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 2004
Index (back)
Preliminary
Report
Again this year 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. For those of you without
access to the Web, here are the core parts of the schedule:
Scope of the Institute:
The Heckerling Institute on Estate Planning is the nation's
leading conference for estate planners. It is designed for
experienced attorneys, trust officers, accountants, insurance
advisors, and wealth management professionals who are familiar
with the principles of estate planning. As the largest such
gathering of estate planning professionals in the country,
the Institute has some of the better characteristics of a
national convention, offering a unique opportunity to exchange
ideas, to network, and to review the latest in technology,
products, and services displayed by over 100 vendors in an
exhibit hall dedicated entirely to the estate planning industry.
With the addition of this year's new series on financial assets,
the Institute offers something of interest to every member
of the estate planning team.
· A recent developments panel on Monday afternoon,
featuring three of the nation's foremost estate planning experts,
will guide you through the year's developments on the tax
front.
· Our general session lectures, which begin on Tuesday
morning and continue throughout the week, provide in-depth
analysis of topics of timely interest to experienced estate
planners.
· Wednesday and Thursday afternoons offer a wide variety
of workshops, panel discussions, and case studies that will
examine and provide practical guidance on sophisticated estate
planning techniques.
· New this year is a series of afternoon programs
focusing on financial assets in estate planning. This series
will provide a review of modern portfolio and financial theory,
explore how tax considerations can be integrated with those
principles, and examine some of the latest wealth management
strategies.
· Finally, this year's Institute once again includes
our popular Fundamentals Program, designed to be of interest
to not only entry-level practitioners, but also to more experienced
planners who would benefit from a thorough review of these
three important topics. The programs will review the various
types of charitable entities, explore planning and drafting
for the marital deduction, and examine the preparation and
filing of the Form 706
THE INSTITUTE 2004 FACULTY:
Steve R. Akers
Bessemer Trust
Dallas, Texas
Louis J. Chiavacci
Merrill Lynch
Coral Gables, Florida
Ronald D. Aucutt
McGuireWoods LLP
McLean, Virginia
Dennis I. Belcher
McGuireWoods LLP
Richmond, Virginia
Scot W. Boulton
U.S. Bank Private Client Group
St. Louis, Missouri
Michael V. Bourland
Bourland, Wall & Wenzel, P.C.
Fort Worth, Texas
Jeffrey L. Burr
Jeffrey L. Burr & Associates
Las Vegas, Nevada
Jeffrey Callender
Deloitte & Touche
New York, New York
Thomas Christensen, Jr.
Blackburn & Stoll, LC
Salt Lake City, Utah
Virginia F. Coleman
Ropes & Gray LLP
Boston, Massachusetts
Richard B. Covey
Carter, Ledyard & Milburn
New York, New York
Nicholas J. DeNovio
Senior Counsel to the Chief Counsel
Department of the Treasury
Internal Revenue Service
Washington, D.C.
S. Stacy Eastland
Goldman, Sachs & Co.
Houston, Texas
David M. English
University of Missouri School of Law
Columbia, Missouri
Mary Louise Fellows
University of Minnesota School of Law
Minneapolis, Minnesota
Charles D. Fox, IV
Schiff Hardin & Waite
Chicago, Illinois
Lawrence A. Frolik
University of Pittsburgh School of Law
Pittsburgh, Pennsylvania
T. Randall Grove
Landerholm, Memovich, Lansverk & Whitesides
Vancouver, Washington
Carol A. Harrington
McDermott, Will & Emery
Chicago, Illinois
Ellen K. Harrison
Shaw Pittman LLP
McLean, Virginia
Dan T. Hastings
Skadden, Arps, Slate, Meagher & Flom LLP
New York, New York
Jerome M. Hesch
Greenberg Traurig
Miami, Florida
Marcia Chadwick Holt
Davis, Graham & Stubbs LLP
Denver, Colorado
Donald O. Jansen
Fulbright & Jaworski L.L.P.
