Please click the link below to view the webcast of the 11th Annual Estate, Tax, Legal and Financial Planning Seminar which was held on February 12, 2009. There is no cost to view the seminar, please watch as many times as you like and forward to a friend. We are also pleased to offer the complete Desk Reference Manual for $60 plus shipping. Please contact Lydia Bennett at 727-767-4199, if you would like to receive a copy of this 700 page, 3 ring binder with our speaker's materials.
Note: A recording of the seminar is NOT approved or accepted for continuing education credits.
Jerome L. Wolf, J.D. • Alan S. Gassman, J.D., LL.M.
Summary: We are at the crossroads of major unforeseen events which require rethinking and retooling of traditional estate planning strategies. The United States economy is in recession. The transfer tax law will shortly change by reducing the number of estates subject to its reach, but, at the same time, will be administered by a new administration which intends to tax wealth and may reduce the amount that passes estate tax free in the next few years. The IRS has gained traction in challenging several well accepted estate planning strategies; and, many individuals are more concerned about preserving their wealth from the 100% claim of a potential creditor rather than the 45% claim of the IRS. The session will review recent changes in estate tax and asset protection planning, and cover creditor protection, planning to have discounts "grandfathered" by pre-discount law change transactions, how to plan for lack of liquidity, taking advantage of present low interest rates when increased inflation may be right around the corner, the ying and yang of transferring assets to future generations at current depreciated values at the risk of sacrificing current cash flow, and how to plan for clients who used to have separate trusts to fund a bypass on the first death, and now may not need this structure given exemption increases and asset value declines.
Samuel A. Donaldson, J.D., LL.M.
Summary: This session covers several of the "hot issues" regarding the use of grantor trusts in contemporary estate planning. Participants will gain a better understanding of the techniques used to create grantor trusts and how the use of grantor trusts can improve the estate plans of most clients. The session will include a discussion of the use of tax reimbursement clauses, powers to reacquire trust property, and the proper use of "Crummey" powers in grantor trusts.
Bruce Stone, J.D.
Summary: The session will address a variety of ways to plan for distributions from estates and trusts. The speaker will review distribution clauses for tangible personal property, pecuniary and non-pecuniary bequests, unitrust payments, discretionary distribution clauses, grantor trust provisions, and investment clauses. Sample forms collected from a number of practitioners around the country will be included in the materials and discussed.
Stephen G. Salley, J.D., LL.M
Summary: The discussion will proceed from a general comparison of two frequent vehicles for family philanthropy, the Private Foundation and the Charitable Lead trust.
The philanthropic goals of many families in adopting irrevocable charitable structures are often paired with a desire to "train" succeeding generations in philanthropy and in the economics of wealth management. The session will highlight the advantages and challenges of the CLT versus the Private Foundation in this educational aspiration as well as in the inter-generational estate planning opportunities afforded by the CLT.
Paul S. Lee, J.D., LL.M.
Summary: With the best laid investment and estate plans unraveling with the precipitous drop in the capital markets, what does history and Bernstein's forecast of future returns in the capital markets tell us about what clients should do now? What are the real consequences of making a decision based on emotion but seemingly correct at the time? Also, some additional insight on how today's market environment (even as volatile as today) can be leveraged through a "Shark-Fin" CLAT.