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Day 1
THURSDAY MORNING, OCTOBER 24, 2013
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| 6:30-7:30 |
Breakfast |
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| 7:30-8:15 |
Special Early Morning Presentation: RECENT CASES, IRS RULINGS, REGULATIONS, AND PRONOUNCEMENTS – Tax rulings, regulations, and court decisions are a fact of life for estate planning professionals. Additionally, the temporary nature of the existing legislative framework has introduced considerable complexity to the planning process. This panel of experts will survey the field of recent developments, highlighting those most likely to affect your daily practice.
Panel: Ronald D. Aucutt and Charles A. “Clary” Redd
Moderator: Dennis I. Belcher
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| 8:15-9:00 |
LEGISLATIVE UPDATE: A LOOK BACK AND A PEAK AT THE FUTURE – Congress finally set the federal estate and gift tax regime on a permanent footing through passage of the American Taxpayer Relief Act of 2012. Hence, the era of looming “sunsets” has itself finally set with the sun. This presentation will review this important piece of legislation and any other statutory changes enacted in the meantime. Additionally, the presentation will consider legislative proposals that may loom on the horizon, whether as part of comprehensive tax reform or a limited effort to tighten the rules applicable in the estate, gift, and generation-skipping transfer tax arena.
Ronald D. Aucutt, McGuireWoods LLP, McLean, VA
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| 9:00-9:45 |
A PRIMER FOR THE INDIVIDUAL FIDUCIARY – The duties of a trustee are many and varied, and increasingly complex as investment platforms permit greater diversification into asset classes, trust documents create distribution standards to protect, encourage, and incentivize beneficiaries, and income tax rates applicable to the trust may depend on the actions of the fiduciary. Our speaker will discuss how an individual can fulfill these and the other duties of a trustee with fidelity to the grantor and beneficiaries and without undue risk of personal liability.
Charles A. “Clary” Redd, Stinson Morrison Hecker LLP, St. Louis, MO
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| 9:45-10:00 |
Break |
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| 10:00-11:00 |
BURNING QUESTIONS (AND EVEN HOTTER ANSWERS) ABOUT GRANTOR TRUSTS – Although grantor trusts are often the centerpiece of many contemporary estate plans, there are still some unresolved issues regarding grantor trusts. This presentation will consider several of today’s “hot” issues regarding the use of grantor trusts in contemporary estate planning and offer practical answers to several important questions about the use of grantor trusts.
Samuel A. Donaldson, Georgia State University College of Law, Atlanta, GA
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| 11:00-12:00 |
WHAT EVERY ESTATE PLANNER SHOULD KNOW ABOUT SUBCHAPTER K – Estate planners often face complex and unanticipated income tax issues as they assist clients in the implementation of estate planning techniques and administration of decedent’s estates. This presentation will review partnership tax issues relevant in estate planning matters – including the formation of family limited partnerships (or limited liability companies), distributions, allocation issues and the mechanics of the Section 754 election.
Andrea C. Chomakos, Parker Poe, Charlotte, NC
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| 12:15-1:05 |
Mid-day Program
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THURSDAY AFTERNOON, OCTOBER 24, 2013
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| 1:15-2:15 |
FAMILY LIMITED PARTNERSHIP TAX CONTROVERSIES: THE EVER EVOLVING ENVIRONMENT – Courts continue to address valuation and other tax-related issues that arise in the context of gifts and sales of interests in family owned enterprises, particularly non-voting interests. This presentation will review the recent court decisions and arguments advanced by the IRS in order to assist planners in structuring transactions and dealing successfully with the IRS on audit.
John W. Porter, Baker Botts LLP, Houston, TX
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| 2:15-3:15 |
CHARITABLE PLANNING REMAINS A KEY ELEMENT OF PERSONAL FINANCE AND ESTATE PLANNING – This session will discuss charitable planning taking into account the 2013 income tax changes for individuals and trusts, as well as the increased estate, gift and generation-skipping tax rates and exclusions. The most popular giving techniques will be reviewed as well as how charitable intent can be integrated into financial and estate planning more generally. Charitable lead trusts, gifts of remainder interests, charitable defined value clauses, and many other practical ideas will be discussed in the context of current conditions.
