American Bar Association - Section of Real Property, Probate and Trust Law

2008 Heckerling Report

Preliminary Reports

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 Orlando this year are Gene
Zuspann Esq. of Zuspann & Zuspann in Denver, Colorado; Joanne Hindel Esq.
of Fifth Third Bank in Cleveland, Ohio; Jason Havens Esq. of Havens & Miller
PLLC in Destin, Florida; Kimon Karas Esq. of McCarthy, Lebit, Crystal and
Liffman
Co., LPA in Cleveland, Ohio; Bruce Stone Esq. of Goldman, Felcoski & Stone, PA
in Coral Gables, Florida; Craig Dreyer Esq. of McDonald Hopkins LLC in
Cleveland, Ohio; Carol Sobczak Esq. of The Law Offices of Carol A. Sobczak in
St. Helena, California; Ronda Martinez Esq. of Fifth Third Bank in Southfield,
Michigan; and Mike Stiff Esq. of Hutchins & Stiff LLC in Denver,
Colorado. The
editor again this year will be Joseph G. Hodges Jr. Esq, a solo
practitioner in
Denver, Colorado, who also is the Chief Moderator of the ABA-PTL List.

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The start of the 42nd Institute is only five days away now and, as
we prepare for that, we want to pass along a few news items we have
received recently or need to broadcast.

Institute Opening Reception

The Heckerling Institute staff reminds everyone to attend the
Complementary Reception for Registrants that will be held in the exhibition
hall at the Marriott from 6:00 to 7:00 p.m. on Monday evening. This is
a don't miss function - plenty of food and lots of things to drink, plus
a great place to meet and make friends with a lot of people.

News from the Exhibit Hall:

The vendor's list this year has significantly expanded and includes the
following (in alpha order) that may be of particular interest to many of
our readers. Most of these vendors will be covered in more depth in later
Reports as the Institute progresses:

ABA Section of Real Property, Probate & Trust Law
Advanced Settlements, Inc.
Alaska Trust Company
American Association of Attorney _ CPA's
American Society of Appraisers
Appraisers & Planners, Inc.
ARIS/Liberty Art Title
Ashar Group, LLC
Atlantic Trust Private Wealth Management
Bayview Financial Exchange Services
BNA Tax Management, Inc.
BNY - Mellon
Bonhams & Butterfields
Brentmark Software, Inc.
CBIZ Valuation Group, LLC
CCH
Charitable Trust Administration Company - CTAC
Christiana Bank and Trust
Christie's
Circa
Citigroup Trust
Commonwealth Trust Company
Community Foundations of Florida
ComStock Valuation Advisors, Inc.
Concord Wealth Management
Coventry
Crawford Care Management
Crescendo Interactive, Inc.
Deutsche Bank Private Wealth Management
Donlevy_Rosen & Rosen, PA
Doyle New York
Eidelman Associates - WINDRAFT
Empire Valuation Consultants LLC
Equity Trust Company
Estate Valuations & Pricing Systems, Inc.
EstateWorks
Fidelity Charitable Services
Fiduciary Trust Company International
Financial Data Service, Inc.
Fine Art Capital
First PREMIER Bank, Trust Department
Firstat RN Care Management Services
FMV Opinions, Inc.
Foundation Source
FREEMAN'S Auction House
Gillett Publishing LLC
Glen Springs Family Offices
Global Consultants and Services Ltd.
Goldman Sachs Trust Company
Gurr Johns Masterson, Inc.
Harris Private Bank
Harvey E. Morse, P.A.
Hays Companies
Hemisphere Real Estate
Heritage Auction Galleries
Heritance System by DataTech Software
HSBC Private Bank
Informa Investment Solutions
The Insurance Design Center, LLC
InterActive Legal Systems
International Genealogical Search
John Hancock Life Insurance Company U.S.A.
Joseph DuMouchelle International Auctioneers
JP Morgan
The Lackner Group, Inc.
LAWGIC LLC
Lawyer's USA
Leslie Hindman Auctioneers
LexisNexis
Life Insurance Settlements, Inc.
Lucion Technologies
M.J. Bohan Co., Inc.
Management Planning, Inc.
Marcum & Kliegman LLP
Mercer Capital
Millea Bros. Ltd.
Morgan Street Document Systems
Nadeau's Auction Gallery Inc.
National Philanthropic Trust
New York Private Bank and Trust
Newman + Cohen Financial Management
NIXON PEABODY FIDUCIARY SERVICES
Noble Royalties, Inc.
Northern Trust Company
Paul Comstock Partners
PDI Global, Inc.
PENSCO Trust Company
PinnacleCare
Plexus Financial Technologies LP
Pluris Valuation Advisors
PNC Bank, Delaware
RBC Trust Company Ltd.
Real Automation Solutions
Rochdale Offshore Investment Management
Rockefeller Philanthropy Advisors
RSM McGladrey, Inc.
Rumson Capital LP
Schumacher Publishing, Inc.
Schwab Fund for Charitable Giving
Scott-Macon, Ltd.
Sherwood Partners, LLC
Skinner, Inc.
Sotheby's, Inc.
South Dakota Trust Company, LLC
Southpac Group
Stack's Rare Coins
Thomson RIA
Thomson West
Trugman Valuation Associates, Inc.
Trusts & Estates
U.S. Trust and Practical Drafting ®
University of Miami
Virginia Money
Wachovia Exchange Services
Wachovia Trust
WealthCounsel
Willamette Management Associates
Willis Private Client Group
Wyoming Bankers Association -Trust Committee
Yellowstone Trust Administration

