Cummings & Lockwood

47th Annual Estate Planning Institute

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September 13-14, 2016

Conrad Teitell, Partner in the Stamford Private Clients Group will be participating in PLI's 47th Annual Estate Planning Institute.  Conrad's topic will be Tax Savings NOW for Clients’ Charitable Gifts at Death.


Day One: 9:00 a.m. - 5:00 p.m.

9:00 Introduction

Sanford J. Schlesinger

9:15 Recent Developments in Estate Planning and Transfer Taxation

  • Obama Administration proposals for 2016-2017 - from the sublime to the ridiculous 
  • State transfer taxation issues 
  • Three years’ experience with the American Taxpayer Relief Act of 2012 
  • Income tax basis consistency requirements
  • Estate planning for same-sex marriages 
  • Estate planning for digital assets
  • Estate planning for posthumous reproduction

Sanford J. Schlesinger

10:15 Sophisticated Estate Planning Techniques

  • Grantor Retained Annuity Trusts and Sales to Defective Grantor Trusts
  • Charitable Lead Trusts and Charitable Remainder Trusts
  • Family Limited Partnerships, Limited Liability Companies and Defined Value Clauses
  • Intra-family loans

Blanche Lark Christerson

11:15 Networking Break

11:30 Elder Law and Special Needs Update

  • Use of trusts in elder law and special needs planning
    • Irrevocable Income Only Trust
    • First Party Special Needs Trust
    • Third Party Special Needs Trust
    • Pooled Trust
    • Sole Benefit Trust
  • Long-term care insurance
    • Different types of policies
    • Tax considerations
    • Who should consider
  • Medicare
    • What’s covered; what’s not
  • Social Security
    • When to file

Bernard A. Krooks

12:30 Lunch

1:45 Fiduciary Income Taxation and Grantor Trusts

  • The new paradigm: Income tax verses transfer taxes – ascendancy of income tax planning
  • Fiduciary income tax 101
  • Importance of State taxation
  • Basis as the new goal
  • What administration expenses are deductible now that the dust has settled?
  • Obamacare: Trustee’s role in application of net investment income tax– what is passive? What is active?

Stephen M. Breitstone


2:45 Income and Estate Tax Planning with Retirement Benefits

  • 2015 and 2016 changes
  • Income taxation of retirement benefits
  • Net unrealized appreciation
  • Rollovers 
  • Required minimum distribution update
  • QTIPs for death benefits 
  • Charitable contributions now permanent
  • Administration proposals  
    • Cap retirement account accumulations
    • 5-year payout for most non-spouse beneficiaries
    • Simplify RMD rules
    • 60-day rollovers for all inherited IRAs and other plans
    • Limit Roth conversions to pre-tax dollars

Stephen J. Krass

3:45 Networking Break

4:00 Safekeeping And Turnover Of Wills: Ethical Obligations For The Trusts And Estates Lawyer

  •  Relevant Statutes and Ethical Rules
  • Common Practices and related Practical and Ethical Issues
  • Production of Wills
  • Various Proposals for Safekeeping of Wills
  • Looking to Other Jurisdictions

Hon. John M. Czygier, Jr.

5:00 Adjourn

Day Two: 9:00 a.m. - 4:45 p.m.

9:00 Income Tax Savings NOW for Clients’ Charitable Gifts at Death

  • Inter vivos charitable remainder trusts to the rescue
  • Trust selection, the tax rules and drafting techniques
  • Contributing life interests in existing CRTs
  • Early termination and division of assets between the parties — maximizing benefits and avoiding the IRS’s wrath
  • Avoiding pitfalls and patching up the other fellow’s shortfalls

Conrad Teitell

10:00 Portability Estate Planning – IRS vs. The States

  • Electing portability and calculating the DSUE amount
  • Limitations on portability
  • How portability has affected estate planning at the federal level
  • State estate tax planning with portability

Stephanie E. Heilborn

11:00 Networking Break

11:15 Estate Planning for Post-Death Decisions

  • Disclaimer planning v. Portability
  • Subchapter S corporations in estate administration
  • QRT Election under Section 645 for Revocable Trusts        
  • Section 6166 Estate Tax Deferral
  • Basics of estate administration where there is a non-citizen surviving spouse

Andrew S. Auchincloss 

12:15 Lunch

1:30 A View from the Trenches: Family Limited Partnerships and Valuation Litigation

  • Dealing with the IRS’s arguments regarding family limited partnerships
  • Section 2703, indirect gift/gift on formation, disregarded entities, annual exclusion gifts, Section 2036
  • Formula transfers, Graegin notes, Section 2519, net/net gifts, promissory notes
  • Various valuation adjustments
  • Privileges

Keri D. Brown

2:30 Recently Issued IRS Guidance and the IRS Priority Guidance Plan Affecting Gifts, Estates, and Trusts

  • Discussion of recently issued guidance, including the basis consistency regulations
  • Status update and discussion of guidance projects currently in process 

Stacey Delich-Gould

3:30 Networking Break

3:45 Estate Planning for Domestic Partners, Same-Sex Spouses and Non-Traditional Families

  • Marriage Equality -- What's Different? What's the same?
  • Domestic Partnerships Are Still Here: Special Planning Issues
  • Children and Kinship Issues

Erica Bell

4:45 Adjourn


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