44th Annual Duke Estate Planning Conference – October 13-14, 2022

 

Thursday, October 13, 2022

Registration & Continental Breakfast

7:00 am – 8:15 am

Welcome & Opening Remarks

8:15 am – 8:30 am

Review of the Past Year’s Significant, Curious, or Downright Fascinating Fiduciary Cases

8:30 am – 9:30 am

Dana G. Fitzsimons Jr., Bessemer Trust

This session will review selected reported fiduciary litigation decisions from 2021 that relate to multiple areas of estate planning, estate and trust administration, the fiduciary duties of agents, administrators, trustees, and other fiduciaries, and related trial practice, and identify and discuss navigating contemporary fiduciary challenges.

Break

9:30 am – 9:40 am

The Alchemist’s Cookbook: Creative Uses of Grantor and Non-Grantor Trusts

9:40 am – 10:40 am

Austin Bramwell, Milbank

This presentation will discuss lesser-known or unusual uses of grantor and non-grantor trusts in tax planning. Beneficiary deemed owned trusts will also be discussed.

Break

10:40 am – 10:50 am

The SECURE (“Setting Every Community Up For Retirement Enhancement” OR “Sending Everyone Cowering Under Reduced Expectations”) Act and Other Recent Development in Estate Planning for Retirement Assets

10:50 am – 11:50 am

Robert K. Kirkland, Kirkland Woods & Martinsen LLP

The SECURE Act brought a sea change in planning for the disposition of retirement assets. The recently issued proposed regulations answered some questions and created new ones. This presentation will cover these and other developments in this important area.

Lunch

11:50 am – 1:00 pm

The Post-Mortem Right of Publicity: Defining it, Valuing it, Defending it and Planning for it

1:00 pm – 2:00 pm

Sharon L. Klein, Wilmington Trust, N.A.

The post-mortem right of publicity (ROP) is an heir’s right to control and profit from the commercial use of a deceased person’s name, image or likeness. We’ll explore how to define, value, defend and plan for the post-mortem ROP by reviewing the implications of the landmark Estate of Michael Jackson decision and learning from jurisdictions with long accorded post-mortem publicity rights. We’ll examine techniques and practice tips that practitioners should consider in planning for their clients, including actors, athletes and musicians, to minimize transfer tax costs and maximize opportunities for heirs.

Break

2:00 pm – 2:10 pm

A New Frontier: Estate and Tax Planning with Cryptocurrency

2:10 pm – 3:10 pm

Ross Bruch, Brown Brothers Harriman & Co
Karin Prangley, Brown Brothers Harriman & Co

While some components of cryptocurrency and estate planning, estate administration and tax reporting are business as usual, some definitely are not!   Learn how to manage the unique and ever-changing nuances on estate and tax planning with cryptocurrency and blockchain technologies so you can spot and solve issues unique to this asset class.  Also receive a primer on fiduciary and trust considerations when holding cryptocurrency in a trust.

Break

3:10 pm – 3:20 pm

Conquering Subchapter K(ryptonite): Fundamentals of Partnership Taxation for Estate Planners (Part 1)

3:20 pm – 4:20 pm

Paul S. Lee, The Northern Trust Company

 The taxation of partnerships (and limited liability companies) can be downright confounding, confusing, complicated, and cryptic for estate planners. This presentation will provide the basics of partnership income taxation (from formation, in operation, and to termination) that all estate planners should know, including traps for the unwary and interesting planning opportunities.

Conquering Subchapter K(ryptonite): Fundamentals of Partnership Taxation for Estate Planners (Part 2)

4:20 pm – 5:20 pm

Paul S. Lee, The Northern Trust Company

The taxation of partnerships (and limited liability companies) can be downright confounding, confusing, complicated, and cryptic for estate planners. This presentation will provide the basics of partnership income taxation (from formation, in operation, and to termination) that all estate planners should know, including traps for the unwary and interesting planning opportunities.

 

Friday, October 14, 2022

Continental Breakfast

8:00 am – 8:30 am

Sincerity in Error – Common Errors and the Ethics of Correction

8:30 am – 9:30 am

Stephanie N. Ross, Levenfeld Pearlstein, LLC
Lauren Wolven,
Levenfeld Pearlstein, LLC

Mistakes are inevitable in the practice of law, and how we handle them is critically important.  This session will explore drafting errors such as powers of appointment in marital trusts, per stirpes, estate tax apportionment clauses, generation-skipping transfer tax, and the rule against perpetuities.  And it will highlight how we can comply with our ethical obligations to better serve our clients and the profession.

Break

9:30 am – 9:40 am

Ten Common GST Planning Mistakes

9:40 am – 10:40 am

Brandon Ross, J.P. Morgan Private Bank

Building off of a basic understanding of the generation-skipping transfer (GST) tax, the presentation will highlight ten common GST planning mistakes. These mistakes range from ignoring the GST tax completely to tripping over traps in the complicated GST rules.

Break                                                                                                                                                                   

10:40 am – 10:50 am

Impact Investing with Charitable Capital: A $1 Trillion Opportunity

10:50 am – 11:50 am

Jeff Johns, Impact Foundation

Impact Investing has gone extreme with projections that the space will grow to trillions of dollars over the next few years. As the CEO of Impact Foundation, Jeff Johns brings significant expertise in using charitable capital to invest for social and environmental transformation. Our time together will tell you much more about this fascinating space, including: balancing impact and financial return, measuring/assessing impact, and unique challenges for charities making PRIs and MRIs.

Lunch

11:50 am – 1:00 pm

The North Carolina Uniform Principal and Income Act

1:00 pm – 2:00 pm

Thomas Oehmler, Comerica

This presentation seeks to provide a broad overview of the North Carolina Uniform Principal and Income Act.  We will explore the power to adjust, unitrust conversions and allocations of receipts and disbursements in greater detail.

Break

2:00 pm – 2:10 pm

Portability Revisited

2:10 pm – 3:10 pm

Thomas W. Abendroth, ArentFox Schiff Hardin LLP

Portability of the applicable exclusion amount has been with us for more than a decade now.  When it became an option on January 1, 2011, we wondered if it would completely alter the traditional approaches to marital deduction planning.  This session provides an update on using portability in marital planning, and examines what we’ve learned from 11 years of experience with it.

Break

3:10 pm – 3:20 pm

Notable Developments of Interest to Estate Planners

3:20 pm – 4:30 pm

Turney P. Berry, Wyatt, Tarrant & Combs, LLP

We will discuss regulatory and administrative developments from Treasury and the IRS that may offer opportunities or present pitfalls as well as interesting cases and rulings that do the same.  Time permitting we will discuss some state law cases that illustrate important principles and points to remember.  Oh, and if Congress does something in the wealth taxes area, well we will discuss that too.

North Carolina Update

4:30 pm – 5:30 pm

Kyle Agee, Johnston Allison & Hord, PA
Kimberly J. Kirk, Johnston Allison & Hord, PA

This session will focus on recent developments in North Carolina affecting estate planners and their clients. The program will highlight notable cases published within the last year, as well as legislative updates.