Houston, Texas
Marcus P. Johnson
Bourland, Wall & Wenzel
Fort Worth, Texas
Mary Louise Kennedy
Edwards & Angell, LLP
Providence, Rhode Island
Robert C. Lawrence, III
Cadwalader, Wickersham & Taft
New York, New York
Jonathan R. Macey
Cornell Law School
Ithaca, New York
Jerry J. McCoy
Law Office of Jerry J. McCoy
Washington, D.C. Howard M. McCue
Mayer, Brown, Rowe & Maw
Chicago, Illinois
Judith W. McCue
McDermott, Will & Emery
Chicago, Illinois
Kathryn W. Miree
Kathryn W. Miree & Associates, Inc.
Birmingham, Alabama
Donald J. Mulvihill
Goldman Sachs
Chicago, Illinois
Richard W. Nenno
Wilmington Trust Company
Wilmington, Delaware
Jeffrey N. Pennell
Emory University School of Law
Atlanta, Georgia
Lloyd Leva Plaine
Sutherland, Asbill & Brennan LLP
Washington, D.C.
Robert C. Pomeroy
Goodwin Proctor LLP
Boston, Massachusetts
John W. Porter
Baker & Botts, L.L.P.
Houston, Texas
A. Christopher Sega
Venable, Baetjer, Howard & Civiletti
Washington, D.C.
David G. Shaftel
Law Offices of David G. Shaftel, PC
Anchorage, Alaska
Barbara A. Sloan
McLaughlin & Stern, LLP
New York, New York
Conrad Teitell
Cummings & Lockwood LLC
Stamford, Connecticut
William J. Tyne
Bessemer Trust
London, England
Andrew H. Weinstein
Holland & Knight, LLC
Miami, Florida
Glen A. Yale
Oppenheimer, Blend, Harrison & Tate, Inc.
San Antonio, Texas
THE PROGRAM SCHEDULE:
Sunday, January 4
12:00 - 6:00 p.m.
Registration -
Fontainebleau Hilton Resort & Towers or Wyndham Miami
Beach Resort
Monday, January 5
8:00 a.m.
Registration - Fontainebleau Hilton Resort & Towers or
Wyndham Miami Beach Resort
8:00 - 9:00 a.m.
Complimentary Continental Breakfast
9:00 - 10:30 a.m.
OPTIONAL PRE-CONFERENCE FUNDAMENTALS PROGRAM -
Publicly Supported Charities, Private Foundations and Everything
in Between:Talking - and Understanding- the Talk
10:45 a.m. - 12:15 p.m.
Conrad Teitell
The structural, practical and tax aspects of publicly supported
charities, community foundations, donor-advised funds (maintained
by both charitable and "commercial" entities), supporting
organizations (three types) and private foundations (non-operating,
operating, pass-through, and corporate). Choosing wisely among
the donee-charities; plus the plethora of tax rules for outright
and split-interest contributions to those entities.
10:30 - 10:45 a.m.
Break
2:00 - 2:10 p.m.
Introductory Remarks
Tina Portuondo, Institute Director
2:10 - 3:30 p.m.
Recent Developments in Estate, Gift and Income Taxation -
2003 Part One
Dennis I. Belcher
Carol A. Harrington
Jeffrey N. Pennell
Materials by Richard B. Covey and Dan T. Hastings
3:30 - 3:45 p.m.
Break
3:45 - 5:15 p.m.
Recent Developments in Estate, Gift and Income Taxation -
2003 Part Two
6:00 - 7:00 p.m.
Complimentary Reception for Registrants
Fontainebleau Hilton Resort & Towers
Tuesday, January 6
8:00 - 9:00 a.m.
Complimentary Continental Breakfast
9:00 - 9:45 a.m.
The Domestic Asset Protection Trust Comes of Age
Richard W. Nenno
This presentation will summarize the domestic asset protection
trust laws, discuss their federal income and transfer tax
implications, assess their asset protection effectiveness,
describe possible uses of these trusts, and compare the domestic
trust laws to one another and domestic trusts to offshore
trusts.
