NAEPC Webinars:

Wednesday, October 16, 2019 at 3:00pm - 4:00pm ET - Elder Law and Special Needs Planning

Source: The Robert G. Alexander Webinar Series

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This intermediate level program will provide an update on elder law and special needs planning, including how to draft a plan that works and takes into account future incapacity of the client and benefiicaries.  Use of trusts will be discussed, as well as appropriate trust distribution standards.

Bernard A. Krooks is the founding partner of the New York law firm Littman Krooks LLP and chair of its elder law and special needs department. He is past president of the Arc of Westchester, the largest agency in Westchester County, NY serving people with intellectual and developmental disabilities and their families.

A frequent presenter at the Heckerling Institute on Estate Planning and other national estate planning conferences, Mr. Krooks is immediate-past Chair of the Elder Law Committee of the American College of Trust and Estate Counsel (ACTEC) and Chair of the Elder Law and Special Needs Planning Group of the Real Property, Trust & Estate Law (RPTE) Section of the American Bar Association. He is past president and fellow of the National Academy of Elder Law Attorneys (NAELA), past president and founding member of the New York Chapter of NAELA, past Chair of the Elder Law Section of the New York State Bar Association, and past president of the Special Needs Alliance, a national invitation-only non-profit organization dedicated to assisting individuals with special needs and their families.

Mr. Krooks, author of numerous articles on elder law and related topics, is chair of the Elder Law Committee of Trusts & Estates Magazine, and serves on the Wolters Kluwer Financial and Estate Planning Advisory Board and the Advisory Committee of the Heckerling Institute on Estate Planning.

REGISTER HERE for the individual program. To register for the 2019 webinar series, please click HERE

Wednesday, December 11, 2019 at 3:00pm - 4:00pm ET - Longevity

Source: The Robert G. Alexander Webinar Series

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Detailed information regarding this presentation will be posted soon.

REGISTER HERE for the individual program. To register for the 2019 webinar series, please click HERE.

Wednesday, January 8, 2020 at 3:00pm - 4:00pm ET - Reverse Mortgages

Source: The Robert G. Alexander Webinar Series

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Detailed information regarding this presentation will be posted soon.

Wednesday, January 29, 2020 at 3:00pm - 4:00pm ET - Complimentary Sponsored Webinar: Life Settlement Legal and Ethical Responsibility

Source: The Robert G. Alexander Webinar Series

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Disruption is the new normal for many planning professionals that work with their clients in a fiduciary capacity. It's difficult for any fiduciary to feel comfortable today working with clients on matters that are outside of their area of expertise. This is especially true with life settlements.

Life settlement providers, who represent the institutional investors, have noticed the lack of life settlement discussions and education coming from planning professionals and are filling this void by increasing their direct-to-consumer marketing. Such direct marketing exploits a crack in the chain of fiduciary oversight and places senior clients in a position where they might enter into a contract to sell their life insurance policy without having any advocate at the table to protect their best interests in the life settlement process. 

We will discuss multiple disruptive factors that have negatively impacted senior clients and show how we arrived at a point where so many seniors are not represented by a fiduciary when they sell their policy on the secondary market. We will review life settlement regulations, laws, and litigation that protect the rights of policy owners to sell their policies. Our main goal is to alleviate the confusion surrounding life settlements that have caused a majority of fiduciary advisors to avoid discussing life settlements with their clients. We will close with a list of Life Settlement Best Practices for Fiduciaries that will help them protect their client's best interest if their client is planning to lapse or surrender an existing life insurance policy.

Jon B. Mendelsohn, CEO of Ashar Group/Ashar SMV, is an accomplished presenter and frequent speaker at the Annual Conference of the National Association of Estate Planners and Councils (NAEPC), American Institute of Certified Public Accountants (AICPA) annual ENGAGE Conference, the Association for Advanced Life Underwriting (AALU), Advisors in Philanthropy (AIP), and several other conferences and meetings nationally. Ashar Group is an independent resource that supports financial advisors and fiduciaries by providing life insurance appraisals, life settlements, and longevity services. 

Registration information will be posted soon.