Below is information that will be included at the end of each Report due to
its importance and in case any of our readers need to contact the Institute
or someone who is there while the Institute is progressing.
_________________________________________
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 - Orlando World Center Marriott
8701 World Center Drive
Orlando, FL 32821
Telephone (407) 239-4200, FAX (407) 238-8777
==================================================
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.
______________________________________________________
Brought to you by the ABA-PTL Discussion List Moderators.
The URL for the ABA-PTL searchable Web-based Archives is:
http://mail.abanet.org/archives/aba-ptl.html

To search the ABA-PTL archives online or manage your subscription, go to
http://mail.abanet.org/archives/aba-ptl.html

Introduction, Part 1

Introduction, Part 2

As we have done in January for the last eleven 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 42nd Annual Philip E. Heckerling
Institute on Estate Planning that is being held January 14-18, 2008 at the
Orlando World Center Marriott Resort and Convention Center in Orlando,
Florida, a new venue for the Institute starting in 2007. A complete listing
of the proceedings will be published here and is also available on the
Institute's Web site at 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 Orlando this year are Gene
Zuspann Esq. of Zuspann & Zuspann in Denver, Colorado; Joanne Hindel Esq.
of Fifth Third Bank in Cleveland, Ohio; Jason Havens Esq. of Howard, Mobley
& Havens PLLC in Florida and Tennessee; Kimon Karas Esq. of McCarthy,
Lebit, Crystal and Liffman Co., LPA in Cleveland, Ohio; Bruce Stone Esq. of
Goldman, Felcoski & Stone, PA in Coral Gables, Florida; Craig Dreyer Esq.
of McDonald Hopkins LLC in Cleveland, Ohio; Carol Sobczak Esq. of The Law
Offices of Carol A. Sobczak in St. Helena, California; Ronda Martinez Esq.
of Fifth Third Bank in Southfield, Michigan; and Mike Stiff Esq. of
Hutchins & Stiff LLC in Denver, Colorado. The editor again this year will
be Joseph G. Hodges Jr. Esq, a solo practitioner in Denver, Colorado, who
also is the Chief Moderator of the ABA-PTL List.

=================================================
In Introduction Part I we summarized the Scope of the Institute, introduced
the Faculty for 2008, 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.

2008 HECKERLING SUBSTANTIVE PROGRAM SCHEDULE AND HIGHLIGHTS:

Monday, January 14
7:00 a.m. Registration

9:00 - OPTIONAL PRE-CONFERENCE FUNDAMENTALS PROGRAM -
10:30 a.m. / Preparing and Filing the Form 709: Who, What, How, When
10:45 a.m. - and Where
12:15 p.m.
Glen A. Yale
The Form 709 must be properly prepared and filed to begin running the
statute of limitations. This program will cover how to determine if a
reportable gift has occurred, gift tax exclusions, valuing gifts for gift tax
purposes, making complete disclosures on returns, allocating GSTT
exemption, splitting gifts and more.

2:00 p.m. Introductory Remarks
Tina Portuondo, Institute Director

2:10 - Recent Developments - 2007
3:30 p.m. /
3:45 - Dennis I. Belcher Carol A. Harrington
5:15 p.m. Jeffrey N. Pennell
Materials by Richard B. Covey and Dan T. Hastings

6:00 - Complimentary Reception for Registrants
7:00 p.m.