9:45 - 10:30 a.m.
But I Just Wanted a Few Strings Over the Trust Assets for
Me and My Family
Steve R. Akers
A discussion of the controls over distributions and administrative
powers that may be retained by a donor or trust beneficiary
without causing problems. Non-tax (including creditor effects)
and tax factors are explored, including the gift, estate and
income tax effects of various powers. The program addresses
the effects of various strategies that a donor may suggest
to keep controls over trust assets, including removal and
appointment powers.
10:30 - 10:45 a.m.
Break
10:45 - 11:30 a.m.
Cottage Savings is a Loss to Trust Beneficiaries
Lloyd Leva Plaine
This program will address how Internal Revenue Code Section
1001 gain realization and recognition rules and the Cottage
Savings holding are applied to beneficiaries of trusts in
the case of trust distributions, divisions, modifications,
settlements and interpretations. This is especially relevant
for trusts that are grandfathered from the GST tax and non-grandfathered
trusts with a zero inclusion ratio.
11:30 - 12:15 p.m.
Old But Not Cold - Restructuring, Refocusing, and Retiring
Irrevocable Trusts
Ronald D. Aucutt
Many old trusts are unwieldy, unproductive, or otherwise outdated.
Distribution standards, fiduciary powers, and trustee succession
plans all need to be rethought. Even termination is not always
as simple as it sounds. This presentation will address these
issues in light of both emerging law and practical constraints.
12:15 - 2:00 p.m.
Lunch Break
2:00 - 2:45 p.m.
Bulletproofing the Family Limited Partnership - Current Issues
John W. Porter
A discussion of current issues involving family limited partnerships
and LLCs, including recent case law and IRS pronouncements.
The discussion will also focus on the audit and litigation
positions taken by the IRS, defenses to those positions, privilege
issues, and practice tips to avoid or minimize the risk of
dispute with the IRS regarding FLPs or LLCs.
2:45 - 3:30 p.m.
Taming the Tiger: Designing, Implementing and Operating the
FLP to Avoid a Successful Section 2036 Attack
T. Randall Grove
Recent cases show that the IRS is having success in attacking
family entities through the use of Internal Revenue Code Section
2036. Understanding client objectives and providing guidance
before and after the establishment of the entity is very important
in avoiding this hazard.
3:30 - 3:45 p.m.
Break
3:45 - 4:30 p.m.
Defined Value Clauses: How Much Do I Love Thee? This Much
- No More, No Less A. Christopher Sega
A review of the issues involved in the transfer of "difficult
to value" assets. This presentation will compare so-called
"defined value" and "price adjustment"
clauses, review the Proctor case and the related public policy
concerns, and address the government's attack on formula clauses.
4:30 - 5:15 p.m.
Funding Formulas Fail on Flexibility: Variations on Traditional
Marital/Credit Shelter Funding Techniques Barbara A. Sloan
This session will explore how to create the flexibility so
desirable in post-EGTRRA credit shelter/marital deduction
planning and how to address control issues and combine techniques
to provide maximum flexibility.
Wednesday, January 7
8:00 - 9:00 a.m.
Complimentary Continental Breakfast
9:00 - 9:45 a.m.
Charitable Trust Litigation: Enforcing Donor Intent When the
Ties That Bind Become Frayed
Howard M. McCue
What happens when the donor's family becomes disenchanted
with the charity that father selected? Who speaks for the
charity? This program will examine some recent cases to seek
guidance for planners and fiduciary litigators alike.
9:45 - 10:30 a.m.
The Rules of Engagement: Managing Liability for Nonprofit
Boards
Kathryn W. Miree
How well do you advise your clients on the risk of assuming
a board position at a public or private charity? In this era
of accountability, this "how to" manual guides professionals
through the process of advising clients on their roles and
responsibilities as nonprofit board members, focusing on key
areas of risk and best practices for liability management.
