2020 Insights: Advanced Estate Planning Strategies

Aug 28, 2020 10:50:51 AM



2020 has been a year of change and adaptation. From learning how to practice law virtually due to COVID-19 to major planning changes under the SECURE Act and CARES Act, many attorneys are wondering how they are going to keep their heads above water and keep their practices viable. 

Gain new insights for your practice with the Advanced Estate Planning Summit — perfect for experienced estate planning professionals, the Summit is now on-demand and can be purchased through our Store. Featuring industry experts who delve deep into advanced timely topics, you’ll walk away with new legal strategies and practical takeaways to use immediately in your practice.


What you get: 



Recordings of the Advanced Estate Planning Summit include the following sessions:


Session 1: Playing With Matches: Avoiding the Trustee Risks You Didn’t Know Existed
Speaker: Lauren J. Wolven, JD, Levenfeld Pearlstein, LLC

Trustees often are asked to engage in loans to related parties or beneficiaries and other transactions with related trusts, closely-held assets and real estate.  For a trustee who is not careful, even a seemingly simple act like making a loan to a beneficiary can lead to liability.  This session will explore the complexities added by directed trust statutes and will examine methods to reduce fiduciary risk in common trust transactions


Session 2: Estate Planning Current Developments: Wealth Transfer Planning in a Low Interest Environment
Speakers: Steve R. Akers, JD | Bessemer Trust and David A. Handler, JD | Kirkland and Ellis LLP

This session highlights the following estate planning current developments:

  • Transfer Tax legislative proposals,
  • Major planning changes under the SECURE Act,
  • Proposed regulation regarding the deductibility of trust expenses and of excess deductions in the last year of an estate or trust,
  • Basis adjustment planning,
  • GST effects of trust modifications and planning for GST non-exempt trusts, 
  • Income tax effects of terminating trust early with parties receiving their actuarial interests (PLRs 201932001-201932010),
  • Tax affecting in valuing S corporations (Kress and Jones),
  • Rejection of “game theory” assumptions in valuing entities (Grieve),
  • The latest FLP §2036 case with its surprising analysis (Moore), and PLR 202022002 applying Rev. Rul. 85-13 (non-recognition treatment for transactions) to certain deemed owner trusts under §678. 

In addition, we will highlight special considerations for wealth transfer planning in a low interest rate environment, including gifts of depressed assets with disclaimers as a hedge, GRAT planning (funding with depressed assets, buying back assets from depressed or appreciated GRATs, front-loaded GRATS), sales (low rate notes, refinancing notes), the impact of volatility on discounts, and spreading out transfers.


Session 3: Cryptocurrency and Cryptoasset Essentials for Estate Planning Attorneys
Speaker: Pamela Morgan, JD | Empowered Law

Cryptocurrencies (like bitcoin) and cryptoassets are making their way to your client's portfolio. While in some ways these assets are similar to traditional assets, in some important ways they're very different. Attend this entertaining, practical and practice-based session to learn the basics of cryptoassets and what you, as an estate planning attorney, need to know in order to protect yourself and your clients when it comes to these new digital assets.


Session 4: Thou Shalt Not Lie, Cheat, Steal or Discriminate: The Ten Commandments of Ethics and Diversity
Speaker: Sean Carter, JD | Humorist at Law

Legal humorist Sean Carter discusses ethics and diversity by delivering an off-beat "sermon" on the Ten Commandments of Ethics and Diversity listed below, all of which are based on Model Rules of Professional Conduct in the Legal Profession. Emphasis will be given to Commandment #5 (Model Rule 8.4), given current events in America. 


Session 5: SECURE/CARES Act Implications for Estate Planning
Speaker: Natalie Choate, JD | Ataxplan Publications

Three major new developments in planning for retirement benefits! The SECURE Act upended classic estate planning techniques by replacing the “life expectancy payout” with the “10-year rule” for most beneficiaries. The CARES Act canceled required minimum distributions for 2020, plus provides tax breaks for coronavirus-related distributions. What it all means, what to tell clients, what has (and hasn’t) changed, and what we still don’t know. Plus, new IRS life expectancy tables! 



Want more substantive legal education?We’ve been helping estate planning and business law attorneys practice with excellence for over 20 years. Speak with a WealthCounsel representative to see how we can help your practice today! 

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