Southern Federal Tax Institute Southern Federal Tax Institute 2107 North Decatur Road, PMB 521, Decatur, Georgia 30033
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Business Taxation
Accounting, Benefits, Ethics
Estate Planning
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Estate Planning
Day 1

George S. Bailey, Presiding

7:00-8:00 Breakfast
8:00-9:15 HISTORY AND FUTURE OF VALUATION DISCOUNT PLANNING – For the past two decades if not longer, closely held partnerships and limited liability companies employed for estate planning purposes have played a prominent role in the estate and gift tax arena. A significant advantage of this technique was the ability to employ valuation discounts traditionally available in valuing beneficial interests in such entities. However, given the increased level of the unified credit, these valuation discounts can prove counterproductive for a large group of individuals who once sought them out. This panel of experts who played primary roles in crafting planning strategies involving family limited partnerships and litigating the benefits of those techniques will recount the history of the family limited partnership device while offering their thoughts on the future of planning with valuation discounts.
S. Stacy Eastland, Goldman Sachs & Co., Houston, TX
John W. Porter, Baker Botts L.L.P., Houston, TX
9:15-10:10 (MIS)CONCEPTIONS ABOUT GRANTOR TRUSTS – This presentation will examine and at times challenge various aspects of the conventional wisdom associated with the use of grantor trusts. Specific topics will include the operation of the portion rules, beneficiary defective inheritor’s trusts, the spousal unity rule following divorce, the passthrough of losses from a defective grantor trust, the significance of SEC v. Wyly on standard grantor trust planning, and avoidance of the transfer for value rule. Additionally, the presentation will examine the contention that the incomplete non-grantor trust technique depends on the trust being created in an asset-protection state.
Jeffrey N. Pennell, Richard H. Clark Professor of Law, Emory University School of Law, Atlanta, GA
10:10-10:25 Break
10:25-11:20 TRUSTS AND RETIREMENT BENEFITS – Fiduciary income taxes, trust accounting, minimum distribution rules, grantor trusts, and trusteed IRAs. It's all here, from estate planning guidelines through administration to termination of the trust, what happens when an IRA passes to a trust.
Natalie B. Choate, Nutter McClennen & Fish LLP, Boston, MA
11:20-12:15 CROSS-BORDER ESTATE PLANNING - Estate planning has an increasingly international flair, either because clients seek favorable asset protection jurisdictions or because clients and their beneficiaries have broader global reach. This session will begin with a primer on planning for foreign clients who have domestic property or U.S. beneficiaries, including steps that should be taken if the client intends to immigrate to the United States. Additionally, the presentation will address the upcoming Brussels IV treaty (effective August 2015), and its allowance of U.S. persons with property in an E.U. jurisdiction to avoid forced heirship and instead to apply the inheritance laws of their chosen jurisdiction. Lastly, in the event regulations are issued under Section 2801 concerning gifts and bequests from covered expatriates, the presentation will detail the regulatory regime.
Gideon Rothschild, Moses & Singer LLP, New York, NY
12:30 -1:20 Mid-day Program

Kimberly H. Stogner, Presiding

1:30-2:30 TALES FROM THE DARK SIDE: DRAFTING TRUSTS FROM THE STANDPOINT OF THE FIDUCIARY – While most estate planning is undertaken through representation of the transferor, planners are frequently asked to evaluate estate planning documents from the standpoint of a party who is considering serving as a fiduciary. This presentation will highlight several important considerations in the drafting of wills and trusts from the standpoint of the named executor or trustee.
Steve R. Akers, Bessemer Trust, Dallas, TX
2:30-3:55 LOOKING BACK AT THE EVOLUTION OF THE ESTATE AND GIFT TAX REGIME / LOOKING FORWARD TO THE FUTURE OF THE ESTATE PLANNING PRACTICE – Prior to 2001, the estate and gift tax regime was a relatively static landscape marked by periodic seismic developments (introduction of the unlimited marital deduction, GST tax, QTIP provisions, and the chapter 14 valuation rules). That landscape shifted markedly thereafter, with considerable increases in the applicable exclusion amount, decreases in the marginal rates, and the advent of portability. With a significantly increased unified credit that is indexed for inflation, the future of the estate planning practice has changed considerably. On this golden anniversary of the Institute, this panel will review the major developments in the estate and gift tax regime while looking ahead to the future of estate planning as a specialty.
Ronald D. Aucutt, McGuireWoods LLP, Tysons Corner, VA
Charles A. “Clary” Redd, Stinson Leonard Street LLP, St. Louis, MO
3:55-4:10 Break
4:10-5:30 PLANNING FOR CLIENTS UNDER THE $10 MILLION NET WORTH, INCLUDING PORTABILITY CONSIDERATIONS – With the introduction of portability, planning for married couples with net worth in the $5-10 million range has reached new heights of complexity. This panel will discuss planning techniques for clients in this range that balance the goals of reducing combined estate and GST tax on one hand and maximizing basis in property for income tax purposes on the other, while considering ways to preserve flexibility to choose between the two.
Jonathan G. Blattmachr, Pioneer Wealth Partners, LLC, New York, NY
Diana S.C. Zeydel, Greenberg Traurig, P.A., Miami, FL
5:30-7:00 Cocktail Party


