HECKERLING INSTITUTE 2001
REPORT #8
As we did in January of the last four years, and again with the permission
of the University of Miami School of Law Center for Continuing Legal Education,
we will be posting to this list
throughout the coming weeks highlights of the proceedings of the 35th Annual
Philip E. Heckerling Institute on Estate Planning that is being held January
8-12, 2001 at the Fontainebleau Hilton Resort and Towers in Miami Beach, Florida.
Our on-site local reporters there in Miami this year will include:
Steve Leimberg Esq. of Bryn Mawr, PA - leimberg@home.com
Bruce Stone Esq. of Miami, FL - Brucestone@aol.com
Eugene Zuspann Esq. of Denver, CO - ezuspann@zuspann.com
Julia Fisher Esq. of Philadelphia, PA - JuliaFisher@ewgf.com
Alan Rothschild Jr. Esq. of Columbus, GA - ar@hatcherstubbs.com
Joe Hodges Esq. of Denver, CO - jghodges@jghlaw.com
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Again this year a complete listing of the proceedings and speakers is
available on the Institute's Web site. The new URL for that site is
<http://www.law.miami.edu/heckerling>
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REPORT NO. 8 - Recent Developments and Final Wrap Up
First, on Monday afternoon, 1/8/01, Jonathan G. Blattmachr, Carlyn S. McCaffrey and Pam H. Schneider presented "Recent Developments in Estate, Gift and Income Taxation2000." We reported on Jonathan's portion of this in Report No. 1. Many of the other matters that were discussed will be reported on in an upcoming issue of Richard B. Covey's Practical Drafting (US Trust Co.). Here from the Index of the Covey materials that were handed out and discussed in Miami are the key topics that were covered:
IRC Sec. 67(e) - 2% floor Misc. Itemized Deductions
IRC Secs. 83 and 7872 - Split-Dollar Life Ins.
IRC Secs. 170, 664, 2055 and 2523 - Charitable Deduction - CLTs and CRTs
IRC Sec. 401(a)(9) - Qualified Plan Benefits - payments to POA trust and LE payment method
IRC Sec. 469(g) - Allowance of Suspended Passive Losses
IRC Sec, 529 - Gifts to Qualified State Tuition Programs
IRC Secs. 642(f) and 643(h) - Def. of Trust Grantor - Final Regs.
IRC Sec. 643(a)(7) - CRTs - Proposed Regs.
IRC Sec. 645 - Election Treat RLT as Part of Estate for Income Tax
IRC Sec. 663(c) - Separate Share Regs.
IRC Sec. 678 - Power of Withdrawal
IRC Secs. 679 and 684 - Foreign Trusts - Proposed Regs.
IRC Sec. 1041 - Nonrecognition for Transfers Between Spouses
IRC Sec. 1361 - ESBT Election and Grantor Trusts
IRC Sec. 2013 - Simultaneous Death and Credit for Income Interest
IRC Secs. 2031 and 2512 - Valuations, including the Simplot, Shephard, Knight and Strangi cases
IRC Sec. 2032 - AVD and Late Returns
IRC Secs. 2035-2039 - Lifetime Transfers
IRC Sec. 2041 - GPOAs
IRC Sec. 2042 - Life Ins. and Grantor Power Change Trustees
IRC Sec. 2053 - Claims and Administration Expenses
IRC Secs. 2056, 2519, 2523 and 2207A - Hubert Reg.s and MD
IRC Secs 2501 and 2511 - Gifts and POAs
IRC Sec. 2503(c) - Gift Tax Annual Exclusion
IRC Secs. 2601-2654 GST - Dynasty Trusts & Choices
IRC Sec. 2702 - GRITs, GRATs and GRUTs
IRC Sec. 2703 - Price Fixed in Agreement
IRC Sec. 2704(b) - Applicable Restrictions
IRC Sec. 4942 - Private Foundation Rules
IRC Sec. 6081 - Automatic Extension File Form 706 - Proposed Regs.
IRC Sec. 6166 - Election Defer Payment of Tax
IRC Sec. 6321 - Lien on Trust Property
IRC Sec. 6501(c)(9) - Gift Tax Adequate Disclosure - Final Regs.
