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 2005 Index (back)
Introduction,
Pt.2
As we have done in January for the last eight years, and
again with the permission of the University of Miami School
of Law Center for Continuing Legal Education, we will be posting
daily Reports to this list containing highlights of the proceedings
of the 39th Annual Philip E. Heckerling Institute on Estate
Planning that is being held January 10-14, 2005 at the Fontainebleau
Hilton Resort and Towers in Miami Beach, Florida. 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.
We also will be posting the full text of each of these 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.
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.
Our on-site local reporters who are present in Miami this
year are Gene Zuspann Esq. of Zuspann & Zuspann in Denver,
Colorado, Shelly Merritt Esq., a solo practitioner in Denver,
Colorado, Connie T. Eyster Esq. of Hutchinson, Black &
Cook LLC in Boulder, Colorado, Jason Havens Esq. of Havens
& Miller PLLC in Dustin, Florida, Bruce Stone of Goldman,
Felcoski & Stone, PA of Coral Gables, Florida, Herbert
L. Braverman Esq. of Walter & Haverfield LLP in Cleveland,
Ohio, and Jeffry L. Weiler of Benesch, Friedlander, Coplan
& Aronoff LLP of Cleveland, Ohio. The editor again this
year will be Joseph G. Hodges Jr. Esq, a solo practitioner
in Denver, Colorado who is the Chief Moderator of the ABA-PTL
List.
=================================================
In Introduction Part I we summarized the Scope of the Institute,
introduced the Faculty for 2005, and listed the Institute's
Director and the members of the Advisory Committee.
In this Introduction Part II we are listing the Substantive
Program Schedule and Highlights so everyone will know what
sessions will be presented next week and when and approximately
when the various Reports on the same can be expected to appear
on the ABA-PTL discussion list. The below Schedule was prepared
and formatted by Reporter Gene Zuspann.
2005 HECKERLING SUBSTANTIVE PROGRAM SCHEDULE AND HIGHLIGHTS:
Monday, January 10
9:00 – OPTIONAL PRE-CONFERENCE FUNDAMENTALS PROGRAM
–
12:15 p.m./ FLPs and LLCs from A to Z
Louis A. Mezzullo
A practical discussion of choosing the right entity for estate
planning purposes; forming, operating and dissolving the entity;
income and transfer tax issues; non-tax considerations; and
drafting the agreement.
2:00 – Introductory Remarks
2:10 p.m.
Tina Portuondo, Institute Director
2:10 – Recent Developments in Estate, Gift and Income
Taxation – 2004
5:15 p.m.
Steve R. Akers
Pam H. Schneider
Jonathan G. Blattmachr
Materials by Richard B. Covey and Dan T. Hastings
6:00 – Complimentary Reception for Registrants 7:00
p.m. Fontainebleau Hilton Resort
Tuesday, January 11
9:00 – Current Valuation Issues Involving FLPs and
LLCs
9:45 a.m.
John W. Porter
A discussion of current transfer tax issues (including Section
2036) involving the valuation of interests in closely held
businesses, including family limited partnerships and limited
liability companies. The discussion will include an analysis
of current Internal Revenue Service positions, defenses to
those positions, audit issues, recent case law, and tips to
help prepare for or avoid a dispute with the Internal Revenue
Service regarding these entities.
9:45 – Asset Protection Other Than Self-Settled Trusts:
Beneficiary 10:30 a.m. Controlled Trusts, FLPs, LLCs, Retirement
Plans and Other Creditor Protection Strategies Steven J. Oshins
This presentation will focus on using Beneficiary Controlled
Trusts as the centerpiece in the creditor protection plan
and discuss discretionary trusts versus support trusts, including
Uniform Trust Code issues. The presentation will also include
FLPs, LLCs, retirement plan strategies, as well as cases such
as Craft and Drye.
10:45 – Funding Bypass and QTIP Trusts with Retirement
Plan Assets:
11:30 a.m. What's the Use of Happiness If It Can't Buy You
Money?
