those states where teleconferences qualify. There will be the opportunity to ask questions of the presenters during the teleconference.

ACTEC is making the teleconference available to Non-ACTEC Fellows because of the important subject matter. We hope that you will pass this information to others whom you think may be interested in attending the teleconference.

The price is a reasonable $89 for ACTEC Fellows, $139 for Non-ACTEC Fellows and $69 for law students.

To register online, go to http://www.ali-aba.org/index.cfm?fuseaction=courses.course&course_code=RSRJ02.  [If you are an ACTEC Fellow, contact ACTEC to find out to obtain the discount.]

I look forward to listening to the Teleconference with you on October 7.

Sincerely,

Dennis I. Belcher, President

Estate Planning Seminars in Las Vegas

The University of Denver's Graduate Tax Program is sponsoring a five-day seminar series entitled Estate Planning Seminars in Law Vegas on November 2-6, 2009.  The seminars being offered are listed below. 

Estate and Gift Tax Boot Camp

Monday, November 2, 2009; Basic; 8 hours CLE

 

Does it bother you when many estate planners can articulate the whys and wherefores of the various Code sections and you are not quite sure how they interrelate? This course covers the tax principles that are the foundation of estate planning tools.

 

Turbo Charging Estate Planning Tools
Tuesday, November 3, 2009; Intermediate; 8 hours CLE

 

· Estate planning for the married couple with a net worth between $3.5 million and $7 million.

· The will vs. the revocable trust: which one is better and when?

· Why are there only four to five types of primary estate planning trusts, yet there are dozens of names for these estate planning trusts?

· Is there any magic behind an irrevocable life insurance trust?

· Most estate planning clients are entrepreneurs. Speak their language and learn the fundamentals of business valuations.

· While the organizational and operational planning for the tool has become more complicated, the FLP or LLC still remains the cornerstone for higher net worth clients.

 

Modular Approach to Estate or Business Succession Planning
Wednesday, November 4, 2009; Advanced; 8 hours CLE

· Estate planning is not an art?

· Are there only 4-5 primary estate planning trusts?

· QPRTs, GRATs, CRUTs, CLATs, and other four-letter words.

· Can spouses create trusts for each other and avoid the doctrine of reciprocal trusts?

· Berenstein Investments has claimed that the Rolling GRAT is more effective than an IDIT. When and why is this true.

· If your state has poor trust law, why not move the trust to one of the top trust states? Forum shopping for more favorable trust law.

· Make your recommendations to your clients with color graphs: CCH's View Plan software (participants receive a free 30-day trial copy).

 

The Sizzle to Drafting Irrevocable Trusts
Thursday, November 5, 2009; Advanced; 8 hours CLE

 

· Articles in the Wall Street Journal, Investor's News, and the Horse's Mouth have all discussed the benefits of using discretionary dynasty trusts for many, if not most, of your clients. Why is there a great trend toward this incredible tool?

· How to draft an irrevocable trust with the discretionary dynasty provisions.

· How does the settlor, and then later the beneficiaries, have indirect control over the trustee.

· Contrary to many planners' first thoughts, the generation-skipping transfer tax provisions are generally just a side benefit.

 

Asset Protection Planning for Physicians and High Net Worth Clients
Friday, November 6, 2009; Advanced; 8 hours CLE including 1 hour ethics.

· Planning for clients with net worth of $1 million plus.

· Why is exemption planning many times limited?

· Is a family limited partnership a weak form of asset protection?

· How much better does it get when the FLP is combined with a domestic asset protection trust?

· If I do not live in a domestic APT state, which states or countries should I forum shop?

· Is the offshore asset protection trust still "king" of the asset protection planning tools?

Special thanks to Patrick S. Sylvester (Attorney & Counselor at Law, Sylvester Law Firm, PC) for bringing this to my attention.

