This set includes 6 programs on 12 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.
Speakers:
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.
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.
