Course1

Trust and Estate Planning for Illquid Assets

$59.00

Liquidity is an almost universal need in trust and estate planning. When a client dies, death taxes may need to be paid.  Expenses incurred in administration need to be paid.  Distributions may be required under trust instruments.  For these and many other reasons, estates need cash.  The big challenge comes when the estate has assets that, though valuable, are not liquid.  Assets may include real estate that is not quickly or cost-effectively sold.  Or a successful family business may be involved, where ownership stakes are not easily transferred or for which there is no ready market.  Complex financial assets, artwork or other unique property, hard to value and hard to sell, may also be held.  Trust and estate plans must anticipate the need for liquidity and formulate strategies for providing it or deferring taxes and distributions until liquidity can be created. This program will provide you with a real world guide to practical strategies for creating liquidity in trust and estate planning. Challenges of planning for illiquid assets like real estate, family businesses, and unique property Techniques and tools to fund tax liabilities, distributions, expenses and more Mechanics of electing a deferral of estate tax under IRC Section 6166 Use and advantages of using Graegin notes to obtain liquidity Advantages and disadvantages of use of redemptions and buy-sell agreements Use of life insurance and other financial products to provide liquidity Speakers: Jonathan Gopman is a partner with Akerman, LLP in Naples and chair of the firm’s trusts and estate practice group.  His practice focuses on sophisticated wealth accumulation and preservation planning strategies for entrepreneurs.  He also assists entrepreneurs with their personal and business planning needs at all phases of the wealth accumulation and preservation cycle.  Mr. Gopman is a Fellow of the American College of Tax Counsel and co-author of the revised version of the BNA Tax Management Portfolio on Estate Tax Payments and Liabilities.

  • Teleseminar
    Format
  • 60
    Minutes
  • 6/26/2024
    Presented
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Course1

LIVE REPLAY: Special Issues in Small Trusts

$59.00

There are many more small trusts than large trusts and they pose special challenges for trust planners and administrators.  The fees paid to trustees and to investment professionals, together with ongoing reporting and fiduciary income tax compliance costs, can consume a substantial portion of the trust’s liquid assets or income.  There are also the challenges in the types of assets commonly held by small trusts. In other instances, trusts may cease to be practically and financially viable, and may need to be restructured or even terminated. This program will provide you with a practical guide to drafting, structuring and administering small trusts – and what to do when they cease to be viable entities.    Economics of small trusts – trustee compensation, reimbursement of expenses, investment fees Challenges of trust management of operating businesses and real estate Restructuring or terminating trusts that are no longer economically viable Custodial accounts and other alternatives to small trusts Choosing a trustee for a small trust versus a larger trust   Speaker: Victoria Bowling is an Associate at Midgett Preti Olansen concentrating in the areas of estate planning and administration. Ms. Bowling has experience crafting uniquely tailored estate plans for her clients and guiding them through the administration process. Ms. Bowling especially enjoys the educational aspect of estate planning, so her clients truly understand their documents and the estate administration process. She is admitted to practice law in Virginia and a member of the Virginia State Bar. Before attending law school, Ms. Bowling was a Deputy Clerk in the Virginia Beach Circuit Court and worked as a paralegal for a local family lawyer.   

  • Teleseminar
    Format
  • 60
    Minutes
  • 6/28/2024
    Presented
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LIVE REPLAY: Drafting Distribution Provisions in Trusts

$59.00

Distribution provisions are the most essential provisions of trust instruments – and risk lurks everywhere.  If a trustee has unbounded discretion, he or she risks a “general power of appointment,” which would cause the trust’s assets to be taxable to the holder of the power of appointment.  But distribution standards – especially for “standard of living” or “emergencies” – are inherently susceptible to multiple interpretations and dispute, and potentially to litigation.  Ultimately, planning and drafting these provisions is an exercise in risk management and tradeoffs.  This program will provide you with a real world guide to planning and drafting distribution provisions in trust instruments, including the tradeoffs and risks.   Risks of discretionary distributions – power of appointment, taxable inclusion, litigation Cost/benefit of heavily detailed v. general distribution provisions Ascertainable standards – health, education, maintenance, and support (HEMs) Drafting sole and absolute discretion, emergencies, best interests, and standard of living Role of fiduciary duties in making distribution decisions Tax considerations when making distributions   Speaker: Daniel L. Daniels is a partner in the Greenwich, Connecticut office of Wiggin and Dana, LLP, where his practice focuses on representing business owners, corporate executives and other wealthy individuals and their families.  A Fellow of the American College of Trust and Estate Counsel, he is listed in “The Best Lawyers in America,” and has been named by “Worth” magazine as one of the Top 100 Lawyers in the United States representing affluent individuals. Mr. Daniels is co-author of a monthly column in “Trusts and Estates” magazine.  Mr. Daniels received his A.B., summa cum laude, from Dartmouth College and received his J.D., with honors, from Harvard Law School.