Tuesday, January 15
9:00 - Current Valuation Issues Involving FLPs and LLCs
9:50 a.m. John W. Porter
A discussion of current transfer tax issues involving the valuation of
interests in closely-held businesses, including family limited partnerships
and limited liability companies (including Section 2036). The discussion
will include an analysis of current lRS positions, defenses to those
positions, audit issues, recent case law and tips to help prepare for or
avoid a dispute with the IRS regarding these entities.

9:50 - Covering Your Client's S (Corporation)
10:40 a.m. Samuel A. Donaldson
The most recent statistics from the IRS confirm that S corporations
continue to dominate the choice of entity debate. With over 3.3 million
S corporations out there (compared to 2.3 million partnerships and 2.0
million C corporations), estate planners are sure to have clients with
these "simple" entities comprising a significant share of their gross
estates. This session goes beyond the basics, offering innovative
solutions to some of the most common problems estate planners
encounter when their clients use the S corporation form of business.

10:55 - Business Succession or Business Cessation? Passing the Torch
11:45 a.m. Without Dousing the Flame
Charles A. ("Clary") Redd
One of the estate planner's biggest challenges is to design and guide
the implementation of a structure by which to transmit the family
business to the next generation. This session will examine some of the
techniques that may be considered, and traps that should be avoided,
to achieve the best possible result.

11:45 a.m. - Mom & Pop Want to Cut Hours But Not Pay! Closely-Held
12:35 p.m. Company Deferred Compensation (and Alternatives)
Donald O. Jansen
Deferred compensation for family employees provides continuing pay
while phasing out full-time work. Non-family executive arrangements
provide an incentive to continue working with tax favored benefits in the
future. This session will consider the income tax as well as ERISA
impact on both arrangements as well as peculiar issues with S
corporations and with ESOPs. Alternatives such as life insurance and tax
deferred annuities will be discussed.

2:00 - Picasso, Warhol, Koons - What Do I Do With My Stuff?
2:50 p.m.
Ralph E. Lerner
An update on tax planning for collectibles: Investor, Collector or Dealer-
where do you draw the line? Can you use art in a Section 1031
exchange? Fractional gifts to charity are dead but what about gifts to
family members? New appraisal rules and penalties add to the attraction
of using Rev. Proc. 96-15; private museums-the latest status symbol.

2:50 - Estate Planning for Retirement Plans of the Rich and Famous
3:40 p.m.
Steven E. Trytten
Retirement assets are often small relative to a high net worth estate but
planning can produce valuable benefits. Integrating retirement assets into
a plan driven by other priorities requires attention to detail. Can retirement
assets be part of multi-generational planning? Accumulated in dynasty
trusts? Invested in real estate, family entities, or exotic investments? Is it
better to direct non-retirement assets to charity? Why is income tax lower
on "trust level" retirement distributions in certain cases? What about IRA
conversions? Really that big a deal? Find out the answers to these
questions and more, including case studies and sample forms.

3:55 - Can I Turn Right on Red? Yes, With Caution: Transferring Wealth to
4:45 p.m. Parents and Siblings
M. Read Moore
What do you do when a client wants to make a large gift to a parent or
sibling or somehow allow their spouse and stepchildren to benefit from
family trusts? This presentation will address how to engage in such
upstream and sideways estate planning without paying unnecessary
wealth transfer taxes or violating the dispositive provisions of trust
instruments.

4:45 - The ABCs of 529 Savings Accounts Aren't So Simple
5:35 p.m.
Susan T. Bart
Account owners (selecting one and changing one); Beneficiaries
(changing them); Creditor protection; Disclosure (or the lack of it by
many programs); Entities (as account owners, including trusts and
UTMA accounts); Financial aid (how will it be impacted) and
Fees; Gift tax elections and GST tax.

Wednesday, January 16
9:00 - Deductive Reasoning: Section 2053 Proposed Regs - Take the
9:50 a.m. Guess Work out of Deductible Claims
Ann B. Burns
Recent proposed regulations to Section 2053 have introduced a radical
approach to valuation of deductible claims for estate tax purposes. This
presentation will summarize the case law leading to the promulgation of
the new proposed regulations, comment on possible challenges to their
validity and consider the status of estates of decedents who died
prior to their effective date. The presentation will discuss the impact of
the proposed regulations on debts of related parties, the filing of
protective claims for refund, and the estate tax statutes of limitations.

