This set included 11 audio programs on 1 USB. All material in this set was recorded at the
2019 Annual Meeting held March 22-24, 2019 in La Quinta, CA
Seminar A: The Future is Here: Dealing with Bitcoins and Cryptocurrencies in Tax and Estate Planning
Did you know there are over 2,000 different cryptocurrencies? If a client asks about hot and cold private key storage, would you think they are referring to their kitchen? Our panelists will explain how Bitcoin and other cryptocurrencies are created and how the technology which supports them works and potentially affects the future of many industries. They will also 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.
Suzanne Brown Walsh, Hartford, CT
Benetta P. Jenson, Chicago, IL
Wendy L. Moore, Perkins Coie, Palo Alto, CA
Seminar B: The Basis Adjustment Toolkit: Shift, Manage, and (Consistently) Report Basis
Income tax planning is critical to today’s estate planning clients, and that frequently means basis management. From pillar to “POAST,” this session will explore the spectrum of comprehensive techniques designed to manage basis. Strategies explained by this expert panel will include the marital estate trust (to get step up at the first spouse’s death), substituting assets from grantor trusts and disregarded entities, financial analysis to determine how much an asset needs to appreciate for the estate tax savings to offset loss of step up, everything you need to know about the use of community property states, what consequence to basis is triggered when gift tax is paid, POAST Trusts, and more.
David A. Handler, Chicago, IL
Lester Bernard Law, Naples, FL
Paul S. Lee, New York, NY
Seminar C: The Trust has Moved Under Your Feet: Do You Feel the Rules Tumbling Down?
We’ve all seen vast changes in trust design and administration over the last 19 years as a result of the Uniform Trust Code and other uniform acts dealing with decanting, powers of appointment, and trust directors. The most recent addition is UFIPA, the Uniform Fiduciary Income and Principal Act, the first total revision of a principal and income act since 1997. Collectively these acts have created extraordinary new opportunities for flexible drafting to meet client needs and have fueled excitement around long-term trust planning. The success of the UTC -- enactment in more than 30 states – has inspired many states to examine their statutory law with the goal of modernization and, in many instances, one-upping surrounding jurisdictions, which makes planning more fun and more challenging.
Our panel will examine this new planning and administration environment with an eye towards providing strategies to take advantage of the opportunities created by these new acts, as well as avoiding the pitfalls that inevitably appear. Specific UTC topics to be addressed tentatively include the duty to keep beneficiaries informed, spendthrift trusts and creditors rights, trustee removal, and recent case law. UFIPA topics to be addressed tentatively include the act’s name, expansion of the power to adjust, new broad unitrust conversion authority, and efforts to make more practical the rules for receipts from entities, business activities, and retirement arrangements. The experiences of others will be highlighted through court cases and the observations of our panelists who have been intimately involved in creating the 2019 trust environment.
Ronald D. Aucutt, Tysons, VA
Turney P. Berry, Louisville, KY
Professor David M. English, Columbia, MO
Seminar D: The Ethics of Negotiation: Oh, the Places You Can’t Go! (ETHICS)
Whether you are a planner or a litigator, a significant amount of what we do as lawyers involves negotiation. Creating estate plans, administering estates and trusts, dealing with estate and trust disputes, and representing parties in guardianships all involve negotiations. Because negotiation is so woven into our practice, we often do not even recognize when we are involved in a negotiation. That can be a costly mistake. This program will highlight the ethical challenges which arise often, yet are rarely foreseen by practitioners; many of us are not even aware of the landmines. We will explore, the conflicts of interest faced by both litigators and estate planners when negotiating with, and on behalf of, clients; the inherent differences between negotiating in an arms-length setting versus when fiduciary duties are involved; the potential clash between the duties of loyalty and confidentiality when negotiating in a joint representation setting; the fundamental differences between (and ethical implications associated with) negotiating with third parties versus negotiating with clients; and the legal principles and ethical obligations governing negotiating with clients over engagement agreements. The panel members will discuss some of the most relevant ethical rules and case law governing lawyers involved in negotiations. This program is guaranteed to be an eye-opening experience for any practicing lawyer.
Terrence M. Franklin, Los Angeles, CA
Michael D. Simon, West Palm Beach, FL
Matthew Triggs, Boca Raton, FL
Seminar E: Warring Siblings, Second Spouses, and Quirky Personalities: The Neuroscience and Handling of Difficult Beneficiaries
This program will discuss how difficult personalities develop from a neuroscience point of view, how to draft around them, and how to resolve the almost inevitable litigation that ensues. First, our neuropsychologist will discuss aspects of neurodevelopment that impact personality and how these interact with family dynamics to produce the variety of challenges we encounter in trust and estate planning. Then, our planner will suggest tools to carry out the testamentary desires of the client, while mitigating the possibility of post-death conflict. And, finally, our litigator will provide litigation strategies for appropriately working through the claims that arise when our best efforts to avoid these conflicts fail.
