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

Turney P. Berry, Presiding

6:30-7:30 Breakfast
7:30-8:15 SPECIAL EARLY MORNING PRESENTATION: RECENT CASES, REGULATIONS, RULINGS, AND PRONOUNCEMENTS – This panel of experts will survey the field of recent developments in the federal transfer tax arena, highlighting those most likely to affect your daily practice.
Panel: Charles A. “Clary” Redd and Steve R. Akers
Moderator: Turney P. Berry
8:15-9:15 PLANNING FOR ESTATES UNDER $10 MILLION: A RUBIK’S CUBE OF SIMPLICITY – Estate planning clients who may not be subject to the federal estate tax might, on first blush, appear seemingly simple; yet, the permutations of planning options are legion. And like the Rubik’s cube, a turn to align one issue, shifts another out of alignment. Planners will have to balance the often competing client objectives of: maximizing income tax basis on death, minimizing state estate tax in a decoupled state, asset protection goals, and simplicity and cost consciousness if there is no federal estate tax, and more. Default reliance on bypass/QTIP planning will no longer suffice. Existing planning will also have to be re-evaluated, often resulting in an Alice in Wonderland-like planning where taxpayers will affirmatively assert positions the IRS had historically used to challenge planning options. Welcome to the rabbit hole of FLPs with intentional 2036 strings, ILITs without typical Crummey powers, and more.
Steve R. Akers, Bessemer Trust, Dallas, TX
9:15-10:00 MALPRACTIVE IN ESTATE PLANNING: SOME GUIDANCE ON HOW TO AVOID IT – The intricacy of the federal gift, estate, and generation-skipping transfer tax regime and its interaction with the federal income tax presents a number of planning opportunities for estate planners. Unfortunately, the complexity of a modern estate planning practice also carries a heightened risk of making a mistake in the course of your representation. This presentation will identify malpractice hazard zones in the estate planning field while providing advice on how to best navigate them.
(Submitted for 0.75 hours of Ethics and Professionalism Credit)
Charles A. “Clary” Redd, Stinson Leonard Street LLP, St. Louis, MO
10:00-10:15 Break
10:15-11:00 GRANTOR TRUSTS AND THE NEW PLANNING LANDSCAPE – Grantor trusts are a long-time staple of estate planning for taxable estates. This session will address the appropriateness of grantor trusts as donees of gifts in view of the current income and transfer tax landscape, how to draft grantor trust instruments flexibly to respond to future changes in tax law and other circumstances, and how to modify the grantor trust status of inflexibly-drafted trusts. The presentation also will include a discussion of traps for the unwary, including the income tax consequences on a termination of grantor trust status.
Amy E. Heller, McDermott Will & Emery LLP, New York, NY
11:00-12:00 THE FUTURE OF ESTATE PLANNING – The outlook for an estate planning practice in a post-ATRA environment—with an inflation-indexed $5 million exemption and portability of the unified credit—is far different than the landscape even five years ago. This presentation will ponder the future of the estate planning field. In particular, the presentation will consider what aspects of the estate planning practice will emerge at the forefront as estate and gift tax planning becomes increasingly less significant.
Jonathan Blattmachr, Pioneer Wealth Partners, LLC, New York, NY
12:15 -1:05 Mid-day Program: PATHWAYS TO LIQUIDITY: ADVISING YOUR CLIENTS IN MONETIZING THEIR ILLIQUID WEALTH - With the current uptick in the economy and the demographic realities of baby boomer business owner transitions, estate planners have a client base that may be seeking to monetize their investment in their closely held businesses. Many business owners immediately assume that means an outright sale. However, there are other liquidity options to consider. This session will cover these various liquidity options including dividend policy, partial sales to insiders, employee stock ownership plans, private equity investors, as well as third party sales. Sponsored by MERCER CAPITAL and presented by Matthew R. Crow, CFA, ASA and Nicholas J. Heinz, ASA