Turney P. Berry, Presiding

7:00-8:00 Breakfast
8:00-9:15 CONSERVATION EASEMENTS: MAXIMIZING THE TAX BENEFITS WHILE MINIMIZING THE AUDIT RISK – Conservation easements offer remarkable income tax savings and can significantly reduce the value of real estate for gift and estate tax purposes. They also can provide a family with peace of mind regarding the permanent protection of cherished lands. This panel of experts will discuss how to maximize the income, gift, and estate tax benefits from an easement donation, while at the same time minimizing the risk of audit. Since 2005, the courts have collectively issued almost 70 decisions involving challenges to deductions claimed with regard to easement donations. The panelists will discuss the lessons to be learned from this growing body of case law regarding qualification, valuation, and other compliance issues.
David D. Aughtry, Chamberlain, Hrdlicka, White, Williams & Aughtry, Atlanta, GA
Nancy A. McLaughlin, Robert W. Swenson Professor of Law, University of Utah College of Law, Salt Lake City, UT
Alan F. Rothschild, Jr., Hatcher, Stubbs, Land, Hollis & Rothschild, LLP, Columbus, GA
9:15-10:15 ETHICAL CHALLENGES POSED BY TRANSFERS AMONG FAMILY MEMBERS – This session will review the ethical challenges facing estate planning professionals in representing family members in transfers among family members. Attention will be paid to potential and real conflicts of interest, joint or separate representation, the use or misuse of waivers, challenges in representing fiduciaries, and working with family members who have diminished capacity.
Mary F. Radford, Marjorie Fine Knowles Professor of Law, Georgia State University College of Law, Atlanta, GA
Submitted for 1.0 hours of Ethics Credit
10:15-10:30 Break
10:30-12:00 BUSINESS SUCCESSION PLANNING – Planning for the transition of a family business presents a variety of estate and gift tax challenges, but the best plans will be of no use if proper consideration is not given to the personal dynamics of the family business and the operational challenges of transitioning control and management. This panel will take a holistic view of estate planning for family businesses.
Edward F. “Ed” Koren, Holland & Knight LLP, Tampa, FL
Daniel H. “Danny” Markstein, III, Maynard Cooper & Gale PC, Birmingham, AL
12:15-1:05 Mid-day Program:

Alan F. Rothschild, Presiding

1:15-2:15 EXPLORING THE SPACE-TIME CONTINUUM: MULIT-STATE TRUST ISSUES – It doesn’t take much for a trust to implicate the laws of multiple jurisdictions. For instance, a client funds a trust while a resident of State A but moves to State B, the beneficiaries of the trust reside in States C and D, and the trust provides that the law of State E will govern. This presentation will review the variety of multi-state complications that arise in the trust context, with suggestions on how to minimize them.
Paul S. Lee, The Northern Trust Company, New York, NY
2:15-3:15 RECENT ESTATE PLANNING DEVELOPMENTS – This session will detail significant court decisions, rulings and statutory and regulatory developments relating to federal trust and wealth transfer taxes.
Stanley M. Johanson, James A. Elkins Centennial Chair in Law and University Distinguished Teaching Professor, University of Texas School of Law, Austin, TX
3:15 Adjourn
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