  • Teleseminar
    Format
  • 60
    Minutes
  • 7/11/2024
    Presented
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Course1

LIVE REPLAY: Defined Value Clauses: Drafting & Avoiding Red Flags

$59.00

Formula and defined value clauses are used in estate planning to attempt to “fix” the value of property transferred in a lifetime gift, testamentary transfer, or sale.  These clauses are also frequently used in marital deduction and credit shelter trusts, and GST allocations.  Carefully drafted formula clauses can withstand IRS scrutiny and optimize tax outcomes for a client’s estate. But the IRS is aggressive in challenging formula clauses as not reflecting economic reality and understating the value of the property transferred. This program will provide you with an in-depth discussion of the uses of formula clauses, regulatory and case law developments, and practical guidance in drafting clauses to avoid red flags and withstand IRS scrutiny.   Types of clauses – formula allocation by subsequent agreement, final value for gift taxes, or price adjustment Use in marital deduction and credit shelter trusts, and GST Tax allocations Spotting red flags that may trigger IRS scrutiny Case law and regulatory developments Special considerations in “de-coupled” states   Speakers: Michael Sneeringer a partner in the Naples, Florida office of Porter Wright Morris & Arthur LLP, where his practice focuses on trust and estate planning, probate administration, asset protection planning, and tax law. He has served as vice chair of the asset protection planning committee of the ABA’s Real Property, Trust and Estate Section and is an official reporter of the Heckerling Institute.  Mr. Sneeringer received his B.A. from Washington & Jefferson College, his J.D., cum laude, St. Thomas University School of Law, and his LL.M. from the University of Miami School of Law. Missia H. Vaselaney is a partner in the Cleveland office of Taft, Stettinius & Hollister, LLP, where her practice focuses on estate planning for individuals and businesses.  She also represents clients before federal and state taxing authorities.  Ms. Vaselaney is a member of the American Institute of Certified Public Accountants and has been a member of the Steering Committee for AICPA’s National Advanced Estate Planning Conference since 2001.  Ms. Vaselaney received her B.A. from the University of Dayton and her J.D. from the Cleveland-Marshall College of Law.

  • Teleseminar
    Format
  • 60
    Minutes
  • 7/16/2024
    Presented
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Secured Transactions Practice: Security Agreements to Foreclosures, Part 1

$59.00

Secured transactions are the most common form of commercial transaction and help finance businesses of every size.  They are governed by the complex provisions of UCC Article 9. Getting every detail in financing statements, security agreements, and perfection of credits is essential. Agreements can be costly and time consuming to draft, and full of risk. Failure to comply with UCC Article 9 in drafting security agreements, perfecting a creditor’s interest, or foreclosing a lien can easily cause the value of the underlying transaction to be lost.  This program will provide you with a real-world guide UCC Article 9 practice.   Day 1: Lifecycle of UCC Article 9 secured transactions Drafting cost-effective and enforceable security agreements What to do when something about the debtor changes – e.g., name, location, ownership Accounts receivable, inventory, equipment, intellectual property Anti-assignment provisions regarding collateral Enhancing enforceability of security agreements and reduce risks in foreclosure   Day 2: Framework for the foreclosure of personal property under UCC Article 9 Foreclosing on equipment, inventory, intellectual property, and accounts receivable Duties of junior creditors to senior creditors on foreclosure Rights to proceeds of foreclosure sales and reducing foreclosure costs Rights of guarantors Debtor remedies in the event of a secured party default Cost-efficient alternatives to foreclosures and circumstances when these alternatives are available   Speaker: Steven O. Weise is a partner in the Los Angeles office Proskauer Rose, LLP, where his practice encompasses all areas of commercial law. He has extensive experience in financings, particularly those secured by personal property.  He also handles matters involving real property anti-deficiency laws, workouts, guarantees, sales of goods, letters of credit, commercial paper and checks, and investment securities.  Mr. Weise formerly served as chair of the ABA Business Law Section. He has also served as a member of the Permanent Editorial Board of the UCC and as an Advisor to the UCC Code Article 9 Drafting Committee.  

