The focus of this track is on the practical side of estate planning, trust and probate law, including drafting, counseling, structuring (wills, trusts and entities), administering, negotiating, litigating and settling disputes.
The intermediate-level T&E practitioner wishing to move into the realm of advanced estate planning and administration will benefit from this track. To get the most out of the program, he or she should have a solid working knowledge of estate planning basics, deal regularly with gift and estate tax planning or reporting, regularly draft estate plan documents, routinely advise clients on trust and probate administration issues, and have at least a basic understanding of alternative dispute resolution.
For the advanced-level practitioner and certified specialists, the program will provide an in-depth examination of the ground-breaking Windsor case, and the resulting paradigm shift. The second session will demonstrate the use of (and provide sample drafting language for) a number of sophisticated estate and tax planning techniques, and variations on those techniques to expand the practitioner’s repertoire of estate planning tools and provide flexibility and alternatives for the benefit of the practitioner’s clients. The third session will give the probate practitioner ideas and tools for avoiding protracted litigation and improving negotiating skills. It will also address the real-life complexities associated with actual and perceived financial abuse of vulnerable adults. All three sessions will address tax complications that arise in the context of the topics being addressed. Finally, each session will provide an opportunity for questions, answers, and discussion between the faculty and the attendees.
Although these presentations are not specifically catered to the beginner, a novice would nevertheless benefit from the Windsor session, as that case affects all levels of estate planning and administration involving same-sex couples (and in particular, the use of the marital deduction). The program also briefs the attendees on recent case law and legislative updates.
This program track may qualify for up to 12 hours MCLE, or 4 hours MCLE daily.
Supreme Court decisions in the Windsor and Hollingsworth cases and by the resulting policies formulated by federal agencies, from the Pentagon and the Office of Personnel Management to the IRS and the Department of Labor shook fundamental assumptions about estate planning for nontraditional families.
This session explores drafting issues, for example, the use of joint trusts for married couples who reside in nonrecognition states, the interplay between choice-of-law provisions and marital status, and the need for prenuptial agreements that "bridge the gap" between marriage recognition states and nonrecognition states. (Drafting samples provided in materials.) This session also explores crucial administration issues, such as the practices of third-party pension administrators and IRA custodians regarding the marriage status of deceased plan participants, and determination of how community property law affects the trust administration of couples who are married for purposes of the laws of some states but not others.
Faculty analyzes and discusses recent Arizona court cases and significant federal cases in addition to Windsor and Hollingsworth.
Speakers present newly enacted federal and Arizona legislation (or guidance) affecting or involving trusts and estates, gift and estate tax, generation-skipping transfer tax, fiduciary income tax, and tax on unearned net investment income.
The presenters discuss and walk through sophisticated estate planning techniques involving estate freezes and other interest-rate sensitive strategies, including the use of charitable gifting vehicles.
Special attention given to various techniques invoking the grantor trust rules (i.e., not just a recitation of the law, but the application of the law in drafting documents; sample trust clauses provided in materials), planning for distributable net income and net investment income, and other practical considerations as well as audit concerns.
Covers complex trust and estate administration (including probates). Placing an emphasis on portability analysis (including a sample form for election), satisfaction of asset allocation formulae, the effect of administrative expense allocations on marital and charitable deductions (with a practitioner’s chart), estate and income tax deduction alternatives (with a practitioner’s chart), disclosures on estate tax returns (with examples), tax elections, selection of a fiscal year (with examples demonstrating various scenarios), distributable net income (DNI) troubles, and similar issues.