10:30 - 10:45 a.m.
Break
10:45 a.m. - 12:15 p.m.
Question & Answer Session
· Dennis I. Belcher
· Carol A. Harrington
· Jeffrey N. Pennell
12:15 - 2:00 p.m.
Lunch Break
2:00 - 3:30 p.m. / 3:45 - 5:15 p.m.
FUNDAMENTALS PROGRAM - Basic Estate Planning for Spouses:
Drafting for the Marital Deduction Isn't Rocket Science -
It Isn't That Precise (Runs concurrently with the Special
Sessions)
Jeffrey N. Pennell
The marital deduction: a staple of virtually every estate
planning practice. Its basic qualification rules also inform,
and sometimes even transcend, other wealth transfer tax issues
(e.g., reaching carryover basis, if that becomes a reality).
This session will expand your knowledge of the essentials
of this bedrock of everyday practice.
2:00 - 3:30 p.m.
Special Sessions I
I-A - CASE STUDY - But I Just Wanted a Few Strings Over the
Trust Assets for Me and My Family
Steve R. Akers
This session will address the effects of the various strategies
that a donor may suggest to keep controls over trust assets,
including removal and appointment powers for the donor or
for beneficiaries, and creditor effects of retained powers
by donors or beneficiaries.
I-B - Bulletproofing the FLP - Current Issues
John W. Porter
T. Randall Grove
A discussion of current issues involving family limited partnerships
and LLCs, including recent case law and IRS pronouncements,
audit and litigation positions taken by the IRS, defenses
to those positions, and practice tips to avoid or minimize
the risk of dispute with the IRS regarding FLPs or LLCs.
I-C - Everything You Always Wanted To Know About Domestic
Asset Protection Trusts, But Could Never Find Out
· Richard W. Nenno
· Mary Louise Kennedy
· Jeffrey L. Burr
· David G. Shaftel
· Thomas Christensen, Jr.
Will I be sued if my clients use domestic APTs? Will I be
sued if my clients don't use domestic APTs? Is the full faith
and credit clause really fatal to domestic APTs? Representatives
of five domestic APT states tackle these and other hard questions
about this recent technique.
I-D - Charitable Trust Administration: Enforcing Donor Intent
When the Ties That Bind Become Frayed
Howard M. McCue
This session will examine some recent cases to seek guidance
for planners and fiduciary litigators alike.
I-E - Satisfying Solutions and Practical Planning For S Corporations
Charles D. Fox, IV
This session will examine many of the recent developments
with respect to S Corporations, including the new regulations
on electing small business trusts and tax affecting valuation
strategies, and will examine the important planning issues
that arise when advising clients who have or who are considering
S Corporations.
I-F - Financial Assets Series (See insert at bottom for program
description)
3:30 - 3:45 p.m.
Break
3:45 - 5:15 p.m.
Special Sessions II
II-A - CASESTUDY- The Rules of Engagement for Nonprofit Boards:
Case Studies and Cautionary Tales Kathryn W. Miree Jerry J.
McCoy
This session will take an in-depth look at several recent
cases involving liability for nonprofit boards, and examine
ways to protect nonprofit board members (and the charities
they represent).
II-B - Bulletproofing the FLP- Current Issues (Repeat of
Session I-B)
John W. Porter T. Randall Grove
II-C - The Future of the Transfer Tax System: Reform or Repeal?
· Dennis I. Belcher
· Lloyd Leva Plaine
· Mary Louise Fellows
The American Bar Association's Sections on Real Property,
Probate and Trust Law and on Taxation, the American Bankers
Association, the American College of Tax Counsel, the American
College of Trust and Estate Counsel, and the American Institute
of Certified Public Accountants formed a Task Force on Transfer
Tax Reform to prepare a non-partisan, non-political report
analyzing the administrability of the gift, estate, and GST
tax law as changed by the 2001 Act and alternatives to the
2001 Act. The panel will discuss the Report, which focuses
on the transitional period, the carry-over basis rules, the
continuation of the gift tax notwithstanding repeal of the
estate and GST taxes, proposed modifications to existing law,
and alternative tax systems.
