Heckerling
Institute 2003
Reports from the event, as posted to the ABA-PTL List Serve |
PROGRAM
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This e-mail includes the program and the summaries from the 37th
Annual Heckerling Institute on Estate Planning.
As we have done in January for the last six 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 week highlights of the proceedings of the 37th Annual
Philip E. Heckerling Institute on Estate Planning that is being
held January 6-10, 2003 at the Fontainebleau Hilton Resort and Towers
in Miami Beach, Florida.
We also will be posting the full text of this year's Reports on
the ABA RPPT Section's Web site, as we have since the 2000 Institute.
Those Reports can be found at URL http://www.abanet.org/rppt/meetings_cle/heckerling/home.html.
In addition, each Report can also be accessed at any time from the
ABA-PTL Discussion List's Web-based Archive at URL http://mail.abanet.org/archives/aba-ptl.html.
A complete listing of the proceedings and speakers is available
on the Institute's Web site.
The URL for that site is http://www.law.miami.edu/heckerling.
===================================================
37TH
ANNUAL
HECKERLING INSTITUTE ON ESTATE PLANNING
Sunday, January 5
12:00 Registration
6:00 p.m.
Monday, January 6
8:00 a.m. Registration
8:00 Complimentary Continental Breakfast
9:00 a.m.
9:00 OPTIONAL PRE-CONFERENCE FUNDAMENTALS PROGRAM
10:30 a.m. / ERISA for Estate Planners
10:45 a.m.
12:15 p.m. Natalie B. Choate
Everything you need to know about estate planning for
qualified retirement
benefits except the minimum distribution rules: the types of retirement
plans
(defined benefit, Keogh, 401(k), ESOPs), and implications of each
for your
clients estate plan. Navigating the sea of plan administration:
information you
need to know and how to get it, spousal rights under federal law,
prohibited
transactions, plan-owned life insurance, contrast between qualified
plans and
IRAs (and which one is better for whom: the "Rollover Roadmap").
Special
income tax deals for certain people dont let your client miss
out. Estate tax
issues: the latest on valuation and available discounts. Disclaimers:
be sure
you know what youre doing when you adopt a "disclaimer plan"
for retirement
benefits. With forms, case studies, and specific planning ideas.
10:30 Break
10:45 a.m.
2:00 Introductory Remarks
2:10 p.m.
Tina Portuondo, Institute Director
2:10 Recent Developments in Estate, Gift and Income Taxation
2002
3:30 p.m. Part One
Carlyn S. McCaffrey
Dan T. Hastings
Howard M. Zaritsky
Materials by Richard B. Covey and Dan T. Hastings
3:30 Break
3:45 p.m.
3:45 Recent Developments in Estate, Gift and Income Taxation
2002
5:15 p.m. Part Two
6:00 Complimentary Reception for Registrants
7:00 p.m.
Tuesday, January 7
8:00 Complimentary Continental Breakfast
9:00 a.m.
9:00 A d v e n t u res in Life Insurance! (And You Thought It
Would Be Boring)
9:45 a.m.
Jonathan G. Blattmachr
This presentation will cover how to obtain income
tax "deductions" for term
premiums paid, how to avoid GST tax for a life insurance trust without
using
GST tax exemption, how to double the power of Crummey withdrawal
rights,
and how to plan with split-dollar life insurance.
9:45 Turning the Tables: When Do the IRS Actuarial Tables
Not Apply?
10:30 a.m.
Lawrence P. Katzenstein
This presentation will examine when departures
from the IRS actuarial tables are
permitted or required, including situations of under-productive
property and
increased risk of mortality, and will consider the implications
of recent decisions
permitting departures from the tables in valuing the right to receive
state lottery
payments.
10:30 Break
10:45 a.m.
10:45 What To Do With Art and Other Valuable Stuff
11:30 a.m.
