Southern Federal Tax Institute Southern Federal Tax Institute 2107 North Decatur Road, PMB 521, Decatur, Georgia 30033
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Estate Planning

Alan F. Rothschild, Jr., Presiding

7:00-8:00 Breakfast
8:00-9:00 Practical Inter Vivos and Testamentary Estate Planning: Helping Our Clients Plan in a High Exemption World – Today’s transfer and income tax laws have required us to reexamine our tried and true estate planning techniques. This session will explore ideas to help clients evaluate their options for lifetime transfers for estate reduction with the possibility of retaining an income stream, as well as options for testamentary transfers coupled with a potential basis adjustment at death.
Melissa J. Willms, Davis & Willms, PLLC, Houston, TX
9:00-10:00 SAVING YOUR CLIENTS’ RETIREMENT SAVINGS – RECENT DEVELOPMENTS IN ESTATE PLANNING FOR RETIREMENT ASSETS – This presentation will cover several important recent developments in planning for retirement assets, including spouse, non-spouse and trusts as beneficiaries; the impact of the recent U.S. Supreme Court rulings on same-sex marriage; creditor access to inherited IRAs and the benefits of trusteed IRAs; stretch IRAs and the planning opportunities in the event the stretch IRA is ultimately curtailed; and spousal rollover issues.
Robert K. Kirkland, Kirkland Woods & Martinsen PC, Liberty, MO
10:00-10:15 Break
10:15-11:00 Charitable Solutions to Wealth Planning Problems – Spotlight on Charitable Lead Trusts – The Federal Reserve raised rates for the first time in nearly a decade in December 2015, but most pundits predict that interest rates will remain at historic lows with only modest hikes, if any, in 2016. As such, the time is still ripe (but may be running out) to take advantages of charitable planning strategies that are more favorable in a low interest rate environment. This presentation will focus on one such strategy – charitable lead trusts, which have a variety of permutations, can be used for lifetime or testamentary transfers, and are an essential arrow in the quiver of those advising high net worth individuals.
Margaret W. Scott, Alston & Bird LLP, Atlanta, GA
11:00-12:00 Use of Partnerships in Today’s Estate Planning Practice – Income tax planning and tax basis management planning have become a focus of estate planning. Entities taxed as partnerships are the ideal vehicle in this new environment. This presentation will discuss how partnerships can be used to change the basis of assets, maximize the “step-up,” defer and shift tax items (income and deductions), and transfer wealth in a world of diminishing valuation discounts.
Paul S. Lee, The Northern Trust Company, New York, NY
12:15 -1:05 Mid-day Program Inside the Black Box of Life Insurance: Why It’s Important – The speakers will explore the importance of the “black box” in the life insurance industry. Can certain advisors gain access to the black box? If so, how can they use it for the benefit of their clients? How can clients use this knowledge to their advantage? Estate planning professionals will come away with an understanding that, by working with an insurance advisor who is well versed in the elements of the black box, those advisors can better understand the pricing and performance features of the various insurance products and enhance the client’s representation and the advisor’s advocacy on their behalf in the insurance marketplace.
Sponsored by McGuireWoods LLP and Nease, Lagana, Eden & Culley, Inc. and presented by Dennis I. Belcher and Lawton M. “Mac” Nease, III