Wednesday, February 12, 2020 at 3:00pm - 4:00pm ET - Basis Step-Up Strategies in Light of Portability and Tax Law Changes

Source: The Robert G. Alexander Webinar Series

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We will review a variety of basis step-up strategies, including tools to allow couples in common law states to get community property benefits, modifying irrevocable trusts to make them includible in the primary beneficiary's, or selling assets from an irrevocable trust (income-tax free) to the grantor. We will discuss how portability plays into basis step-up planning and how those with small, medium and large estates may benefit.

Steve Gorin is a partner in Thompson Coburn LLP, headquartered in St. Louis, with other offices including Chicago and Los Angeles. He uses his background as a CPA to integrate income tax planning into estate planning for business owners and wealthy individuals. For more on Steve, see http://thompsoncoburn.com/people/steve-gorin, and for free resources (including over 2,000 pages on planning for owners of private businesses) see https://www.thompsoncoburn.com/insights/blogs/business-succession-solutions/about.  

Registration information will be posted soon.

Wednesday, March 11, 2020 at 3:00pm - 4:00pm ET - Charitable Giving and Tax Planning Strategies in the TCJA Era

Source: The Robert G. Alexander Webinar Series

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The tax act formerly known as the Tax Cuts and Jobs Act (TCJA) fundamentally altered the charitable giving and tax planning landscape for all donors. In this program, the presenter will summarize the major tax law provisions that impact charitable giving and donors, and identify and discuss key charitable giving and tax planning opportunities and strategies available to donors today.

Patrick J. Saccogna, JD, LL.M. (taxation), CPA*, AEP®, is a partner in the Personal & Succession Planning practice group of Thompson Hine LLP, in Cleveland, Ohio, and focuses his practice on counseling high net worth individuals, families, and closely-held businesses in a wide range of personal, charitable, business, tax, multi-generational wealth transfer, asset protection, and succession planning matters, and representing fiduciaries and beneficiaries in estate and trust administration, tax compliance, and fiduciary litigation matters. Patrick is a Fellow in the American College of Trust and Estate Counsel (ACTEC), a Certified Public Accountant (CPA) in Ohio, and is an Ohio State Bar Association (OSBA) Board Certified Specialist in Estate Planning, Trust and Probate Law. Patrick is currently serving as the Chair of University Hospitals' Diamond Advisory Group, is a past President of The Estate Planning Council of Cleveland, a past Chair of the Estate Planning, Probate, and Trust Law Section of the Cleveland Metropolitan Bar Association, a past Chair of Case Western Reserve University's Estate Planning Advisory Council, is ranked in Chambers HNW 2019 (Ohio: Private Wealth Law), and received the Estate Planning Council of Cleveland's 2017 Distinguished Estate Planner Award. [* = inactive CPA status]

 

 

 

Registration information will be posted soon.

Wednesday, April 8, 2020 at 3:00pm - 4:00pm ET - TBD

Source: The Robert G. Alexander Webinar Series

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Detailed information regarding this presentation will be posted soon.

Wednesday, May 13, 2020 at 3:00pm - 4:00pm ET - TBD

Source: The Robert G. Alexander Webinar Series

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Detailed information regarding this presentation will be posted soon.

Wednesday, June 10, 2020 at 3:00pm - 4:00pm ET - Planning Team Revenue Opportunities Generated by New Tax Law

Source: The Robert G. Alexander Webinar Series

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Listen to this program if you are interested in how an insurance professional has used the recent tax legislation to help clients plan by including several members of the planning team. This intermediate level program will include multiple case examples.

Terri Getman is a nationally recognized lecturer, author and advisor to financial representatives who provide advice to families and privately-held business owners across the U.S. For more than 30 years Terri has specialized in the appropriate use of life insurance in client’s estate, business and executive benefit plans. Terri currently works for Diversified Brokerage Services, one of the largest life insurance brokerage general agencies, but for most of her career she held positions in advanced marketing at several large insurance carriers.  

It’s a Whole New Ballgame under TRA 2010! Really?

Charlie Douglas, JD, CFP®, AEP®, Editor
Email: editor@naepcjournal.org
Phone: 404.279.7890

When “The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” (“TRA 2010”) was signed into law by President Obama on December 17, 2010, it shook up the estate planning world and created a two-year window by which we could finally begin advising our clients with a modest amount of planning clarity regarding profoundly changed wealth transfer rules.