  • Teleseminar
    Format
  • 60
    Minutes
  • 7/24/2024
    Presented
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Course1

Secured Transactions Practice: Security Agreements to Foreclosures, Part 2

$59.00

Secured transactions are the most common form of commercial transaction and help finance businesses of every size.  They are governed by the complex provisions of UCC Article 9. Getting every detail in financing statements, security agreements, and perfection of credits is essential. Agreements can be costly and time consuming to draft, and full of risk. Failure to comply with UCC Article 9 in drafting security agreements, perfecting a creditor’s interest, or foreclosing a lien can easily cause the value of the underlying transaction to be lost.  This program will provide you with a real-world guide UCC Article 9 practice.   Day 1: Lifecycle of UCC Article 9 secured transactions Drafting cost-effective and enforceable security agreements What to do when something about the debtor changes – e.g., name, location, ownership Accounts receivable, inventory, equipment, intellectual property Anti-assignment provisions regarding collateral Enhancing enforceability of security agreements and reduce risks in foreclosure   Day 2: Framework for the foreclosure of personal property under UCC Article 9 Foreclosing on equipment, inventory, intellectual property, and accounts receivable Duties of junior creditors to senior creditors on foreclosure Rights to proceeds of foreclosure sales and reducing foreclosure costs Rights of guarantors Debtor remedies in the event of a secured party default Cost-efficient alternatives to foreclosures and circumstances when these alternatives are available   Speaker: Steven O. Weise is a partner in the Los Angeles office Proskauer Rose, LLP, where his practice encompasses all areas of commercial law. He has extensive experience in financings, particularly those secured by personal property.  He also handles matters involving real property anti-deficiency laws, workouts, guarantees, sales of goods, letters of credit, commercial paper and checks, and investment securities.  Mr. Weise formerly served as chair of the ABA Business Law Section. He has also served as a member of the Permanent Editorial Board of the UCC and as an Advisor to the UCC Code Article 9 Drafting Committee.  

  • Teleseminar
    Format
  • 60
    Minutes
  • 7/25/2024
    Presented
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Course1

LIVE REPLAY: Drafting Wills & Trust Documents to Reduce Risks of Challenge

$59.00

A last will and testament is not always the final word of a testator. Wills frequently trigger long-suppressed family rivalries and resentments. With the testator no longer on the scene, children or other heirs are freed to express their resentments. These resentments often worsen when the will’s plan for allocating of money, valuable property or sentimental items is made known, leading to dispute and litigation. These disputes can be very time-consuming and costly resolve, sharply diminishing the value of an estate. This program will discuss grounds for will contests and practical steps lawyers and their clients can take to avoid challenge.   Spotting red flags in will contests – disinheriting close family members, unequal treatment of children, unusual behavior of testator & more Sources of law in will contests – grounds for challenging wills Practical steps to avoid will contests – will ceremonies, videotaped testaments, witness selection, affidavits Use of In Terrorem provisions to prevent will contests Issues surrounding holographic wills and other informal wills   Speakers: Michael Kenny is counsel in the New York City office of Wiggin and Dana, LLP, where his practice focuses on commercial, probate, construction, and maritime litigation.  He has represented clients in domestic and international arbitrations, including proceedings before the American Arbitration Association and the International Centre for Dispute Resolution. His litigation and arbitration experience includes the preparation and trial of warranty claims and ship repair disputes. Sean Vallencourt is a Litigation Associate in Wiggin and Dana’s New York office.  He represents businesses and individuals in a diverse array of disputes before federal and state courts, as well as alternative dispute resolution tribunals. Prior to joining Wiggin and Dana, Sean served as a law clerk to two federal district judges: Judge Neil V. Wake (District of Arizona) and Chief Judge Sara Darrow (Central District of Illinois). Prior to clerking, he practiced at Phillips Nizer LLP.

