This set includes 12 programs on 24 CD. All material in this set were recorded at the 2014 Annual Meeting held March 4-9, 2014 in Tucson, AZ
Seminar A: Bureaucracy, Red Tape, and Delay: Who’s To Blame and Why? The Role of Banks and Lawyers in the War on Terrorism and Combating Money Laundering
During the 2012 gift rush, Fellows experienced frustrating delays when opening new trust and custody accounts at banks and other financial institutions. Federal legislation designed to prevent misuse of the financial system by criminals laundering the proceeds of crime and terrorists seeking to finance their activities applies to US financial institutions when they “onboard” new customers. Those rules stem from the Financial Action Task Force, which has also set standards that apply to attorneys and other businesses and professions. The panel will discuss efforts to increase transparency of the financial system by making information available to law enforcement about beneficial owners of legal entities and trusts and ways for attorneys to mitigate professional and potentially criminal risk associated with legal services.
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Seminar B: Managing Cyber Risks: Are You, Your Firm, and Your Clients Cyber-Safe? (CLE Ethics)
“Cyber-attacks” are not science fiction; they are very real. They range from annoyances such as spam e-mail to sophisticated schemes to destroy or steal data, steal money, disrupt business operations, and damage reputations. As attorneys, we face not only risks of our own losses (time, money, reputation, etc.), but also risks of liability if we do not take reasonable steps to protect client information and confidentiality (including posthumously). In this non-technical presentation, the panelists will discuss the latest threats, what the future holds, and what we and our clients should (and should not) be doing to address cyber risk and postmortem issues from the legal, ethical, and practical standpoints.
Seminar C: Home Is Where the Heart Is … And It Is Everywhere
Seminar participants will explore strategies and potential pitfalls in accessing laws and rules of other jurisdictions to avoid the constraints of the home jurisdiction. Among other things, the participants will discuss the use of governing law clauses and cutting edge statutes in certain states to achieve trust and other estate planning results not available in the home state. These will be considered against the backdrop of conflict of laws, tax, and professional responsibility and malpractice.
Seminar D: The Ascendancy of Income Tax Planning
Income is now taxed at rates exceeding the estate tax rate, and the estate tax exemption is higher than ever. Portability enhances basis step-up potential at a surviving spouse’s death. Judicious selection of type of business entity may facilitate inside basis step-up while avoiding self-employment and net investment income taxes. These and other opportunities abound for minimizing income taxes without an offsetting estate tax detriment.
Seminar E: Beyond Kumbaya: What Trust and Estate Lawyers Need to Know about Mediation (CLE Ethics)
Emotionally-charged issues often arise in disputes over inheritance and other wealth transfers, even over things of little value such as who receives Grandma’s blue teapot. Mediation can be preferable to litigation for disputes that combine legal and nonlegal issues, but substantive and ethical issues raise challenges. Estate planners and litigators need to understand the mechanics and best practices of mediation as well as the ethical rules that apply to lawyers representing clients in mediation. Should mediation clauses be included in estate planning documents? When should mediation begin, how should the process be structured, how should a mediator be chosen, and who should attend? Lawyers can occupy different roles in mediation, as an advocate or a thirdparty neutral.
Seminar F: The Affordable Care Act and Social Security: Where Do They Fit In Estate Planning?
The Affordable Care Act and the Social Security Act are set forth in massive volumes of legislation and regulations that affect nearly all of our clients in their retirement and estate planning. Expertise in financial and retirement planning is becoming increasingly important as estate tax exemption levels increase and the number of taxable estates diminishes. What choices and planning alternatives do our clients and their beneficiaries have under these programs? What things do we as planners need to know, and where do we go to learn them?
Seminar G: Dr. Barnes Takes a Mulligan: Maximizing the Chances That Your Donor’s Charitable Wishes are Followed
The 2013 Summer Meeting in Philadelphia featured a fascinating discussion of the events surrounding the modification of the Barnes Foundation and creation of a new, replicated Barnes Museum. Regardless of the merits, it is reasonably clear that Mr Barnes’ founding intent was unable to be faithfully executed, and many Fellows, and their donor clients, wonder what might have been done differently. Three Fellows with almost perfect 20/20 hindsight will offer Mr. Barnes a mulligan, a chance to re-do his plan in a way that might be more successful, and in the process will provide all of us with suggestions, strategies, and examples to help our clients create charitable legacies that are workable, sustainable, and sensible.
Seminar H: Staying Alive, Staying Alive: How to Keep the GRAT Dance Going After Funding
Administration of a GRAT after creation will determine whether you optimize its performance and actually achieve your client’s objectives. The panel will discuss practical issues that arise once the GRAT is funded, including gift and GST tax reporting and elections, substitutions of trust assets, best options to satisfy annuity payments, the effect of the 105-day grace period, related valuation questions and relevant securities law requirements. The panel will also share experiences regarding recent IRS audit activity examining GRATs. Exit strategies to address an underperforming or overperforming GRAT or the grantor’s mortality will be explored.
Symposium I: The Physician Orders For Life-Sustaining Treatment (POLST) — Coming Soon to a Health Care Community Near You
The newest health care decision-making tool intended to carry out the wishes of persons at or near the end of life is the Physician Orders for Life Sustaining Treatment. The POLST was developed based upon clinical needs, but its effects are both legal and medical. It stands at the intersection of our most personal and fundamental freedoms where medicine and humanity encounter the laws of health care decision making, informed consent, living wills, and guardianship. Sixteen states have already passed POLST legislation; three others have adopted POLST by regulation or administrative action; and twenty-four other states are in the process of examining or developing a POLST program. Three ACTEC Fellows and a geriatrician member of the National POLST Paradigm Task Force will explain what the POLST is, why we need it, and the critical choices that should be considered by states seeking to implement a POLST program.
Symposium II: Diversity: Serving 21st Century Clients With More Than Just Good Wills and Great Trusts (CLE Ethics, Specialty)
In order to thrive, trust and estate practitioners of the 21st century must educate themselves on new paradigms, terminology, and sensitivities in order to serve the clients of the 21st century. Going beyond political correctness, the panel will examine changing client bases and demographic trends and explore how substantive competence and the Rules of Professional Conduct may require that we address the needs and expectations of diverse clients. The program will include unique insights from Paulette Brown, who is on track to be the first woman of color President of the American Bar Association. The panel will offer resources and guidance for pursuing substantive and cultural competence in estate planning practice and in the College. They will also discuss the ethical implications of failing to address issues of diversity.
Hot Topics
Panelists will review and discuss the most recent developments, cases, and rulings in the estate planning area.
Trachtman Lecture
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