II-D - An Update on Retirement Benefit Planning Issues: Recent
Developments and Practical Advice
Marcia Chadwick Holt
Virginia F. Coleman
The panelists will focus on the issues of creating separate
accounts and naming trusts as beneficiaries. They will also
offer some practical advice on resolving retirement issues.
II-E - Restructuring, Refocusing and Retiring Old Trusts
Ronald D. Aucutt
This interactive session, using examples drawn from actual
cases, will examine ways to retool old irrevocable trusts
or to soften the landing for terminating trusts.
II-F - Financial Assets Series (See insert for program description)
Thursday, January 8
8:00 - 9:00 a.m.
Complimentary Continental Breakfast
9:00 - 9:45 a.m.
Split Dollar Has Split - So How Do We Finance Premiums Now?
Donald O. Jansen
Despite the title, reports of the demise of split dollar have
been exaggerated. However, after the final regulations, it
is more expensive. The pros and cons of post-regulation split
dollar and other premium funding techniques (such as third
party financing, sales to defective trusts, GRATs and FLPs)
will be reviewed.
9:45 - 10:30 a.m. When the Kids Won't Play Well Together:
Tax-Free Corporate Divisions in Family Business Succession
Planning
Michael V. Bourland
Effective planning of an estate with a significant family
business component is difficult in a dysfunctional second
generation environment. This presentation will examine the
necessary steps in a tax-free division and transfer of a family
business in corporate form and other estate assets among members
of the dysfunctional second generation.
10:30 - 10:45 a.m. Break 10:45 - 11:30 a.m.
Trust Classification Times Four
Robert C. Lawrence, III
This session will discuss the criteria used to classify a
foreign (non-U.S.) entity for U.S. federal tax purposes as
a trust, association taxable as a corporation, partnership,
or disregarded entity. If the entity is a trust, then it is
necessary to determine whether the trust is a non-U.S. or
U.S. trust, grantor or non-grantor trust, or a complex or
simple trust and the U.S. federal tax consequences thereof.
The analysis will conclude with a comparison of foreign (non-U.S.)
trusts to alternative vehicles used commonly in civil law
jurisdictions.
11:30 a.m. - 12:15 p.m.
Tax Shelters - The Ethical Dilemma
Andrew H. Weinstein
What is a tax shelter; will you know it when you see it; dead
or alive; what to do with it when you identify it; navigating
the new rules; compliance; confidentiality agreements; professional
risks, rewards, responsibilities and penalties. This session
will address ethical obligations involving tax shelters and
will review targeted issues affecting private client service.
12:15 - 2:00 p.m.
Lunch Break
2:00 - 3:30 p.m. / 3:45 - 5:15 p.m.
FUNDAMENTALS PROGRAM - Preparing and Filing the Form / 706:
Who, What, How, When, and Where (Runs concurrently with the
Special Sessions)
Glen A. Yale
For practitioners who have prepared no or few returns - the
basics and not so basics of preparing the Form 706, including
what needs to be reported and what does not, how various assets
can be reported, making elections, what deductions are proper
and which ones are not, engagement letters for preparing the
return and retaining the appraiser, return attachments, assembling
the return, and disclosures to the client and to the IRS (they
are not the same!). Sample asset and deduction schedules will
be critiqued. 2:00 - 3:30 p.m. Special Sessions III
III-A -CASE STUDY - Tax-Free Corporate Divisions in Family
Business Succession Planning
Michael W. Bourland
Marcus P. Johnson
This session will present case study examples illustrating
the role of family corporate business tax-free divisions in
the estate planning process.
