Schedule

 
 Monday, November 12
 
8:00 AM - 8:10 AM    Welcome and Opening Remarks
 
8:10 AM - 10:10 AM    Federal Tax Update

Stay current with this recap of the major cases, rulings, legislation, and regulations from the past year. This session will focus on federal income, estate, and gift tax developments relevant to individuals and small businesses.

 
10:10 AM - 10:35 AM    Break
 
10:35 AM - 11:35 AM    Estate Planning in Anticipation of a Contest or Difficult Beneficiaries
This session will focus on practical issues in structuring an estate plan to withstand a potential contest or a beneficiary likely to disrupt the post-death administration. It will focus on enhancing the enforceability of no contest clauses as well as structuring an estate plan to mitigate fiduciary risk.
 
11:35 AM - 12:35 PM    Business Succession Planning: Practical, Financial, and Income Tax Concerns
This presentation will provide an analysis of the obstacles and available alternatives in passing ownership of a family business on to the next generation when the senior family member desires to treat all children equally, but some of the children will not take an active role in running the family business or key employees are needed to assist in management; selling a business to key employees without reporting any gain using the preferred partnership structure; and using a private annuity for a healthy individual to pass the family business on to the next generation without any estate tax exposure.
 
12:35 PM - 1:35 PM    Lunch with Presentation: Inheritance Law in Ancient Rome
Ancient Rome in its heyday had a complex legal system and sophisticated legal concepts. The law of succession and inheritance was no exception. This talk will highlight Roman law of family, intestate succession, formal wills, the concept of the "universal heir," legacies, and how debt-ridden Romans managed to transfer substantial wealth to their chosen successors while sticking it to their creditors.
 
1:35 PM - 2:35 PM    Estate Planning Using Family Limited Liability Entities in 2018 and Beyond
The family limited partnership and limited liability company continue to provide planning opportunities for clients with and without taxable estates. In a post-Powell v. Commissioner world, however, strategies for structuring the entity have changed. The presentation explores non-tax attributes of limited liability entities, including opportunities for relaxed fiduciary duties and creditor protection, and it evaluates the estate tax and basis implications of the Powell decision.
 
2:35 PM - 3:00 PM    Break
 
3:00 PM - 4:00 PM    The World Is Flat: Planning for Global Families
The program will address pitfalls and planning opportunities that arise in counseling families with assets and family members in multiple jurisdictions. The speakers will address U.S. tax rules that apply to non-U.S. persons and to U.S. persons with foreign assets.  They also will discuss foreign succession law considerations that may arise when planning for U.S. persons who live or have assets abroad.   
 
4:00 PM - 5:00 PM    Important Considerations in Drafting Engagement Letters

Engagement letters or agreements between attorneys and their clients may be required by law, help to set the stage for the representation and serve to manage clients’ expectations from the outset. They can also provide protections to both clients and attorneys.

 

Speaker Linda Retz chairs The American College of Trust and Estate Counsel’s (“ACTEC’s”) Professional Responsibility Committee. She will review with the audience the 2017 edition of ACTEC’s popular Engagement Letters Guide for Practitioners, which is designed for use by trusts and estates lawyers. Among other things, she will discuss whether or not to terminate the representation of estate planning clients once their documents are signed, the importance of specifying the capacity in which a client is represented, and the perils of advance generic conflicts waivers.

 
 Tuesday, November 13
 
8:00 AM - 8:05 AM    Housekeeking Remarks
 
8:05 AM - 9:05 AM    Washington Probate and Trust Law Update
This presentation will review recent Washington probate and trust legislation, as well as survey recent Washington case law decisions of interest to practitioners in the trusts and estates field, with an emphasis on practical lessons to be learned from these cases.
 
9:05 AM - 10:05 AM    Estate Planning in the Age of Large Exclusions and under the 2017 Tax Act Umbrella
The very large estate and gift tax exclusion amounts under the 2017 Tax Act create new paradigms of planning approaches, including the uncertainty of how long the large exclusions will apply. What testamentary planning approaches are practical? What opportunities arise with the increased gift exclusion? What will be the impact on transfers when the exclusion amount later reverts to prior levels? While only about 1,800 decedents each year will pay estate taxes, all decedents get a basis adjustment, and basis adjustment planning may become paramount. What transfer planning opportunities will be most attractive? How will testamentary charitable planning paradigms change?
 
10:05 AM - 10:30 AM    Break
 
10:30 AM - 11:30 AM    Deconstructing Different Flavored Freezes - A Comparison of Popular Estate Freeze Techniques

This program will provide a comparative discussion of popular estate freeze planning techniques – GRATs, Sales to Intentionally Defective Grantor Trusts and Preferred Partnerships. The discussion will discuss the relative pros and cons of each of these techniques and where each may be useful in your practice.