Christopher R. Hoyt
Funding bypass trusts and QTIP trusts with retirement assets
requires an estate planner to integrate three distinct sets
of laws: income tax laws, estate tax laws and ERISA mandatory
distribution laws. This program will examine how these laws
interact to create special problems for bypass and QTIP trusts
and will explore solutions.
11:30 a.m. – Deference and the End of Tax Practice
12:15 p.m.
Mitchell Gans
Standards of deference in administrative law have recently
undergone substantial change. While effective tax counseling
may often depend on the validity or meaning of a regulation
or revenue ruling, many in the tax community have not appreciated
how the administrative law landscape has shifted and how this
threatens conventional notions of tax practice.
The presentation will explore these issues.
2:00 – Death, Estate Taxes, and Liquidity Needs –
Three Strikes for the
2:45 p.m. Family Business?
Dennis I. Belcher
Many large private businesses face significant liquidity needs
to pay estate taxes upon the owner's death. Selling the business
for fair value may not be possible and life insurance may
not be a complete solution.
This presentation will present other solutions to meet the
liquidity needs of the private business owner's estate, including
an analysis of federal estate tax deferral and redemptions
under Internal Revenue Code Sections
6166 and 303.
2:45 – The Care and Feeding of GRATs
3:30 p.m.
Carlyn S. McCaffrey
The advisor’s responsibility for the grantor retained
annuity trusts she has helped create will not always end with
creation. This program will explore different ways of helping
to assure a GRAT’s transfer tax success by monitoring
investment performance to lock in gains and reduce losses,
by arranging for annuity distributions from property with
undiscounted values, by enhancing investment return through
the use of puts and calls and related strategies, and by reducing
mortality risks.
3:45 – I Fell and My HIPPA is Broken
4:30 p.m.
Michael L. Graham
HIPPA regulations create an entirely new layer of complication
for the estate planning process. Powers of Attorney (whether
for property or health care) will not typically solve the
problem. Determination of trustee competency becomes even
more difficult without access to medical information.
4:30 – How to Succeed In the Life Insurance Business
Without Really
5:15 p.m. Dying
Michael I. Frankel
The rapidly growing secondary market in life insurance policies
can offer the insured (or the beneficiaries of his or her
trust) significantly more than the cash value of an unwanted
policy. This program will explore the legal, fiduciary and
tax issues involved in such life insurance policy sales.
Wednesday, January 12
9:00 – We’re Sorry, Your GST and Gift Tax Exemptions
Have Been
9:45 a.m. Temporarily Disconnected. Please Check the Numbers
and Plan Again Ellen K. Harrison The gift tax exemption is
less than the GST tax exemption, presenting an impediment
to full lifetime use of the GST tax exemption. This program
will propose techniques to take optimum advantage of the GST
tax exemption without incurring gift tax, including the ETIP
rules; the reverse QTIP election; differences in annual exclusion
rules; and differences in gift splitting rules. The program
will also review whether and when to allocate GST tax exemption
and timing the occurrence of a GST tax transfer.
9:45 – The 15% Tax for Dividends and Capital Gains
– Use It or Lose It 10:30 a.m.
Richard B. Robinson
Whether the 15% tax rate for qualified dividends and capital
gains sunsets or is repealed, odds are against it lasting
very long. This session will discuss ideas for maximizing
the benefits of these low-income tax rates while they last,
with an emphasis on closely-held businesses.
10:45 a.m. – Question & Answer Session
12:15 p.m.
Steve R. Akers
Catherine Veihmeyer Hughes
Jonathan G. Blattmachr
Pam H. Schneider
2:00 – FUNDAMENTALS PROGRAM – Income Taxation
of Trusts, Estates, 3:30 p.m. / Grantors and Beneficiaries
(Runs concurrently with the Special
Sessions)
3:45 – 5:15 p.m.
