41st Annual Duke Estate Planning Conference – October 10-11, 2019

 

Thursday, October 10, 2019

Registration & Continental Breakfast

7:00 am – 8:15 am

Welcome & Opening Remarks

8:15 am – 8:30 am

QSBS: The Quest for Quantum Exclusions (Queries, Qualms & Qualifications)

8:30 am – 9:30 am

Paul S. Lee, Northern Trust Company

Qualified Small Business Stock (QSBS) under Section 1202 is not just for tech companies anymore.  It’s time to reconsider QSBS because the new tax act has paved the way for closely-held companies to benefit “bigly.”  QSBS provides an exciting array of benefits (and a surprising alternative) for owners of new and pre-existing business (large and small): (i) 100% gain exclusion on sale; (ii) tax-free rollover of gains; and (3) a chance to “stack” (multiply) and “pack” the exclusion by 10 times (maybe more).  While the benefits of QSBS are straightforward, the qualifications and questions surrounding QSBS planning are far from it.  This presentation will discuss planning opportunities, unanswered questions, potential pitfalls, and best practices in the quest for quantum QSBS exclusions.

Break

9:30 am – 9:40 am

Saving the Retirement Nest Egg – Recent Developments in Estate Planning for Retirement Assets

9:40 am – 10:40 am

Robert K. Kirkland, Kirkland Wood & Martinsen LLP

If you take a step back and honestly assess the portion of total estate planning time spent for a client on planning for the client’s retirement assets, do you feel it is proportionately appropriate? Although fewer of our clients have estate tax issues, almost every client we encounter has a significant retirement plan interest. This presentation will highlight several recent developments in the area of estate planning for these assets.

Break

10:40 am – 10:50 am

State Income Taxation of Non-Grantor Trusts

10:50 am – 11:50 am

Richard W. Nenno, Wilmington Trust Company

Planning for state income taxes on trusts is a critical aspect of the estate-planning process. If done well, it can produce substantial benefits; if done poorly, it can produce substantial cost. This program will survey how all 50 states and the District of Columbia tax trust income, summarize the constitutional limitations on such taxation, describe the rules in key states, consider planning for new and existing trusts, and address several related issues.

Lunch

11:50 am – 1:00 pm

The Future is Here: Dealing with Cryptocurrencies in Tax and Estate Planning

1:00 pm – 2:00 pm

Benetta P. Jenson, JP Morgan Private Bank and Suzanne Brown Walsh, Murtha Cullina LLP

Did you know that there are over 2,100 different cryptocurrencies? If a client asked you about hot and cold private key storage, would you think they are referring to their kitchen? Our speakers will explain how Bitcoin and other cryptocurrencies are created, and how the technology which supports them works. They will focus on the resulting tax, valuation and other issues, and how to address these technologically advanced assets in wealth management and tax and estate planning.

Break

2:00 pm – 2:10 pm

Estate Planning Current Developments (Part 1)

2:10 pm – 3:10 pm

Steve R. Akers, Bessemer Trust and Ronald D. Aucutt, Bessemer Trust

IRS guidance following the 2017 Tax Act, IRS Priority Guidance Plan, proposed legislation, Section 199A qualified business income deduction, state trust taxation and impact of Kaestner on other states, insights from the trenches of transfer tax audits and litigation, IRS attacks under Section 2036(a)(2), charitable planning observations in the current environment, valuation cases, estate planning issues regarding qualified opportunity funds, and other practical planning implications of various current developments.

Break

3:10 pm – 3:20 p

Estate Planning Current Developments (Part 2)

3:20 pm – 4:20 pm

Steve R. Akers, and Ronald D. Aucutt, Bessemer Trust 

Continuation of above.