Ralph E. Lerner
When a client owns valuable collectibles it can
require unique planning
techniques to save taxes. This presentation will address income
tax, gift tax,
and estate tax planning for collectibles, valuation issues, IRS
guidelines and
procedures, and the complications caused by a clients emotional
attachment to
his or her "stuff"!
11:30 a.m. Charitable Lead Trusts Re-Examined: The Dawning
of a Golden
12:15 p.m. Age?
Edward Jay Beckwith
In light of recent changes, both in tax laws and
the financial markets, it is likely
the charitable lead trust will become even more popular over the
balance of this
decade. This session will examine the factors contributing to this
likely trend as
well as the more creative uses and abuses of charitable lead trusts.
12:15 Lunch Break
2:00 p.m.
2:00 Drafting After EGTRRA (and Other Recent Developments):
3:30 p.m. How Different Is It?
Pam H. Schneider
Paul M. Frimmer
Carol A. Harrington
The panelists will discuss how the language in
their documents has changed (or
not changed, as the case may be) in light of the purported "repeal
of the death
tax," technical GST tax changes included in EGTRRA, and other
recent
developments. The focus will be on specific will and trust provisions.
3:30 Break
3:45 p.m.
3:45 Did They Get It Right? The Final Minimum Distribution Rules
4:30 p.m.
Louis A. Mezzullo
A discussion of the final regulations dealing with
required minimum distributions,
including planning issues and problem areas.
Tuesday, January 7 (continued)
6
4:30 State Law Developments Searching for Revenue
and Other
5:15 p.m. Quests
William Lapiana
This program will discuss recent developments in
state law, both decisional and
legislative, with a special emphasis on state responses to the elimination
of the
federal state death tax credit. If time permits, mention will also
be made of
non-tax developments.
Wednesday, January 8
8:00 Complimentary Continental Breakfast
9:00 a.m.
9:00 Worth the Effort Even Beyond the Grave An Update of Post-Mortem
9:45 a.m. Planning Issues
Steve R. Akers
The extremely broad range of post-mortem planning strategies
can be daunting.
A good planner must be knowledgeable of a wide array of individual
and
fiduciary income tax, gift tax, estate tax, and GSTT planning traps
and strategies.
This session will address important planning issues and current
developments.
9:45 From the Far Bank of The River Styx: Post-Mortem
Problems and
10:30 a.m. Opportunities With Family Partnerships
Daniel H. Markstein, III
This presentation will focus on planning for the
payment of estate tax, funding
charitable and other bequests, and dealing with existing and newly
created
partnerships after the death of the propertied spouse.
10:30 Break
10:45 a.m.
10:45 a.m. Question & Answer Session
12:15 p.m.
Carlyn S. McCaffrey
Dan T. Hastings
Howard M. Zaritsky
12:15 Lunch Break
2:00 p.m.
2:00 FUNDAMENTALS PROGRAM Estate Planning in a Low Interest
3:30 p.m. / Rate Environment (Runs concurrently with the
Special Sessions)
3:45
5:15 p.m. Lawrence P. Katzenstein
What estate planning techniques work best when
interest rates are low? What
techniques work better when interest rates are high? What techniques
are
unaffected by interest rates? This program will examine these questions
and
look at the effect of varying interest rates on a variety of estate
planning
techniques.
2:00 Special Sessions I
3:30 p.m.
I-A CASE STUDY The 529 Drop-Kick Through the Financial
Goalposts of Education Savings
Susan T. Bart
Learn how to create a game plan for education savings
by combining 529
savings accounts with other techniques from your playbook and how
to
Tuesday, January 7 (continued)
7
implement a successful 529 play by selecting the right state program,
using
trusts and other entities as account owners, and coordinating the
estate plan.
I-B Our Best Ideas That We Are Willing To Talk About
S. Stacy Eastland
Jonathan G. Blattmachr
Ellen K. Harrison
The panelists will discuss their best ideas with
respect to estate planning,
charitable planning, insurance planning, option planning, and post-mortem
planning.