Jeffrey N. Pennell
The income taxation of trusts, estates, grantors, and beneficiaries
(Subchapter J of the Internal Revenue Code) is the tax mess
that Congress did not purport to repeal in 2001. It applies
to every fiduciary entity but it has no true analog elsewhere
in the tax law. It is not very easy to learn on your own,
yet it is taught in few schools or CLE programs.
This introduction to the general landscape of Subchapter J
will orient you and reveal that the system need not be daunting.
Roughly two hours will be devoted to the heart of Subchapter
J (Subparts A-D) and the final hour to the grantor trust rules
(Subpart E).
2:00 – Special Sessions I
3:30 p.m.
I-A – Stacking the Deck So the Other Side Will Fold
Bruce S. Ross Bruce M. Stone When we know our client’s
estate plan will be litigated, how do we stack the deck so
that when all the cards are dealt and on the table, we’ll
hold the winning hand?
LIT
I-B – Valuation of Closely-Held Interests – Practical
Issues John W. Porter Alex W. Howard An analysis of valuation
issues involving closely-held entities from the perspective
of a tax litigator and appraiser who have been in the trenches
on many transfer tax cases. The discussion will focus on issues
related to the valuation of closely-held interests for transfer
tax purposes, the application of various tools and studies
in determining lack of control and lack of marketability discounts,
dealing with appraisers, privilege issues, and recent cases
addressing the valuation of closely-held interests.
I-C – Funding Trusts in the Crossfire of Conflicting
Estate Tax, Income Tax and ERISA Laws Christopher R. Hoyt
This session will walk through the challenges of funding trusts
with retirement assets. Will the trust qualify as a "look-through"
trust that can use the beneficiaries' life expectancies? What
planning strategies will work if there is a large age span
among the beneficiaries? When will a two-generation charitable
remainder trust beat a stretch IRA payable to a standard bypass
or QTIP trust?
I-D – Disunification of GST and Gift Tax Exemptions
Ellen K. Harrison This program will propose techniques to
take optimum advantage of the GST tax exemption without incurring
gift tax.
I-E – Ethical Issues and Drafting Solutions in Medical
Releases and Competency Determinations Michael L. Graham George
S. French This session will focus on drafting and potential
regulatory solutions for appropriately accessing medical information
in the estate planning and trustee qualification areas. Particular
emphasis will be placed on the ethical issues presented by
these problems.
I-F – The 2005 Economic Outlook: Impact of the Changing
Interest Rate Environment (Wyndham) Harvey Rosenblum This
session covers the economic challenges confronting the United
States economy in 2005 as the Federal Reserve shifts to a
less accommodative monetary policy. The implications for portfolio
management and estate planning will be examined.
3:45 – Special Sessions II
5:15 p.m.
II-A – Tax Controversy Work: Winning Cases Through
Mastering Procedure Kathleen R. Sherby M. Read Moore Ann B.
Burns This presentation will dissect and analyze the tax controversy
from beginning to end, suggesting appropriate strategies to
use in controlling the controversy to maximize the results
for our clients. The program will cover handling and controlling
the audit process, dealing with statute of limitation and
transferee liability issues, effective strategies for dealing
with the 30 day letter, keeping control of the appeals process,
and selecting the most appropriate jurisdiction for the case.
LIT
II-B – FLP Update (Repeat of Session I-B) John W. Porter
Alex W. Howard
II-C – Planning to Meet the Liquidity Needs of the
Private Business Owner's Estate Dennis I. Belcher Business
strategists say a primary job of a private business owner
is planning for succession and meeting liquidity needs following
the owner's death. This session will use case studies to illustrate
solutions for liquidity needs. The program will cover the
mechanics of Internal Revenue Code Sections 6166 and 303,
and their application to tiered entities.
II-D – Practical, Professional and (Perhaps) Even Profitable
Solutions to Every Day Ethical Dilemmas Alan F. Rothschild,
Jr.