  • Teleseminar
    Format
  • 60
    Minutes
  • 9/9/2024
    Presented
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Planning Strategies for Domestic Self-Settled Trusts

$59.00

To Be Determined

  • Teleseminar
    Format
  • 60
    Minutes
  • 9/10/2024
    Presented
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Course1

LIVE REPLAY: Trust and Estate Planning for Family Businesses, Part 1

$59.00

Most successful businesses are owned by one or more families.  Because they are family owned, these companies create many special planning challenges.  Ownership and control do not shift among non-owner managers. Rather, succession in ownership and management is a momentous and often highly emotional process for members of the family.  Frequently, these transitions are caused by the retirement or death of members of a family member.  And these transitions, if not carefully planned and delicately handled, can be ruinous, damaging the family and their company.  This program will provide you a practical framework of trust and estate planning and succession planning for family businesses.    Day 1: Succession planning in family businesses Counseling clients on how to avoid family drama on succession Valuation issues for financial and tax purposes Buy-sell planning with family members or key employees Selling to third parties where intra-family succession is not possible Planning for the incapacity of the founding generation   Day 2: Life insurance trust planning – or as a compensating asset to certain heirs Structuring private annuities to transfer a business and provide income to founders Self-cancelling installments notes and intentionally defective irrevocable trusts Use of GRATS and “redemptive freezes”   Speaker: Daniel L. Daniels is a partner in the Greenwich, Connecticut office of Wiggin and Dana, LLP, where his practice focuses on representing business owners, corporate executives and other wealthy individuals and their families.  A Fellow of the American College of Trust and Estate Counsel, he is listed in “The Best Lawyers in America,” and has been named by “Worth” magazine as one of the Top 100 Lawyers in the United States representing affluent individuals. Mr. Daniels is co-author of a monthly column in “Trusts and Estates” magazine.  Mr. Daniels received his A.B., summa cum laude, from Dartmouth College and received his J.D., with honors, from Harvard Law School.

  • Teleseminar
    Format
  • 60
    Minutes
  • 10/7/2024
    Presented
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Course1

LIVE REPLAY: Trust and Estate Planning for Family Businesses, Part 2

$59.00

Most successful businesses are owned by one or more families.  Because they are family owned, these companies create many special planning challenges.  Ownership and control do not shift among non-owner managers. Rather, succession in ownership and management is a momentous and often highly emotional process for members of the family.  Frequently, these transitions are caused by the retirement or death of members of a family member.  And these transitions, if not carefully planned and delicately handled, can be ruinous, damaging the family and their company.  This program will provide you a practical framework of trust and estate planning and succession planning for family businesses.    Day 1: Succession planning in family businesses Counseling clients on how to avoid family drama on succession Valuation issues for financial and tax purposes Buy-sell planning with family members or key employees Selling to third parties where intra-family succession is not possible Planning for the incapacity of the founding generation   Day 2: Life insurance trust planning – or as a compensating asset to certain heirs Structuring private annuities to transfer a business and provide income to founders Self-cancelling installments notes and intentionally defective irrevocable trusts Use of GRATS and “redemptive freezes”   Speaker: Daniel L. Daniels is a partner in the Greenwich, Connecticut office of Wiggin and Dana, LLP, where his practice focuses on representing business owners, corporate executives and other wealthy individuals and their families.  A Fellow of the American College of Trust and Estate Counsel, he is listed in “The Best Lawyers in America,” and has been named by “Worth” magazine as one of the Top 100 Lawyers in the United States representing affluent individuals. Mr. Daniels is co-author of a monthly column in “Trusts and Estates” magazine.  Mr. Daniels received his A.B., summa cum laude, from Dartmouth College and received his J.D., with honors, from Harvard Law School.  

  • Teleseminar
    Format
  • 60
    Minutes
  • 10/8/2024
    Presented
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Course1

Income and Fiduciary Tax Issues for Trust and Estate Planners, Part 1

$59.00

To Be Determined

  • Teleseminar
    Format
  • 60
    Minutes
  • 10/9/2024
    Presented
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Course1

Income and Fiduciary Tax Issues for Trust and Estate Planners, Part 2

$59.00

To Be Determined

  • Teleseminar
    Format
  • 60
    Minutes
  • 10/10/2024
    Presented
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Course1

Trust and Estate Planning for Pets

$59.00

To Be Determined

  • Teleseminar
    Format
  • 60
    Minutes
  • 12/3/2024
    Presented
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Course1

Drafting Client Engagement Letters in Trust and Estate Planning

$59.00

To Be Determined

  • Teleseminar
    Format
  • 60
    Minutes
  • 12/4/2024
    Presented
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Course1

The Art and Science of Conditional Gifts in Estate Planning

$59.00

To Be Determined

  • Teleseminar
    Format
  • 60
    Minutes
  • 12/18/2024
    Presented
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