Revocable Trusts - Misc. Matters
Changes in Florida Intangible Tax and Estate Tax Interest Rates Connecticut Payment of Death Taxes
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Next, Steve Williams of U.S. Deeds has sent along the following clarification about his new service offering:
Just wanted to make a clarification regarding your comments about the deed preparation company I also own, U.S. Deeds. Your recital of the deed preparation cost for each attorney-prepared deed ($150 + recording) is accurate for most states but some states are higher.
Regarding your question about the advice provided, the attorneys we engage for the preparation in a given state routinely raise issues (such as transfer tax imposition where it may not be anticipated) and recommend alternative forms of conveyance when it appears appropriate. That being said, our purpose is very narrow. It is to properly convey the property to the person or entity requested. We do not provide services in the nature of a co-counsel relationship on the estate planning being conducted.
On your final question, U.S. Deeds' O&E policy covers any legal advice we provide regarding transfers in the State of Florida (where we are located) and any errors or omissions that we may make in transmitting to you the legal advice rendered by the attorney we engage in the state where the property is located. The preparing attorney also carries his or her own E&O coverage. Though I'm not a litigator, I have to naively assume the policy "taking the hit" will be the one covering the party at fault.
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Finally, Cowles Legal Systems, Inc. reports the following re their Cowles Estate Planning Software Demo
Cowles Legal Systems, Inc is committed to your estate planning success! Schedule a live, one-on-one Software Demo and see Cowles Trust Plus Drafting software in action from your PC via the Internet!
Cowles Legal Systems provides the most comprehensive drafting and post mortem software available in the legal market and you can now see it in action, real-time from your desktop or home PC at no charge and with no obligation.
You will need:
1. A phone line to call our toll free live demo line 800-366-1730
2. An Internet connection
If you are curious about how our software works, how it differs from your current collection of forms and templates or want to see how we compare to others and how we can streamline your practice schedule a time for a personal tour of our software and system and understand why Cowles is being called the "Best estate planning software available" by attorneys using our software.
Reply to chad@cowleslegal.com with your name, your phone number, date and time (include AM/PM plus time zone) you would like your personal tour of our comprehensive estate planning drafting software and any specific questions you want to be sure to see answered.
Demos range from 30-60 minutes depending on questions and can be scheduled from today through Thursday, January 18, 2001!
Chad
L. Pawlak,
Demo Coach
Cowles Legal Systems, Inc.
http://www.cowleslegal.com
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That is it for Report No. 8, our FINAL one.
Thanks for listening, and thanks to all the hard working reporters who gave of their time and talent to make this year's Reports possible.
The full text of all the Reports will be posted on the ABA RPPT Web site at www.abanet.org/rppt sometime later today 1/18/00
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MIAMI INSTITUTE GENERAL INFORMATION:
Inquiries/Registration:
Philip E. Heckerling Institute on Estate Planning
University of Miami School of Law
Center for Continuing Legal Education
P.O. Box 248087
Coral Gables, FL 33124-0201
Telephone: 305-284-4762 / FAX: 305-284-6752
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Headquarters Hotel - Fontainebleau Hilton, Miami Beach, FL
Telephone (305) 538-2000, FAX (305) 674-4607
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NOTICE: Although audio tapes of all of the substantive session
at the Miami Institute currently are only made available to Institute
registrants for purchase, the entire proceeding of the Institute are
published annually by Lexis/Nexis. For further information, go to
their Web site at <http://www.lexis.com/>.
The text of these proceedings is also available on CD ROM from
Authority by Matthew Bender. For further information, contact
your Matthew Bender sales representative, or call (800) 533-1637,
or fax (800) 828-8341, or go to URL <http://www.bender.com/>,
or
write to Matthew Bender & Co., Inc., Attn: Fulfillment Dept., 1275
Broadway, Albany, NY 12204.
___________________________________________________________
Joseph G. Hodges Jr. Esq. , Denver, CO - ABA-PTL List Co-Moderator
jghodges@jghlaw.com
<http://members.iex.net/~jghodges>