The increase in federal estate and gift tax exclusion amounts and rising income tax rates have                  caused estate planners to rethink traditional strategies. Explore with two national experts new                            techniques designed with flexibility in mind to address the new paradigm.                                                                      

 *Education Credits - Attorneys, Accountants, Financial Advisors, VA Insurance Professionals

 

22nd Annual Estate & Charitable Gift Planning Institute - September, 16. 2014 - 9:00 a.m. to 4 p.m. (Lunch Provided)

Ethics Session - Ann Burns

Representing Families and Fiduciaries - The new planning paradigm requires advisors and fiduciaries to consider the estate and income tax                             consequences of a particular strategy to the family as a whole.  Ann will discuss ethical issues arising from the representation of multiple members of a family, fiduciaries who owe duties to diverse beneficiaries and charitable organizations.  The ethics session will include a review of current case law regarding:

• Undue influence and lack of capacity
• Conflicts of interest of attorneys and the clients they represent
• Confidentiality and the client relationship
• In terrorem clauses
• Duties of loyalty and confidentiality 

Session I - Current Developments and Updates - Sam Donaldson

New Paradigms:  Understanding What’s New

Estate planning is constantly changing as income taxes increase, estate taxes are reduced, portability takes hold, and the economy recovers.  Sam will help advisors understand what’s new and how it impacts their clients: 

• Estate, gift and income tax changes
• Charitable income tax deduction cases and rulings
• Trusts and the 3.8% surcharge
• Recent valuation cases
• Business planning update
• Planning after the over-turn of DOMA

Session II - Where Do We Go From Here? - Ann Burns and Sam Donaldson                                                                  

 Planning Strategies for the Small, Medium and Large Estate

Choosing the technique or strategies for each individual client requires a careful analysis of the estate, gift and income tax consequences to the client and the family as a whole.  Asset protection, simplification, and controlling costs are also important considerations.  Ann and Sam will discuss how to approach this analysis and explore examples of useful strategies in various circumstances: 

• When is it wise to rely on portability?
• Maximizing basis step-up under section 1014.
• Impact of 3.8% surcharge on trusts.
• State death tax considerations in decoupled states.
• Partnerships and the section 754 election.
• GST planning and the lack of portability.
• Planning for future flexibility.

Speakers: 

ANN BURNS 

 

Chair of the Trust, Estate and Charitable Planning group at Gray Plant Mooty.  Her practice focuses on estate and charitable planning, business succession planning, estate and trust administration, and fiduciary and tax litigation. Ann brings a unique mix of skills to her law practice as a certified public accountant and attorney.  She represents multigenerational families of wealth throughout the country and individual and corporate trustees in estate planning, fiduciary, and tax matters. Ann graduated from the University of Wisconsin Law School and clerked for the Honorable Donald R. Ross, on the Eighth Circuit U.S. Court of Appeals. Ann is a frequent lecturer at national estate planning conferences and has been quoted in the New York Times and Forbes magazine.  She chairs the board of a private client family office and is a member of the Board of Regents of the American College of Trust and Estate Counsel and the Board of Trustees of The Minneapolis Foundation.

SAMUEL A. DONALDSON 

Professor of Law at Georgia State University in Atlanta, Georgia.  Prior to joining the Georgia State faculty in 2012, he was on the faculty at the University of Washington School of Law for 13 years. During his tenure at the University of Washington, he was a five-time recipient of the Philip A. Trautman Professor of the Year award from the School of Law’s Student Bar Association.  Professor Donaldson served for two years as Associate Dean for Academic Administration and for six years as the Director of the law school’s Graduate Program in Taxation.  He teaches a number of tax and estate planning courses, as well as courses in the areas of property, commercial law and professional responsibility.  Professor Donaldson is an Academic Fellow of the American College of Trust and Estate Counsel (ACTEC) and a member of the Bar in Washington, Oregon, and Arizona. Among his scholarly works, he is a co-author of the West casebook, Federal Income Tax: A Contemporary Approach, and a co-author of the Price on Contemporary Estate Planning treatise published by CCH.  Professor Donaldson has served as the Harry R. Horrow Visiting Professor of International Law at Northwestern University and a Visiting Assistant Professor at the University of Florida Levin College of Law.  An amateur crossword constructor, his puzzles have been published in The New York Times, The Los Angeles Times, The Washington Post, The Chronicle of Higher Education, and other outlets.  A perennial contender for People Magazine’s “Sexiest Man Alive” honor, Professor Donaldson was recently notified by email of his selection to receive substantial sums of money from high-level Nigerian business officials in exchange for his bank account information.

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