I-C Charitable Planning: Whats on Your Desk?
Jerry J. McCoy
Edward Jay Beckwith
Ralph E. Lerner
This charitable "Hot Topics" session
will review recent developments and
discuss questions previously submitted by attendees. Registrants
will be
invited to submit noteworthy planning problems in advance of the
session.
I-D Fielding the Throwback and Other Considerations
for NRAs
With U.S. Heirs
Henry Steinway Zeigler
An increasing number of high net worth non-U.S.
families have at least one child
who is a U.S. taxpayer. This presentation will address some of the
opportunities
and pitfalls for multinational families with U.S. heirs, with emphasis
on foreign vs.
domestic trusts and entities and how to save U.S. taxes for the
heirs after the
death of the nonresident alien parent.
I-E Ethics as Part of the Daily Mix Has Enron Raised
the Bar?
Joseph G. Gorman, Jr.
J. Donald Cairns
Judith W. McCue
A discussion of many situations that arise regularly
in an estate planners
practice, with a focus on what, from a practical viewpoint, should
be done, and
how to do it.
3:30 Break
3:45 p.m.
3:45 Special Sessions II
5:15 p.m.
II-A CASE STUDY Moving the Immovable Protecting Real
Estate From Creditors
Alexander A. Bove, Jr.
A discussion and case study illustrating creative
solutions to the perennial
dilemma faced by estate and asset protection planners: How to protect
investment real estate from creditors without losing the benefits
of ownership for
the client and her family.
II-B Transfer Tax Audit Issues: What's Hot, What's Not
Norman J. Benford Mary Lou Edelstein
Martin E. Basson John W. Porter
This panel, representing the views of the practitioner
and Internal Revenue
Service, will take a practical approach to the discussion of significant
current
issues in estate, gift, and generation-skipping tax audits, including
valuation
matters (discounts, present interest qualification, built-in gain,
impact of
post-death events, use of appraisers, adequate disclosure rules,
and defined
Wednesday, January 8 (continued)
8
value issues); procedural considerations (tips for effective appellate
practice,
fast track mediation, burden of proof issues); and Graegin notes
and other
deduction issues.
II-C Advanced Investments in Life Insurance Strategies
Use of
Hedge Funds in Offshore Private Placement Life Insurance
Lawrence Brody Leslie C. Giordani
Timothy P. Flaherty John B. Lawson
This panel will discuss the use of hedge funds
in private placement variable life
insurance policies, issued by non-U.S. based insurance carriers.
The panel will
discuss attributes of hedge funds and why they and other tax inefficient
investments may make sense in a variable life policy, the U.S. tax
considerations
of variable life insurance, including diversification and investor
control issues,
the advantages and disadvantages of private placement life insurance,
the
advantages and disadvantages of private placement variable life
insurance
offered by non-U.S. insurance carriers, and the special issues involved
in the
purchase by U.S. persons of policies issued by foreign carriers.
II-D Back to the Future: Carryover Basis in 2010
William Lapiana
Susan Porter
This program will discuss the carryover basis provision
scheduled to come into
effect in 2010, especially what can and should be done now to plan
and draft for
the possible future.
II-E Ethics as Part of the Daily Mix Has Enron Raised
the Bar?
(Repeat of Session I-E)
Joseph G. Gorman, Jr.
J. Donald Cairns
Judith W. McCue
Thursday, January 9
8:00 Complimentary Continental Breakfast
9:00 a.m.
9:00 Estate Planning With GRATs and Near-GRATs Opportunities
and
9:45 a.m. Pitfalls of a Cloudy Crystal Ball
John R. Price
Despite important recent developments, including
the Walton decision, the
taxation of GRATs and near-GRATs remains a work-in-progress, with
continuing
uncertainty regarding some critical issues. This presentation will
provide a road
map of the tax issues, discuss the opportunities and pitfalls of
GRATs, sales to
IDITs, and private annuities, and review the issues that should
be considered in
deciding whether to use one of these popular techniques.