Short on sound tax policy that allows clients and advisers to adopt wealth transfer plans with a longer-term tax horizon, TRA 2010 nevertheless, creates significant wealth transfer planning and counseling opportunities for helping clients leave an intended legacy.

For at least the next two years, estate planners will need to know how best to advise their clients regarding the planning possibilities and potential pitfalls found within TRA 2010. Should an executor pay estate taxes or opt-out for a modified carry-over basis regarding a decedent who died in 2010? How should a tax-planning trust currently be written to avoid unintended consequences within the family unit? Are trusts, particularly bypass trusts, still warranted given portability and the ability to use a deceased spouse’s unused exclusion amount? And finally, what gifting techniques ( properly executed) provide the most leverage and best exploit the newfound $5 million gift tax exemption?

With the highest wealth transfer tax exemptions and the lowest transfer tax rates in modern times, TRA 2010 presents tremendous opportunities for the truly affluent ($10 million plus) to implement significant wealth transfer plans until December 31, 2012. Given a $5 million unified estate, gift, and generation skipping tax exemption (indexed for inflation), a 35% combined estate, gift and GST tax rate, all-time low federal interest rates, relatively low asset values, and no legislation at this time restricting the use of GRATs and/or valuation discounts on family controlled enterprises, the conditions for transferring vast amounts of wealth are extraordinarily compelling.

During the next two years, large gifts to Dynasty and Spousal Access trusts will likely become much more prevalent. Similarly, gifts and sales to Grantor Trusts should rise in their use with easier seeding due to the increased gift tax exemption and their ability to generation skip. Furthermore, gift-splitting between spouses ought to increasingly come into play as should business succession planning that was unavoidably delayed during the past few years of economic turmoil.

For more modest estates with several million or more, the issues surrounding prudent planning are particularly challenging and give rise to a bevy of questions. Will clients even see the need for estate planning in the new world of portability? Will the simplicity and flexibility of disclaimer trusts result in their becoming the estate planner’s planning vehicle of choice and will clients’ actually make sizable disclaimers to them? And will generic tax-planning formulas found within many estate planning documents be reviewed and revised in view of the significant differences found in funding a bypass trust or martial trust with $5 million (2011-2012) or $1 million in 2013?

If nothing else, TRA 2010 serves as a poignant reminder that estate planning should always have been more than simply passing on property in a tax-efficient manner. With portability and the possibility of passing on $10 million free of estate taxes between a husband and wife for at least the next two years, more than 99% of the estates should remain untaxed. As such, estate planners must step-up their game in counseling clients on the non-tax aspects of how best to plan their client’s estates.

At this time, practitioners will need to retool themselves regarding the non-tax reasons for trusts and helping clients to prepare their heirs to receive and manage the assets they inherit. And that’s good news, because estate planning at its core is the continuing effort to help clients leave an intended legacy, where property is passed on in a manner that protects and empowers the family unit and the next generation.

What the future will hold for estate planning practitioners during these changing times, no one can say for sure. Be that as it may, while TRA 2010 most assuredly was a game-changer regarding the rules of the planning game, the ballgame itself remains relatively unchanged.


Charlie Douglas, JD, CFP®, AEP® has practiced in the business, tax, estate and financial planning areas for over 25 years. He holds a J.D. from Case Western Reserve School of Law and possesses the Certified Financial Planner® and an Accredited Estate Planner® designation. As a senior vice president for a leading global wealth management institution, Charlie specializes in comprehensive planning solutions and trust fiduciary services for business owners, high net-worth individuals and their families. Charlie is a board member of the National Association of Estate Planners & Councils (“NAEPC”) and is the current editor of the NAEPC Journal of Estate & Tax Planning.

This information is provided for discussion purposes only and is not to be construed as providing legal, tax, investment or financial planning advice. Please consult all appropriate advisors prior to undertaking any of the strategies outlined in this article, many of which may involve complex legal, tax, investment and financial issues. This communication is not a Covered Opinion as defined by Circular 230 and is limited to the Federal tax issues addressed herein. Additional issues may exist that affect the Federal tax treatment of the transaction. The communication was not intended or written to be used, and cannot be used, or relied on, by the taxpayer, to avoid Federal tax penalties.