 
11:30 AM - 12:30 PM    Nonprofit Tax and Corporate Law Update
 
12:30 PM - 1:30 PM    Lunch
 
1:30 PM - 2:30 PM    Crypto-Philanthropy: Virtual Currency and the Future of Charitable Giving
An overview of blockchain technology and of the cryptocurrency (Bitcoin, Ethereum, etc.) that has emerged from it, followed by a discussion of the unique issues that emerge from virtual currencies that are important to consider in relation to gifting, charitable contributions, and estate tax.
 
1:30 PM - 2:30 PM    Estate Planning for Washingtonians: Planning in the Land that the High Federal Exemption Forgot

This presentation will remind attendees why planning in Washington State is so much fun, and will focus primarily on planning to address Washington’s $2,000,000 estate tax exemption and the lack of portability for married couples. The presentation will review some basic conceptual math highlighting exposure to Washington State estate tax for those who fail to plan, and will walk through common strategies for Washington residents who want to reduce their exposure to state taxation while maximizing flexibility to take advantage of a higher federal exemption amount. Lastly, we’ll review some planning techniques that take advantage of the fact that Washington does not tax lifetime gifts.

 
1:30 PM - 2:30 PM    With New Gift and Estate Exemption Limits, Top 3 1/2 Ways Life Insurance Can Enhance Most Estate Planning Strategies
Review common estate planning techniques such as GRATs, Sale to Grantor Trust and Outright gifts, and how properly designed life insurance contracts might enhance the efficiencies of the structure.
 
2:40 PM - 3:40 PM    Estate Planning for Potentially Vulnerable Clients: Taking a Closer Look

The estate planning practice has seen a growing prevalence of financial exploitation of vulnerable with diminished capacity. As a result, estate planners often need to deviate from their normal estate planning process to address these issues when they arise. This presentation will give an overview of potential vulnerabilities, what steps planners should take to determine if your client is vulnerable and provide you with helpful tools to protect your vulnerable clients in these circumstances.

 
2:40 PM - 3:40 PM    Oregon Update: Legislation, Cases, Ethics & Malpractice
This presentation will cover new developments in estate planning affecting Oregon practitioners, including four categories: (1) new Oregon legislation, (2) new opinions from the Oregon appellate courts, (3) recent ethics rulings from the Oregon State Bar concerning attorneys accused of ethical violations in estate planning situations, and (4) summaries of some of the common types of malpractice claims filed against Oregon attorneys in estate planning situations.
 
2:40 PM - 3:40 PM    Update on Special Needs Trust Issues and Requirements
In the Spring of 2018, the federal Social Security Administration and the Washington State Health Care Authority issued revised guidelines relating to the establishment and administration of Special Needs Trusts. This presentation will focus on these new provisions, with drafting recommendations for new first and third party Special Needs Trusts and considerations applicable to resolving issues with existing trusts.
 
3:40 PM - 4:00 PM    Break
 
4:00 PM - 5:00 PM    Planning for Closely Held Business Interests in WA: Section 6166 Deferral and the Washington Qualified Family-Owned Business Deduction
Even with the increase in the federal estate tax exclusion amount under the Tax Cuts and Jobs Act, planning for state and federal estate tax remains an important component of any estate plan for clients with significant interests in closely held businesses. This presentation examines the Washington State qualified family-owned business deduction, whether and how an estate may qualify for estate tax deferral under IRC Section 6166, and strategies for payment of tax by illiquid estates.
 
4:00 PM - 5:00 PM    Post-Engagement Letters: When do you need to send revised engagement letters to existing clients?
We have all been trained to send comprehensive engagement letters to new clients, as a means of resolving ethical questions in advance. However, relationships with estate planning clients can last decades. The relationship can change, the client’s circumstances can change, and the ethical rules can change. We should therefore revisit on a regular basis the terms of the original engagement and address changing circumstances in writing with our clients. This presentation discusses common scenarios where a revised engagement letter should be considered.
 
4:00 PM - 5:00 PM    The Economics of Charitable Remainder Trusts

When discussing charitable remainder trusts (CRTs) with clients, advisors often explain that the trustee can sell appreciated assets without incurring capital gain liability. In other words, it’s often presented purely as an income tax-savings tool. And in a low interest rate environment, a less useful tool. But by creating more detailed illustrations, a more nuanced description of the technique can be created. This presentation will start with a refresher on CRT rules. It will then explore ways to build illustrations that help advisors present CRTs as part of a client’s larger retirement picture, and will point out some results that may surprise you.

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