9:50 - Gifting and Selling by Formula - Shield Against Gift Tax Valuation
10:40 a.m. Risk or Invitation to Audit Exposure?
Carlyn S. McCaffrey
A transfer of a difficult to value asset, such as a minority interest in a
family controlled entity or a fractional interest in real estate or tangible
personal property, is often one of the most attractive estate planning
techniques available to many clients. The most significant negative
aspect of the technique is the gift tax valuation risk. This session will
explore the use of various types of defined value transfers as well as
price and transfer adjustment clauses as a means of reducing that risk.

10:55 a.m. - Question & Answer Session
12:35 p.m.
Dennis I. Belcher Carol A. Harrington
Jeffrey N. Pennell

2:00 - FUNDAMENTALS PROGRAM - (Runs concurrently with the Special Sessions)
3:30 p.m. / Fundamentals of Life Insurance in Estate Planning - What You Need
3:50 - to Know and What You Think You Know
5:20 p.m
Lawrence Brody Mary Ann Mancini
A review of the menu of insurance products used in estate planning
today (it isn't your father's whole life anymore), a guide to understanding
the limits of policy illustrations, the income, gift, estate, and
generationskipping
implications of using life insurance in estate planning, and the
planning and drafting of irrevocable insurance trusts.

Special Sessions I
2:00 - 3:30 p.m.

I-A - Transfer Tax Audit Issues - What's Hot?
John W. Porter Martin E. Basson
Aileen F. Condon [LIT]
This panel, representing the views of both the practitioner and the
IRS will take a practical approach to the discussion of significant current
issues in estate and gift tax audits, including FLPs and LLCs (including
the application of Section 2036), valuation issues (including lack of
control, lack of marketability, unrealized capital gains and undivided
interests), the impact of post-death events, defined value issues, the use
of summonses during the audit and privilege issues.

I-B - Planning When the S (Corporation) Hits the Fan
Samuel A. Donaldson
This session will use case studies to present several strategic
uses for S corporations in contemporary estate planning, with an
emphasis on participant questions.

I-C - International Planning Update
Gideon Rothschild Henry Christensen III
This session will cover recent developments and emerging issues in
international estate planning, including up-to-the-minute developments.
Included will be best practices in the establishment and administration of
offshore trusts, and why U.S. persons may still wish to have offshore
trusts, developments in asset protection trusts, selection of offshore
jurisdictions, expatriation legislation, if any, current rules in anti-money
laundering, including the FATF and USA PATRIOT Act, and reporting
issues involving inbound and outbound trusts.

I-D - All I Want When I Retire Is the Money -- But How Do I Get It
From the Closely-Held Business?
Donald O. Jansen
This session will examine several case studies involving closely-held
company deferred compensation.

I-E - Optional Funding of 529 Savings Accounts
Susan T. Bart Sandy Baum
A number of factors enter into projecting the price of college (and higher
education) for a beneficiary and deciding how much should be saved in
a 529 savings account. Sandy Baum will present her research on the
actual price of college. Susan Bart will describe a methodology for
determining how much to place in 529 savings accounts.

I-F - Cross-Selling, Indexing and the Prudent Investor Act: Pitfalls
and Alternatives
Christopher P. Cline Daniel M. Miller
William T. Norris [FIN]
Investing by trustees, whether corporate or individual, has never been
more troublesome. This presentation will address the problems
associated with cross-marketing of financial services, the bias in favor of
indexed investing in the Restatement and Prudent Investor Act, and why
that bias might be misplaced in light of behavioral finance principles
and the returns from alternative investing.

Special Sessions II
3:50 - 5:20 p.m.

II-A - Transfer Tax Audit Issues - What's Hot?
(Repeat of Special Session I-A)
John W. Porter Martin E. Basson
Aileen F. Condon [LIT]

II-B - Trusts as Beneficiaries of Retirement Plan Assets
Steven E. Trytten
A review and update of the ins and outs of designating trusts as
beneficiaries of retirement plan assets, including marital and bypass
trusts arising at the first spouse's death, with case studies and sample
forms.