Martin Hall, Ropes & Gray, LLP, Boston, MA
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| 3:15-3:30 |
Break |
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| 3:30-4:30 |
MYTHS, MYSTERIES, AND MISTAKES – This presentation will take a critical look at a number of discrete estate and gift tax issues that arise in estate planning techniques, some common and some extraordinary. Specific topics include the operation of the reciprocal trust doctrine; the likely treatment of SLATs that are appointed back to the donor spouse after the death of the donee spouse; the phantom value marital deduction implications of Estate of Turner; the operation of a five-or-five provision (particularly the one-per-donee aspect); the benefits/detriments of portability (depending on whether growth or loss of value is expected); the operation of the full-and-adequate consideration rule under Gradow; and many more.
Jeffrey N. Pennell, Richard H. Clark Professor of Law, Emory University School of Law, Atlanta, GA
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| 4:30-5:30 |
ESTATE PLANNING WITH REAL ESTATE – This session will discuss the particular challenges and opportunities that come with real estate ownership from an estate planning perspective. Techniques to transfer income producing properties down a generation, such as GRATs, CLATs, and sales, will be reviewed, and how to value other real estate, such as vacant land and farms will be analyzed too. Conservation easements and other charitable planning strategies will also be explored.
Alan F. Rothschild, Jr., Hatcher, Stubbs, Land, Hollis, & Rothschild, LLP, Columbus, GA
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| 5:45-7:15 |
Cocktail Party |
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ESTATE PLANNING – Day II
FRIDAY MORNING, OCTOBER 25, 2013
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| 7:00-8:00 |
Breakfast |
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| 8:00-9:00 |
FINANCIAL ABUSE OF ELDERS – Estate planning documents often provide family members with authority over the management and beneficial enjoyment of the property of an elderly client, subject to fiduciary constraints. Often this authority exists through mere account designations, such as joint accounts with right of survivorship. The grant of authority also entails the power to abuse, and instances of such abuse are unfortunately increasing with the aging populace. This panel will explore common instances of elder financial abuse, how to detect such abuse at early stages, and steps to take to address these events.
Kristen M. Lewis, Smith Gambrell & Russell LLP, Atlanta, GA
Kelli Wolk, Chief Judge, Cobb County Probate Court, Marietta, GA
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| 9:00-10:00 |
ETHICAL HAZARDS IN REPRESENTING CLIENTS WITH DIMINISHED CAPACITY – Although state law standards for testamentary capacity are remarkably low, clients often approach and even cross that threshold (sometimes going back and forth). When they do, a host of ethical issues arise for the estate planner. What obligations does the planner have to verify the client’s capacity? Will such verifications breach client confidences? Do examinations of the client’s capacity violate the planner’s obligations to zealously pursue the client’s goals? If the planner determines the client lacks capacity, what obligations does the planner have to pursue incompetency proceedings, notify agents under previously executed powers of attorney, or notify successor trustees under revocable trust instruments? These and other thorny ethical issues arising in this context will be explored.
Mary Radford, Marjorie Fine Knowles Professor of Law, Georgia State University College of Law, Atlanta GA
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| 10:00-10:15 |
Break |
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| 10:15-11:00 |
PLANNING WITH INTRAFAMILY LOANS – This presentation will explore a wide variety of tax issues that arise with intra-family loans and notes. The topics to be discussed will include when income must be recognized, forgiveness of loans and discharge of indebtedness issues, deductibility of interest by borrowers, valuation of notes, refinancing existing loans at lower rates, planning opportunities with Graegin notes, and significant income tax traps for installment notes under the installment sales rules.
Dana G. Fitzsimons, Jr., Bessemer Trust, Atlanta, GA
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| 11:00-12:00 |
TOP TEN FIDUCIARY INCOME TAX ISSUES – In 2013, trusts and fiduciaries will confront a new income tax environment with the advent of the section 1411 tax of 3.8% on net investment income and the increase in the ordinary income and capital gain tax rates applicable to trusts. In addition to offering timely advice on minimizing the income tax bite, this presentation will highlight some of the most problematic unresolved fiduciary income tax issues and offer suggestions on how best to approach these questions when faced with them in practice.
Tracy Thomas Stone, KPMG LLP, Washington, DC
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| 12:15-1:05 |
Mid-day Program |
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FRIDAY AFTERNOON, OCTOBER 25, 2013
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| 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, Distinguished Teaching Professor and James A. Elkins Centennial Chair, University of Texas School of Law, Austin, TX
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| 3:15 |
Adjourn |
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