Evolutionary Planning: 20 or so Ways to Increase Client Happiness and Value to Your Practice with Planning Techniques (non-Tax) and Strategic Practice Techniques

4:20 pm – 5:20 pm

Louis S. Harrison, Harrison & Held, LLP 

The best way to client happiness and practitioner bills being paid is a straight line to perceived value by the client.  The goal of this 60-minute segment is to introduce 20 techniques, either specific estate planning strategies, or empirical practice techniques, that will increase the value of what you produce to your clients, and will increase your happiness in the practice of law.

 

Friday, October 11, 2019

Continental Breakfast

8:00 am – 8:30 am

What’s All The Fuss About Donor-Advised Funds?

8:30 am – 9:30 am

Edward J. Beckwith, BakerHostetler

Donor-Advised Funds are the fastest growing sector of philanthropy. They have existed since 1931 and play a significant role in building two-way relationships between sponsoring charities and their donors. Nevertheless, these funds have been a target of some critics. This session will explore the basic concepts, planning opportunities and areas of controversy to avoid.

Break

9:30 am – 9:40 am

Parenting from the Great Beyond: Planning for Clients with Minor Children

9:40 am – 10:40 am

Sarah M. Johnson, Birchstone Moore LLC

Planners often give short shrift to the naming of a guardian, yet it is of utmost importance for parents. This program will revisit guardianship provisions, stand-by guardians and medical consents; trends in trust terms for minors; the taxation and termination of custodial accounts; and the interplay of Section 529 plans and financial aid.

Break                                                                                                                                                 

10:40 am – 10:50 am

Estate Planning and Trust Management in a Brave New World:  It’s All In the Family…What’s a Family?

10:50 am – 11:50 am

Hugh Magill, The Northern Trust Company

Survey of the predominant traits of the generations represented in today’s estate planning process (the Greatest, Boomer, Gen X and Millennial generations); examination of changes in marriage and family structures, changes in family governance, the increasing cultural diversity of today’s families, artificial reproductive practices, and assumptions about life expectancy and mortality; exploration of approaches to estate planning and wealth allocation, modifications of trust design, and issues in the allocation of fiduciary responsibility which are better aligned with the needs of modern families; exploration of issues associated with increased longevity; and examination of the ways in which attorneys and fiduciaries can assist families in building more effective protocols for family collaboration and decision making.

Lunch

11:50 am – 1:00 pm

Will and Trust Caveats—What Every Estate Planner Should Know About the Litigation of Caveats

1:00 pm – 2:00 pm

Elizabeth K. Arias, Lawrence A. Moye IV and Jesse A. Schaefer, Womble Bond Dickinson

Estate planners often do not focus on how decisions made as part of the estate planning process can affect litigation seeking to set aside a will or revocable trust.  In addition, estate planners should be prepared to answer clients’ questions about how a caveat would likely proceed if a challenge was made to the clients’ estate planning documents.  This presentation will identify several commonly litigated issues in caveats and then present both sides of the argument made to the court by propounders and caveators with respect to the issue.  The audience will serve as the “judge” in deciding in whose favor the issue should be resolved.

Break

2:00 pm – 2:10 pm

Navigating Common Issues That Result in Trustee Liability

2:10 pm – 3:10 pm

Thomas W. Abendroth, Schiff Hardin LLP

A trustee faces an array of demanding duties in carrying out its office. The trustee must act with loyalty and impartiality, and exercise reasonable care and skill in administering the trust and investing the trust assets. It is difficult path to navigate, but well-prepared trustee do navigate it successfully every day. This session reviews the common situation that give rise to liability, including conflicts of interest, issues in delegation and directed trusts, distribution decisions and concentrated investments. The materials will discuss the steps that trustees take to protect themselves and avoid missteps.

New issues and new considerations for the Structure and Formation of the Family Office

3:10 pm – 4:10 pm

Timothy Herbst, US Trust, Bank of America Private Wealth Management

The passing of the Tax Cuts and Jobs Act, as well as recent case law, have raised new issues about the structure and formation of Family Offices for high net worth clients.  This presentation will review alternatives and tax implications for clients considering a family office for the management and transfer of their wealth.