Christopher “Chris” J.C. Jones, Presiding

1:15-2:15 Pulling the Rabbit Out of the GRAT Hat: Creative Structural GRAT Planning Ideas – This program will cover some creative planning ideas to use with a GRAT, including designing a GRAT structure to: work well even in flat or declining markets; save transfer taxes and income taxes by using basis enhancing strategies in the administration of the GRAT; benefit an art owner who wishes to possess his art until his death; provide a better alternative to a QPRT for a personal residence owner; simulate a sale to a grantor trust; protect the taxpayer from any new regulations under section 2704(b)(4); facilitate charitable planning and generation-skipping planning; work well even if the grantor dies before the GRAT terminates; be the last GRAT the grantor ever creates (i.e., eliminate the need for cascading GRATs); ensure that the grantor never runs out of money; work well for equity fund or hedge fund managers and avoid the section 2701 rules; allow the grantor to have investment control and some distribution control over the GRAT assets when the GRAT terminates; and to own and pay for life insurance.
S. Stacy Eastland, Goldman, Sachs & Co., Houston, TX
2:15-3:15 A New World Order for Estate Planners (or Why Is It So Difficult to Open a Bank Account?) – In advising clients, U.S. estate planners rely on the widespread use and acceptance of trusts, simplicity in organizing companies, and expediency in financial transactions. As the Panama Papers controversy illustrates, however, governments and regulators around the world often are skeptical of these important features of our practice, sometimes considering them to be devices that facilitate money laundering and tax evasion. Combined with the worldwide trend towards tax transparency and government sharing of information, this skepticism has the potential to result in legislation and regulation that could significantly change the U.S. estate planning business. This presentation will address these important developments and their impact on our clients and the advice we give them.
M. Read Moore, McDermott Will & Emery LLP, Menlo Park, CA
3:15-3:30 Break
3:30-4:30 Coloring Outside the Lines: The Art of Planning With Art and other Collectibles – Art and other collectibles are assets of passion. This, combined with their unique financial characteristics, make them the most difficult asset to incorporate into a comprehensive estate and financial plan. This program will explore both tax and non-tax considerations that collectors and their advisors should consider as they plan for the ultimate disposition of these assets, whether that ultimate disposition is through sale, gift to family, or donation to charity.
Ramsay H. Slugg, U.S. Trust, Dallas/Fort Worth, TX
4:30-5:30 Ethical Issues Arising in Concurrent Representation of Spouses and Other Family Members – This presentation will explore the vexing ethical issues that can arise when estate planning lawyers represent, or even communicate with, multiple members of the same family. The focus will be on avoiding, or at least successfully navigating, conflicts of interest and fulfilling the duties of loyalty and confidentiality. Related subjects to be addressed include engagement letters, dealing with unrepresented parties and the attorney-client privilege.
Charles A. “Clary” Redd, Stinson Leonard Street LLP, St. Louis, MO
(Submitted for 1.0 hour of Ethics Credit)
5:30-7:00 Cocktail Party


Kimberly H. Stogner, Presiding

7:30-8:30 Breakfast
8:30-9:30 Tax-Affecting the Earnings of S Corporations and Other Pass-Through Entities: The Parallel Universes of the Tax Court and the Appraisal Community – In Gross v. Commissioner the U.S. Tax Court ruled that shareholder-level taxes should be ignored in valuing non-controlling interests in S corporations. The 1999 holding called into question accepted valuation methodologies that tax-affect S corporation earnings for transfer tax purposes. After the 6th Circuit Court of Appeals upheld Gross, the Tax Court extended its ruling to other types of pass-through entities, and the IRS has adopted the Tax Court’s position. Nevertheless, valuation experts continue to tax-affect the earnings of pass-through entities, using different methods, when valuing non-controlling interests. This program will review the current state of the law and evolving valuation methodologies for S corporations and other pass-through entities to assist practitioners with estate planning for interests in such entities and in dealing with tax controversies arising from the tax-affecting valuation issue.
Stephanie Loomis-Price, Winstead PC, Houston, TX
James D. Spratt, Jr., The Bowden Spratt Law Firm, P.C., Atlanta, GA
9:30-10:45 Jumping (or Being Pushed) from the Fire into the ADR Frying Pan – This program will focus on understanding and navigating the legal, practical, client, and emotional aspects of alternative dispute resolution (ADR) concerning estates and trusts; when ADR can be compelled and when it should be sought; preparing your client for ADR and defining success; and thinking strategically about how to obtain your client’s goals.
Robert W. Goldman, Goldman Felcoski & Stone PA, Naples, FL
Dana G. Fitzsimons Jr., Bessemer Trust, Atlanta, GA
(Submitted for 1.0 hour of Professionalsim Credit)
10:45-11:00 Break
11:00-12:00 Estate Planning Enters the Digital Age: How the Revised UFADAA Can Help – Our clients lead increasingly virtual lives. Unfortunately, technology provider policies and federal and state laws make fiduciary access to vital information difficult or impossible. Our speaker, who chaired the Uniform Law Commission’s drafting committee for the Revised Uniform Fiduciary Access to Digital Assets Act, approved in 2015, will explain how the Act will give estate planners and fiduciaries greater ability to access and manage digital assets, before and after death.
Suzanne B. Walsh, Murtha Cullina LLP, Hartford, CT
12:15-1:05 Mid-day Program: Sophisticated Estate Planning Techniques from the Valuation Professional’s Perspective – MPI will go through recent real-world examples of sophisticated techniques used by estate planners, and how valuation was key to the estate plan. Preferred freezes, use of carried interests in private equity funds in the estate plan, and several other techniques will be discussed.
Sponsored by MPI and presented by Daniel Kerrigan

David C. Sojourner, Jr., Presiding

1:15-3:15 Recent Estate and Gift Planning Developments – This session will detail significant court decisions, rulings, and regulatory developments relating to federal trust and wealth transfer taxes.
Samuel A. Donaldson – Professor of Law, Georgia State University College of Law, Atlanta, GA
3:15 Adjourn
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