9:45 Unwinding the Discount Entity: What Happens When
the Family
10:30 a.m. Wants To Take Their Share and Run?
Richard B. Robinson
The use of valuation discount planning entities
such as FLPs can produce major
income tax headaches when one or all of the family wants out. This
program will
identify income tax problems and provide exit strategies to minimize
the income
tax costs to the family.
10:30 Break
10:45 a.m.
Wednesday, January 8 (continued)
9
10:45 What Do You Mean, Subpoena? Im a Lawyer!
11:30 a.m.
Russell G. Allen
State law rules governing civil discovery of attorney-client
communications and
attorney work product vary significantly. Federal law, different
still, applies in
most of our tax controversies. This program will provide a primer
for trusts and
estates lawyers, focusing on problems commonly encountered in estate
planning and administration.
11:30 a.m. One Percent, Two Percent, Three Percent,
Four No Matter What
12:15 p.m. You Pay, the Bene Wants More
Susan Porter
This presentation will cover practical problems
facing professional fiduciaries
when exercising discretionary powers pursuant to either local law
or the
governing instrument.
12:15 Lunch Break
2:00 p.m.
2:00 FUNDAMENTALS PROGRAM Everything You Ever Wanted
To
3:30 p.m. / Know About Generation-Skipping But Were Afraid To Ask
3:45 (Runs concurrently with the Special Sessions)
5:15 p.m.
Jon J. Gallo
This presentation is designed for estate planners
with a working knowledge of
estate and gift taxation, but who are uncomfortable when faced with
planning
and drafting multi-generational estate plans. Special attention
will be given to
interrelated marital deduction/generation-skipping drafting issues,
as well as
planning and drafting the multi-generational life insurance trust.
2:00 Special Sessions III
3:30 p.m.
III-A CASE STUDY Unwinding Discount Entities
Richard B. Robinson
Using typical client fact patterns, this session
will examine income tax traps and
pitfalls when unwinding family limited partnerships and family corporations
that
were used to obtain valuation discounts.
III-B Transfer Tax Audit Issues: What's Hot, What's
Not
(Repeat of Session II-B)
Norman J. Benford Mary Lou Edelstein
Martin E. Basson John W. Porter
III-C Post-Mortem Planning in Transition
Steve R. Akers
This workshop will focus on post-mortem planning
issues during the transition
years of the "phase out" of the estate tax.
III-D Fiduciary Firewalls: A Look at Blind Trusts
Edmond M. Ianni
Blind Trusts, originally (and still) utilized by
public officials to avoid conflicts of
interest, are widely used in the private sector. In an environment
of heightened
Thursday, January 9 (continued)
10
corporate scrutiny and regulation, blind trusts continue to provide
a wealth
management solution for business insiders. This presentation will
examine the
practical uses and benefits of blind trusts, particularly in the
corporate sector.
We will review how blind trusts can accomplish different wealth
management
strategies and how to structure them.
III-E Timely Tech Topics & Ticklers "Must
Have" Software,
"Must Know" Technology, and "Must Do" Stuff
Joseph G. Hodges, Jr.
Albert S. Barr, III
A summary and an overview of "must have"
software; effective (and easy to set
up and administer) professional web sites; obtaining client information
without
having to meet with the client; the current state of data gathering
and document
assembly programs; the future of e-filing of estate planning and
administration
documents; and lots of helpful tech tips for both large and solo/small
firms along
the way.
3:30 Break
3:45 p.m.
3:45 Special Sessions IV
5:15 p.m.
IV-A CASE STUDY Post-Mortem Planning With Partnerships
Daniel H. Markstein, III
Several case studies will be used to examine problems
and opportunities that
may arise with post-mortem planning for family partnerships.