II-C - Negotiating and Understanding the Auction Consignment
Agreement
Ralph E. Lerner Judith Bresler
Steven Thomas
This workshop will dissect the auction consignment agreement that is
typically presented to individuals or executors by the auction houses.
The session will explain the "Conditions of Sale", specific auction terms
such as "rescission", "withdrawal", "bought-in", "guarantees", "reserves
and global reserves", the required representations and warranties and
various financial arrangements. The panel will offer insights on what to
ask for and what to expect.

II-D - Reverse and Lateral Estate Planning
M. Read Moore Nancy G. Henderson
This special session will explore creative and tax-effective ways clients
can make gifts to parents, siblings and family members who are not
beneficiaries of family trusts.

II-E - Technology Update - Time Travels Fast
Joseph G. Hodges, Jr. Roger L. Shumaker
Come find out about the past, present and future of probate and estate
planning technology.

II-F - Everyone Has a Family, But Does Everyone Need a Family
Office?
Lynn Wintriss Timothy W. Chase
Kathryn M. McCarthy [FIN]
High net worth families want family offices . . . but do they need them?
This presentation includes an overview of family office goals and
structures. We will present two different business models, explaining
the similarities and differences. Questions will make this a lively dialog.

Thursday, January 17
You May Not Need to Whine About Problems With Your Irrevocable 9:00 -
9:50 a.m. Trust: State Law and Tax Considerations in Trust Decanting
Alan S. Halperin
Advisors often wrestle with irrevocable trusts that no longer reflect the
clients' objectives. Because the trust terms are irrevocable, it may appear
that little can be done. However, it may be possible to modify an
irrevocable trust. This presentation will explore techniques to change
irrevocable trusts and the income, gift and generation-skipping tax
consequences of such modifications.

9:50 - Perpetuities, Taxes and Asset Protection: An Empirical Assessment
10:40 a.m. of the Jurisdictional Competition for Trust Funds
Robert H. Sitkoff
Does repealing the RAP attract trust business? Does validating asset
protection trusts attract trust business? What role do fiduciary income
taxes play? Drawing on leading academic research, this session will
answer those questions with reference to hard data.

10:55 - "Dear Trustee, Send Money": An Examination of Trustees,
11:45 a.m. Beneficiaries and Distributive Provisions
Jon J. Gallo
This program will feature a discussion of real world considerations in
drafting distributive provisions for irrevocable trusts. Both tax and non-tax
issues will be examined.

11:45 a.m. - The Top Ten Ethical Challenges Confronting Estate Planning
12:35 p.m. Practitioners Today and the Best Practices for Addressing Them
Charles D. ("Skip") Fox IV
This session will describe the ten most important ethical challenges
that an estate planning practitioner must address in his or her practice.
Among the challenges to be discussed are the representation of a
husband and wife, the representation of multiple generations, the
representation of clients living in a different state, communications with
clients, the payment of fees and maintaining the confidentiality of
information.

12:45 - Florida Insurance: Issues Relating to Unauthorized Entities
1:45 p.m. (Attendance is required for insurance professionals seeking CE
credit in Florida)

2:00 - FUNDAMENTALS PROGRAM -(Runs concurrently with the Special Sessions)
3:30 p.m. / Charitable Remainder Trusts Revisited
3:50 -
5:20 p.m. Jerry J. McCoy Edward J. Beckwith
This session will review the fundamentals for creating and administering
a qualified charitable remainder trust. Essential drafting and planning
considerations will be discussed, as well as practical and advantageous
applications for such trusts. Special emphasis will be placed on potential
problem areas and how to avoid them.

Special Sessions III
2:00 - 3:30 p.m.

III-A -A Mock Trial - The Attorney as Witness: What You Say May
be Used Against You in a Court of Law (and Otherwise):
Deposition Strategies and a Mock Deposition
Steven K. Mignogna Patricia H. Char
Bruce S. Ross Robert N. Sacks [LIT]
The prospect of being deposed, or testifying at trial, is increasing for
attorneys and fiduciaries. In this program, a panel of leading fiduciary
litigators will advise on strategies for being deposed, and taking/
defending depositions. The panelists will also discuss defensive
techniques during the estate planning process. A highlight will be an
entertaining and educational mock deposition.

III-B - A Practical Guide to Tax Preparation in Light of New IRS
Rulings and Regs
Ann B. Burns Catherine V. Hughes
A hands-on approach to recent IRS rulings and regulations, including
estate tax preparation in light of Section 2053 changes.

III-C - Decanting Discretionary Trusts: State Law and Tax
Considerations
Alan S. Halperin
This session will examine the circumstances under which irrevocable
trusts may be modified and the tax consequences of such changes.