Christopher H. Gadsden
Stacey L. Cole
Whom does an attorney represent during the administration
of an estate?
Can an attorney draft wills for out-of-state clients? Is it
ethical to represent a spouse in a divorce when the firm previously
drafted the couple's wills? May an attorney draft estate planning
documents which benefit a charitable organization on whose
board the attorney serves?
This session takes a look at common ethical and professional
dilemmas and suggests ways to anticipate and address these
situations.
II-E – The Recovery of Cultural Property Looted by
the Nazis:
History, Legacies, and Unsolved Mysteries Jonathan Petropoulos
This program will discuss the history of the Nazis' art looting
program from the active participation of the top leaders to
the central role played by art experts. It will also cover
recent developments concerning Holocaust era looted cultural
property, including issues of current initiatives, both governmental
and non-governmental; some of the difficult legal questions
that have arisen in the recent past; and cases where the speaker
has helped claimants pursue missing works.
II-F – Life Settlements (Wyndham)
Michael I. Frankel
Gary R. Lee
The panelists will use actual and hypothetical client experiences
to illustrate potential benefits of, and issues which may
arise in connection with, the sale of life insurance policies.
Thursday, January 13
9:00 – Disclaimers: When, Why & How to Say “No”
to an Inheritance
9:45 a.m.
E. Diane Thompson
This program will provide a general background on disclaimers
and a summary of the requirements for a tax-qualified disclaimer
under Internal Revenue Code Section 2518, cover a myriad of
tax and non-tax uses and nonuses, and examine the problem
areas.
FIN
9:45 – The FLIP Side of FLPs: Income Tax Issues 10:30
a.m.
Samuel A. Donaldson
This presentation will address federal income tax aspects
of forming, operating, and liquidating a family limited partnership.
While FLPs are typically created with the intent to minimize
exposure to federal and state wealth transfer taxes, practitioners
sometimes ignore important income tax consequences that can
arise with the use of this technique. This session will serve
as a reminder of the income tax issues and will suggest possible
strategies to address them.
10:45 – Risk Management for Trustees: Happy Beneficiaries
Equal Empty 11:30 a.m. Courtrooms William C. Weinsheimer Effective
risk management requires a trustee to develop a "best
practices"
approach to trustee service which will enable the trustee
to administer the trust and deal with the beneficiaries in
a manner which minimizes the threat of litigation. This session
will look at several facets of trustee service and suggest
steps that can be taken to reduce the trustee's risks.
11:30 a.m. – You Can’t Take It with You So Why
Not Give It Away?
12:15 p.m. Charitable Remainder Trusts, Charitable Lead Trusts
and Other Charitable Planning Sanford S. Schlesinger A fresh
analysis of charitable planning with split interest charitable
trusts twenty-five years after enactment. What we have learned
and what we need to revisit.
2:00 – FUNDAMENTALS PROGRAM – Estate Planning
While You Wait:
3:30 p.m. / The EGTRRA and What to Do While Congress Ponders
the Fate of
3:45 – the Estate and GST Taxes (Runs concurrently with
the Special
Sessions)
5:15 p.m.
Howard M. Zaritsky
Discusses the effect of the EGTRRA on estate planning, including
proposals for permanent estate tax repeal, changes in marital
deduction and GST tax planning, elimination of the state death
tax credit, changes in gift and charitable planning, and the
areas of estate planning that should be stressed as the percentage
of clients with taxable estates declines. Includes sample
forms.
2:00 – Special Sessions III
3:30 p.m.
III-A – Risk Management for Trustees: Happy Beneficiaries
Equal Empty Courtrooms William C. Weinsheimer John T. Brooks
This session will explore practical ways of limiting a trustee's
risk, including defensive record keeping, delegation of certain
duties (including investment functions), approval of accounts
and discharge issues, creating and protecting the attorney-client
privilege, and beneficiary communication problems.