George S. Bailey, Presiding

1:15-2:15 THE INVIGORATING INTERSECTION OF THE ESTATE TAX AND INCOME TAX – Post-ATRA planning for larger estates will increasingly focus on income tax planning, the management of tax basis, and maximizing the “step-up” in basis at death. This presentation will discuss measuring the transfer tax costs (including state estate and inheritance taxes) against the income tax savings from the “step-up” on different types of assets; recapturing assets that have already been transferred; multiplying the applicable exclusion amount; using trust and partnership elections, distributions, and reorganizations to maximize the “step-up” and “split” income across taxpayers.
Paul S. Lee, Bernstein Global Wealth Management, New York, NY
2:15-3:15 FILING THE GIFT TAX RETURN WITH AN EYE TOWARD AUDIT – Did you file a record number of gift tax returns on behalf of your clients in recent years? Do you use formula clauses for gifts and sales? How do you report them? This presentation will explore audit-proofing (to the extent possible) the return, addressing in particular how to report formula transfers that may be highly scrutinized.
Stephanie Loomis-Price, Winstead, PC, Houston, TX
3:15-3:30 Break
3:30-4:30 ESTATE PLANNING THROUGH AN ASSET PROTECTION LENS – With “permanent” portability and a $5,000,000 exemption, clients have begun to question the necessity of “estate planning.” Fortunately, all signs indicate that the litigation explosion continues unabated, and that clients are demanding “asset protection planning” solutions from their estate planning advisors. This program will discuss ways in which an advisor can help clients integrate their estate and asset protection planning.
Gideon Rothschild, Moses & Singer, LLP, New York, NY
4:30-5:30 CONTEMPORARY ISSUES IN THE FEDERAL INCOME TAXATION OF TRUSTS – This presentation will explore practical strategies for dealing with thorny trust income tax issues, such as the 3.8% net investment income tax, distributable net income, and deemed ownership of the trust for income tax purposes by grantors and beneficiaries.
Samuel A. Donaldson, Georgia State University College of Law, Atlanta, GA
5:30-7:00 Cocktail Party


Christopher J.C. Jones, Presiding

7:00-8:00 Breakfast
8:00-9:00 FIXING A BROKEN TRUST – Trusts are fantastically flexible estate planning vehicles, but irrevocable trusts established during life and trusts established by testamentary devise suffer from one inconvenient drawback – they cannot be changed. Or can they? This presentation will examine the options to amend a trust to better serve the objectives of grantors and beneficiaries, including the prospect of decanting the trust property into a trust with more suitable terms. The various income, gift, estate, and generation-skipping transfer tax issues implicated by trust decanting also will be explored.
Elizabeth K. Arias, Womble Carlyle Sandridge and Rice, LLP, Raleigh, NC
9:00-10:00 CHARITABLE DISPOSITIONS OF PRIVATE EQUITY INTERESTS, INCLUDING FAMILY PARTNERSHIPS – This session will deal with the particular issues surrounding the gift to charity of venture capital and other private equity investments, including carried interests. How to minimize unrelated business income tax, obtain effective appraisals, select the right kind of charitable recipient, and create a favorable monetization plan will be discussed, as will how to motivate the capitalist whose interest in charity is only beginning.
Karla D’Alleva Valas, Fidelity Charitable, Raleigh NC
10:00-10:15 Break
Prenuptial and postnuptial agreements have become common especially in second marriage situations. Incorporating these agreements into estate and trust plans for spouses presents challenges and the tax implications of these agreements can be significant. This presentation will discuss best practices for designing and implementing estate plans for second and blended families, and incorporating prenuptial and postnuptial agreements into estate and trust plans. The presentation also will highlight the most common tax implications to be considered in this context.
Eric Manterfield, Krieg Devault LLP, Indianapolis, IN
11:00-12:00 HOW TO FIX A BROKEN IRA – IRAs can get derailed in 100 ways, but with a little specialized knowledge you can fix (almost) any problem. Learn how to help your clients recover from missed minimum distributions, botched rollovers, and missing beneficiary designations.
Natalie B. Choate, Nutter, McClennen & Fish LLP, Boston, MA
12:15-1:05 Mid-day Program: : IMPACTFUL TRENDS AND OPPORTUNITIES IN STRATEGIC PHILANTHROPY - Learn about the most innovative giving strategies currently used by advisors to build and deepen their practice. Sponsored by FIDELITY CHARITABLE and presented by Josh Daly

Kimberly H. Stogner, Presiding

1:15-3:15 RECENT ESTATE PLANNING DEVELOPMENTS – 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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