III-D - Engineering a Succession Plan that Keeps the Family
Business on Track
Charles A. ("Clary") Redd
Using hypothetical fact patterns that incorporate several common
problems encountered in business succession planning, we will identify,
evaluate and compare potential solutions.

III-E - Case Studies on Best Practices for Confronting Ethical
Issues
Charles D. ("Skip") Fox IV Thomas E. Spahn
This session will discuss several case studies relating to the ethical
issues that estate planning professionals must address in their practices.

III-F- Trust Investment Law, Portfolio Allocation and Total Return
Damages: The Role of Empirical Analysis
Robert H. Sitkoff Max Schanzenbach [FIN]
This session will examine hard data on trust portfolio allocation
under the new prudent trust investment laws, and will discuss the
use of such data for assessing breach and damages in litigation over
imprudent trust portfolio management.

Special Sessions IV
3:50 - 5:20 p.m.
IV-A - FLPs: Don't Leave Home Without One (but leave your home
outside of it!)
Stephanie Loomis-Price Charles E. Hodges II [LIT]
This program, presented by two tax litigators, will provide a practical
guide of dos and don'ts to assist practitioners in trial-proofing FLPs
focusing on formation through audit, in the context of recent cases.

IV-B - Individual Trustees and Discretionary Trusts
Jon J. Gallo Kenneth A. Feinfield
John R. Price
The workshop will look at trust distributive provisions from both the
view-point of the drafting attorney and the trustee. Although tax
considerations will be discussed, the major focus will be on non-tax
considerations in drafting and administering distributive provisions.

IV-C - Let the Sunshine In: A Florida Law Update
Bruce M. Stone Amy B. Beller
This is the dawning of the age of the new trust code, revisions to the
probate code, and a whole lot more. Topics include the new trust code;
new probate code provisions; Florida estate planning and administration
issues such as elective share, homestead, and administration
procedures; and litigation topics such as standing and burden of proof.
This overview of Florida law will be invaluable for all practitioners with
snowbird clients or clients intending to relocate to the Sunshine State.

IV-D-Technology Update - Time Travels Fast
(Repeat of II-E)
Joseph G. Hodges, Jr. Roger L. Shumaker

IV-E- Section 453, OID, Earnouts, Holdbacks, Price Reductions,
Escrows & Other Contingent Payments - What's This Got to
do with Estate Planning?
Michael D. Mulligan Todd I. Steinberg
When a business or commercial asset such as real estate is sold,
frequently the seller will receive an earn-out in addition to a guaranteed
amount as part of the sales price. Because the earn-out portion is a
contingent liability, the contingent payment installment sale rules and
contingent payment OID rules apply. This program will provide an
overview of these rules, examine how these principles are applied to
contingent payments, and conclude with practical advice in negotiating
sales to avoid tax traps.

Friday, January 18
9:00 - The Issue of Issue
9:50 a.m.
Gideon Rothschild
With the popularity of perpetual trusts increasing and new forms of
assisted reproduction undermining the presumption of parenthood, the
potential for disputes over inheritance rights increases significantly.
How will the estate planner's trust drafting and future legislation anticipate
these new, and yet unknown, developments?

9:50 - Charitable Contribution Tax Strategies: Avoiding Near-Death Tax
10:40 a.m. Experiences and Bad Heir Days
Conrad Teitell
How to plan and draft under the latest rules (and some long-standing
ones) and a peek at what's ahead. If things are mucked up (by others),
learn about fix-ups with scrivener's errors and other reformation
proceedings and disclaimers. Plus, you'll learn about gifts of gatkes,
latkes and tchotchkes.

10:50 a.m. - Wrap-up: Blue Plate Specials - A Menu of the Best Dishes Served
12:00 p.m. Up at the Institute's Proceedings
Roy M. Adams Charles A. ("Clary") Redd
After five days of study, you might feel that you suffer from information
overload. To help you, we will wrap up the week's presentations, put
what we have learned in the context of our day-to-day practice using a
hypothetical fact situation, and focus on practical issues.

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 - Orlando World Center Marriott
8701 World Center Drive
Orlando, FL 32821
Telephone (407) 239-4200, FAX (407) 238-8777
==================================================
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
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HECKERLING REPORTS: 2008

Preliminary Reports

Introduction, Part 1

Introduction, Part 2

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