IV-B GRATs
John R. Price
This session will focus on hypotheticals that involve
the consideration of settled
and unresolved tax issues.
IV-C The FLP Side: Fiduciary Liability Potential
Russell G. Allen
Susan Porter
Knowing that the fiduciary must act reasonably
for the benefit of all
beneficiaries and may not delegate to others, how is the fiduciary
to carry out
responsibilities to avoid incurring liability when today's beneficiaries'
expectations are often in conflict and the financial marketplace
is
ever-changing? This discussion will examine the effect of the USA
Patriot's Act
on confidentiality, transition problems with the Principal &
Income Act (including
significant state law variations), discretionary distribution controversies,
investment-related matters (including the issues of what is concentration
and
the definition of diversification), tax-related conflicts, and the
attorney-client
and attorney work product discovery controversies.
IV-D Pleasing Mother Earth and the IRS: Using Conservation
Easements To Save Open Space, Income and Estate Taxes
David J. Dietrich
This program will examine federal regulatory and
selected state law requirements
for conservation easements to achieve charitable income, federal
estate
Thursday, January 9 (continued)
and gift tax planning. The program will give
examples of specific conservation
easement language, will discuss practical drafting considerations
for urban and
rural open space easements, and will emphasize the integration of
conservation
easement planning with estate and income tax planning.
IV-E Split-Dollar Life Insurance
Lawrence Brody
Jonathan G. Blattmachr
Mary Ann Mancini
This panel will consider the provisions of the
long awaited proposed regulations
on the treatment of split-dollar arrangements and possible planning
techniques.
Friday, January 10
8:00 Complimentary Continental Breakfast
9:00 a.m.
9:00 The Durable Power of Attorney: Why You Should Give More
9:45 a.m. Attention to Estate Plannings Stepchild
Karen E. Boxx
Durable powers of attorney are extremely common and
deceptively simple.
They create a unique yet ill-defined fiduciary role, somewhere between
an agent
and a trustee. This presentation will cover the scope of the fiduciary
role, the
p roblems and possible solutions re g a rding the documents eff
e c t i v e n e s s ,
including multistate use, and recent statutory trends.
9:45 Terrorism or Its Prospect The Impact on Estate
Planning
10:30 a.m.
Roy M. Adams
Since the terrible day of September 11, 2001, our
world is no longer the same
and neither are the concerns and needs of many of our clients. Many
have
reconsidered where they live, where they own property, and what
types of trusts
they will use. This delicate topic must be addressed because it
is on the minds
of so many with whom we counsel. In this program, Roy Adams will
analyze the
major issues we need to address in light of the new fears that exist,
and will also
look at how we can help ease some of those fears through prudent
planning.
10:30 Break
10:45 a.m.
10:45 a.m. CASE STUDY Wrapping It Up Applying What
We Have Learned
12:00 p.m.
Louis A. Mezzullo
One or more case studies will be used to demonstrate
the practical application
of many of the planning techniques discussed during the 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 33124-8087
Telephone: 305-284-4762 / FAX: 305-284-6752
Web site: www.law.miami.edu/heckerling
E-mail: heckerling@law.miami.edu
===========================================
Headquarters Hotel - Fontainebleau Hilton
4441 Collins Avenue
Miami Beach, FL 33140
Telephone (305) 538-2000, FAX (305) 674-4607
==================================================
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.lexisnexis.com/productsandservices.
The text of these proceedings is also available on CD ROM from
Authority On-Demand by LexisNexis Matthew Bender. For further
information, contact your sales representative, or call (800) 833-
9844, or fax (518) 487-3584, or go to http://www.bender.com,
or write to Matthew Bender & Co., Inc., Attn: Order Fulfillment
Dept.,
1275 Broadway, Albany, NY 12204.
______________________________________________________
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Eugene P. Zuspann II
Denver, Colorado
Mail:
ezuspann@zuspann.com
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