III-B - Planning and Drafting for Maximum Flexibility in
Credit Shelter/Marital Deduction Planning
Barbara A. Sloan
A review of the many straightforward techniques (ceilings,
floors, disclaimers, partial QTIPs, and Clayton trusts) and
a discussion of some of the thorny issues that arise when
meeting with the client and drafting for these alternatives.
III-C - Tax Shelters - The Ethical Dilemma
Andrew H. Weinstein
Nicholas J. DeNovio
A panel discussion on real life (and death) fact patterns
involving the tax shelter dilemma and opportunities for ethical
solutions thereto.
III-D - The Uniform Trust Code: Your State Might Be Next
· David M. English
· Judith W. McCue
· Scot W. Boulton
Completed in 2000, the Uniform Trust Code has been enacted
in five states and is being considered in over 30 others.
This program will review the Code, focusing on the most discussed
provisions, including the sections dealing with notice, nonjudicial
settlements, trust modification and termination, revocable
trusts, and trustee removal. The panel consists of the Code's
Reporter and other participants in the drafting and enactment
process.
III-E - Premium Financing Techniques
Donald O. Jansen
This session will focus on income, gift and estate tax concerns
with various examples of premium funding techniques such as
split dollar, GRATs, FLPs, third party financing, and sales
to defective trusts.
III-F - Financial Assets Series (See insert for program description)
3:30 - 3:45 p.m.
Break
3:45 - 5:15 p.m.
Special Sessions IV
IV-A - CASE STUDY- Planning for the Very Old Client: The
Complex and Confused World of Anna G.
Lawrence A. Frolik
This session will confront the problem of estate and end of
life planning for Anna G., an 85 year old widow, who may suffer
from modest dementia, was married three times and has step-children,
children, and grandchildren, and who lived for years in California,
a community property state, but who now resides in a common
law property state... and she wants to write a new will.
IV-B - Formulas, Fractions and Ratios - Oh My!
S. Stacy Eastland
A. Christopher Sega
An examination of the defined value and price adjustment clauses
being used to limit transfer tax risk, with illustrations
of the types of clauses that are sanctioned in the case of
disclaimers, GRATs, CRUTs, and marital and charitable bequests,
and why the government dislikes these clauses.
IV-C-Tax Shelters-The Ethical Dilemma (Repeat of Session
III-C)
Andrew H. Weinstein
Nicholas J. DeNovio
IV-D - Foreign Trusts
Robert C. Lawrence, III
This session will examine the use of foreign (non-U.S.) trusts
and alternative vehicles in tax planning.
IV-E- Financial Assets Series (See insert for program description)
Friday, January 9
8:00 - 9:00 a.m.
Complimentary Continental Breakfast
9:00 - 9:45 a.m.
State Death Tax Credit: Planning and Drafting in Light of
Phase Out
Robert C. Pomeroy
EGTRRA's phase out of the state death tax credit has resulted
in many states imposing an estate tax based on the pre-EGTRRA
state death tax credit tables. This program will focus on
the deathtime and lifetime planning issues that arise as a
result thereof.
9:45 - 10:30 a.m.
Old Age With Fears and Ills: Planning for the Very Old Client
Lawrence A. Frolik
The very old client represents special planning challenges.
With death a near reality, the next estate plan is likely
the last. Planning is often complicated by client deficits
in mental capacity and physical stamina, long-term care costs
that threaten to erode the estate, and complex family relations
that make it difficult for the client to decide how to distribute
the estate. This program will address these and other problems
raised by the very old client and will suggest appropriate
and effective responses.
10:30 - 10:45 a.m.
Break
10:45 a.m. - 12:00 p.m.
CASE STUDY - Grand Finale - Implementing Bright Ideas
· Ellen K. Harrison
· Jerome M. Hesch
· S. Stacy Eastland
Each panelist will provide separate planning recommendations
for different client hypotheticals. Financial projections,
using a range of investment assumptions, will illustrate each
panelist's recommendation. The objective is to illustrate
the substantive and empirical analysis needed in order to
choose the most appropriate technique for a client from the
available alternatives.
__________________________________________
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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