CLE on Captive Insurance Companies

The ABA section of Real Property, Trust & Estate Law is sponsoring a 90 minute teleconference and live audio webcast CLE entitled "Captive" Insurance Companies and Closely Held Enterprises: Income Tax and Transfer Tax Opportunities and Implicationson Sep. 1, 2009.

The description of the CLE is below:

Once the domain of the Fortune 500, captive insurance companies are now accessible by families and family-owned enterprises. The family business can use a captive to not only reduce casualty insurance costs, but to also defer/reduce income taxes, improve risk management practices, and provide wealth transfer opportunities.

During this presentation, we will examine the following:

• What is a captive?

• Brief tax law history of captives

• Types of casualty risks insurable in a captive

• Income tax treatment of captives

• Jurisdiction (onshore versus offshore)

• Business planning opportunities

• Estate planning opportunities

• Implementation process

• Identifying prospects

• Potential problem areas

Taxation Conference and Estate Planning Workshop in Austin

The University of Texas at Austin School of Law is sponsoring its 57th annual Taxation Conference in Austin, December 9-10, 2009.  Additionally, Stanley M. Johanson's Estate Planning Workshop will be held on December 11, 2009.

The following is the summary of the conference and workshop:

This year’s Taxation Conference covers the latest in tax regulations and policy, including a federal update from Martin J. McMahon and Ira B. Shepard, and offers a look at current and prospective tax legislation and possible reform. Topics also include: updates on the margin tax, tips and strategies for working with the IRS, and tax issues in bankruptcy.

On Friday, Stanley Johanson presents his popular one-day Estate Planning Workshop. Don’t miss up-to-date materials, lively discussion and practical advice.

CLE Will Guide Lawyers on Disability & Unexpected Event Preparation

The ABA Sections of General Practice Solo and Small Firm Division, Commission on Lawyer Assistance Programs, Law Practice Management Section, Senior Lawyers Division, and the ABA Center for Continuing Legal Education are sponsoring a Teleconference and Integrated Visual Webcast CLE entitled Being Prepared: A Lawyer's Guide to Dealing with Disability and Unexpected Events on Aug. 19, 2009.

The description of the CLE is below:

If you haven’t started thinking about formulating an emergency action plan to properly protect your law firm, your clients, your family, your reputation, and yourself in the event of temporary disability, incapacity, or other unexpected event, this program will jump start the process!

This program is based on the book Being Prepared, which is the essential workbook and guide for protecting your law practice against an emergency, casualty, or any other unexpected event. The program will lead you through a series of active and immediate “how to” steps aimed at establishing your emergency protection plan.

By implementing this emergency action plan you will

• reduce malpractice exposure;  
• avoid ethical traps;  
• provide for the financial continuity of your office, and  
• coordinate your personal estate plan!  

The Law of Philanthropy in the 21st Century -- Program Announced

On October 23, 2009, the American College of Trust and Estate Counsel along with the Chicago-Kent Law Review will sponsor an innovative program entitled The Law of  Philanthropy in the 21st Century.  Follow the link to read about the program and speakers.

A registration form is included.  Note that there is no charge to attend due to the generous support of the American College of Trust and Estate Counsel Foundation.  However, space is limited so it is important to register as soon as you know you will be able to attend.

CLE on Medicaid Eligibility in Estate Planning

The National Constitution Center is sponsoring an audio conference CLE entitled Medicaid Eligibility Nuts & Bolts: Strategies in Estate Planning on August 4, 2009.

Here is a summary of the CLE:

Failure to properly secure Medicaid during the estate planning process can result in the loss of crucial benefits for your client. What are the current Medicaid eligibility requirements & how can you protect the long-term needs of your clients? Join us for a 60-minute live audio conference, where you and your colleagues will discover:

• Keys for Meeting Medicaid Eligibility & Application Requirements
• Medicaid Planning for the Long-term Care of Your Client
• What are the Penalty Period Calculations for Gifts under Medicaid?
• Strategies to Meet the Deficit Reduction Act Requirements