Dana Chidekel, Ph.D., ABPdN, ABN, Tarzana, CA
Margaret G. Lodise, Los Angeles, CA
S. Andrew Pharies, San Diego, CA
Seminar F: Changing or Unwinding Irrevocable Trusts: Modification, Decanting, Reformation, and More
Grantors create long-term irrevocable trusts for a variety of reasons, such as tax planning and asset protection. But what happens when the law changes, the circumstances of the beneficiaries change, or the trust just doesn’t work the way it was supposed to? What tools does a lawyer have to change or unwind a trust that is “irrevocable”? In recent years, the “dead hand” has, pardon the pun, more or less died off, and practitioners have more arrows in their quiver than ever to change an irrevocable trust. This session will focus on the ways to change or unwind an irrevocable trust, including non-judicial modification, judicial modification, decanting, reformation, and termination. The panel will discuss the mechanics of the different methods, and the pros and cons of each approach, with a focus on the corresponding tax considerations and consequences. The session will offer practical suggestions for identifying problems before they occur, along with strategies for what do to when things go completely awry. The panel will also touch on related issues including trustee liability, dealing with beneficiaries’ and minors’ interests, and building in flexibility during the drafting process.
Cynthia G. Lamar-Hart, Birmingham, AL
John C. Moran, West Palm Beach, FL
Diana S.C. Zeydel, Miami, FL
Seminar G: Whose Will Is It -- Does Settlor’s Intent Matter?
There are few Fellows for whom this question doesn’t strike a chord! Our panel looks at this question from various perspectives: from that of the academician placing the question in historical context; the counselor approaching planning and drafting for the client from a practical perspective; and the fiduciary attempting to discern and carry out the testator’s or settlor’s wishes. From Claflin to the Uniform Trust Code, join us to hear these issues discussed from the traditional and modern points of view.
Charles A. Redd, Saint Louis, MO
Professor Jeffrey A. Cooper, Hamden, CT
Kim Kamin, Chicago, IL
Pamela Lucina, Chicago, IL
Seminar H: “It’s Not My Fault! The Devil Made Me Do It.” Fiduciary Liability Under The Uniform Directed Trust Act
The emerging role of trust protectors and directed trustees has created questions regarding the liability of various fiduciaries and overlap in their duties. Existing state statutes and case law have provided varying answers to those questions. The new Uniform Directed Trust Act was drafted to clarify the roles of these new fiduciaries and how they interact while ensuring that beneficiaries are still protected. This panel of participants on the Uniform Act’s drafting committee will discuss how the Act addresses such issues as a trust director’s fiduciary liability, the liability, and duties of directed trustees, information sharing between fiduciaries, the duties and liabilities for traditional cotrusteeship and the protection of beneficiaries’ interests. The panel will also use hypotheticals to explore the effective drafting and use of directed trusts.
Peter S. Gordon, Wilmington, DE
Philip J. Hayes, San Francisco, CA
Susan D. Snyder, Chicago, Illinois
Symposium: “I’m Sorry Dave. I’m Afraid I Can’t Do That.” – The Impact of Artificial Intelligence on Estate Planning and Administration
Artificial intelligence tools are changing how businesses analyze data, enabling them to predict trends and outcomes, make better decisions, and work more efficiently and accurately. This panel will explore what artificial intelligence is, and how it may impact the work that we do in estate planning and estate and trust administration. What tools are available today? How should we prepare for the future impact of artificial intelligence? How will this affect the next generation of estate planners? Should we welcome our new robot overlords?
Jeff Glickman, J4 Capital LLC, Seattle, WA
Michael L. Graham, Dallas, TX
James D. Lamm, Minneapolis, MN
The panel will review and discuss the most recent developments, cases, and rulings in the estate-planning area, including both federal developments as well as the most important state income tax and fiduciary cases from across the country while highlighting contemporary challenges for estate planners.
Susan T. Bart, Chicago, IL
Mickey R. Davis, Houston, TX
Dana G. Fitzsimons, Jr., Roswell, GA
Annual Tractman Lecture: What If Granny Wants to Gamble? Balancing Autonomy and Vulnerability in the Golden Years by Professor Mary F. Radford
Professor Mary F. Radford was the President of ACTEC from 2011 to 2012. She was the principal draftsperson for Georgia’s enacted Trust, Guardianship, and Probate Codes. She was also the 2004 chair of the Association of American Law Schools Section on Donative Transfers, Fiduciaries and Estate Planning.
Professor Radford joined the Georgia State University College of Law faculty in 1984. Her teaching areas are Wills, Trusts & Estates; Estate Planning; and Law & the Elderly. She also taught as a visiting professor at the law schools of the Phoenix School of Law, University of Georgia, Emory University and the University of Tennessee.
Professor Radford is the author of Georgia Trusts & Trustees; Guardianships & Conservatorships in Georgia; the sixth and seventh editions of Redfearn: Wills & Administration in Georgia; and numerous law review articles. She frequently gives presentations on estate planning and guardianship topics at local, national, and international seminars. In 2009, she was awarded the Verner S. Chaffin Career Service Award by the Fiduciary Law Section of the State Bar of Georgia. And, in 2002 she was awarded the Treat Award for Excellence by the National College of Probate Judges.