The Morning After:

Program Description

How you frame your pleadings or draft your settlement agreement may have unintended tax consequences. Without knowing the tax consequences of litigation for beneficiaries, fiduciaries, and the IRS, you don’t know how much your client actually won or lost. The time to learn the tax rules is now, not in the midst of an all-night mediation. In this program, the speakers will highlight the essential income and transfer tax rules you must know and illustrate those rules with a case study.

Participants in this program will learn about:

• Taxation of will contest settlements and other payments from estates
• Income tax basis of property received in settlements
• Taxation of sales of expected inheritances or remainder interests in trusts
• Requirements for a settlement payment to qualify for the marital and charitable deductions
• The effect of proposed regulations under Section 2053 regarding deductible claims for estate tax purposes
• GST tax considerations regarding qualified severances and modifications of grandfathered trusts

The speakers strongly recommend that participants review the facts of the case study beforehand.

Program Faculty

Julie K. Kwon (Moderator), Partner, McDermott Will & Emery, Chicago, IL

Mickey R. Davis, Partner, Bracewell & Giuliani LLP, Houston, TX

CLE Credit*

1.5 hours of CLE credit in 60-minute states/1.8 hours of CLE credit in 50-minute states have been requested in states accrediting ABA teleconferences and live audio webcasts.*

NY-licensed attorneys: This non-transitional CLE program has been approved for experienced NY-licensed attorneys in accordance with the requirements of the New York State CLE Board for 1.5 total NY CLE credits.

The following states accept ABA teleconferences for mandatory CLE credit:
AL, AR, AZ, CA, CO, FL, GA, IA, ID, IL, KY, LA, ME, MN, MO, MS, MT, NC, ND, NH, NM, NV, NY, OK, OR, RI, SC, TN, TX, UT, VA, VT, WA, WI, WV, WY.

*States currently not accrediting ABA Teleconferences: DE, IN, PA, KS, OH