LIT
III-B – More Asset Protection Other than Self-Settled
Trusts: More Information about Beneficiary Controlled Trusts,
FLPs, LLCs, Retirement Plans and Other Creditor Protection
Strategies Steven J. Oshins This presentation will provide
more detail about Beneficiary Controlled Trusts and other
creditor protection strategies.
III-C – How Not to Inherit
E. Diane Thompson
This session will focus on case studies in which disclaimers
are used in creative ways.
III-D – Technology – Demystifying the Numbers
Joseph G. Hodges Roger L. Shumaker Find out what client-friendly
computation and illustration software tools are available
to planners to help clients understand various transfer tax
planning techniques.
III-E – Planning with Reduced Dividend and Capital
Gain Rates Richard B. Robinson This session will use case
studies to illustrate the opportunities and pitfalls when
trying to take advantage of the 15% tax rate.
III-F – The Care and Feeding of GRATs (Wyndham) Carlyn
S. McCaffrey S. Stacy Eastland This session will illustrate,
by the use of financial models, the techniques available to
enhance the likelihood of a GRAT’s success. It will
also provide an opportunity for the participants to share
the techniques that they have developed.
3:45 – Special Sessions IV
5:15 p.m.
IV-A – Using Mediation to Resolve Estate and Trust
Disputes Mary F. Radford Jim C. Melamed Ray D. Madoff The
panel will explore the use of mediation as a tool for resolving
conflicts that arise during probate procedures and throughout
the administration of estates and trusts.
IV-B – Come Into My Partnership, Said the Spider to
the Fly Samuel A. Donaldson This session will use case studies
and participant questions to elaborate on the tricks, traps,
and techniques related to the federal income tax aspects of
estate planning with family limited partnerships.
IV-C – Charitable Planning
Sanford J. Schlesinger
This session will focus on charitable planning, including
planning with split interest charitable trusts.
LIT
IV-D – Technology – Demystifying the Numbers (Repeat
of Session III-D) Joseph G. Hodges Roger L. Shumaker
IV-E – Hot Topics on the Uniform Trust Code David English
Suzanne Brown Walsh Alan Newman This program will address
the more controversial sections of the UTC, including the
provisions on trust modification and termination, the rights
of creditors, the duty to keep the beneficiaries informed
of trust administration, and the application of the UTC to
special needs trusts.
IV-F – Implementing Total Return Trusts: Solving Three
Variable Problems When You're Bad at Math (Wyndham) Paul S.
Lee This session will focus on "total return" legislation
and case law, providing a guide to fiduciaries on satisfying
their obligations under the Uniform Prudent Investor Act,
Uniform Principal and Income Act, and Treasury Regulations
under Section 643. It will provide an analytical framework
for making decisions on investment, distribution, and tax
policy and guidance on drafting "total return investment
policy" statements.
Friday, January 14
9:00 – Domestic Partners and Inheritance: Past, Present,
Future
9:45 a.m.
Thomas P. Gallanis
A discussion of the changing treatment of domestic partners
under the American inheritance law. From the seminal palimony
case of Marvin v.
Marvin to the recent flurry of activity on same-sex marriage,
where has the law stood and where is it (should it be) going?
9:45 – Are You Going to Have to Tell the Government
about Your Client?
10:30 a.m.
Henry Christensen III
This presentation will cover developments in the rapidly moving
area of government initiatives against money laundering. What
must you know about the application of the USA Patriot Act
and the Forty Recommendations of the Financial Action Task
Force on Money Laundering
(“FATF”) to lawyers? What if your firm has offices
in Europe?
10:45 a.m. – Wrapping It Up
12:00 p.m.
Louis A. Mezzullo
A practical discussion of the estate planning techniques covered
during the Institute using a real life hypothetical fact situation
designed to illustrate the application of the techniques
The End...........................
_________________________________________
GENERAL INFORMATION ABOUT INSTITUTE:
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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