Schedule for Heckerling Institute on Estate Planning, January 25-29, 2010

Schedule for Heckerling Institute on Estate Planning, January 25-29, 2010

Scheduled for January 25-29, 2010 at the Orlando World Center Marriott Resort and Convention Center, the Heckerling Institute on Estate Planning is the nation’s leading conference for estate planning professionals. The Institute covers topics of timely interest to every member of the estate planning team including attorneys, trust officers, accountants, insurance advisors, and wealth management professionals. Following is the Institute’s schedule of courses:
F I N
Monday
10:45 – 12:15 Getting Off to the Right Start: Choosing the Right Entity and the Right Agreements, Louis A. Mezzullo
This presentation will cover choosing the right entity and buy-sell agreements for the closely-held business and will include a discussion of both tax and non-tax issues. Sample forms will be provided and discussed.
2:00 – 2:10 Introductory Remarks – Tina Portuondo, Institute Director
2:10 – 3:30 Recent Developments 2009
3:45 – 5:15 Dennis I. Belcher ♦ Carol A. Harrington ♦ Jeffrey N. Pennell
6:00 – 7:00 Complimentary Reception for Registrants
 
Tuesday
9:00 – 9:50 Thanks, But No Thanks – Disclaiming Assets, Interests, and Powers, Ann B. Burns
Disclaimers are used today more than ever because they can provide flexibility for planning in uncertain times. However, using disclaimers can be complicated. This session will focus on the use of qualified disclaimers of assets, interests in trusts, and powers held as trustee and beneficiary, including the use of formula disclaimers.
9:50 – 10:40 How to Do Your Roth IRA Conversion in 2010, Christopher R. Hoyt
The year 2010 marks the first year that wealthy individuals can convert a conventional retirement account into a Roth IRA and can even defer the tax liability into 2011 and 2012. When does it make sense to do a conversion? When not? What are the mechanics? How are mistakes corrected?
10:55 – 11:45 The Good, the Bad, and Avoiding the Ugly: Mending Wayward Wealth Transfer Strategies, John F. Bergner
GRATs and installment sales often transfer wealth in a tax-efficient manner. Sometimes, they may not yield the expected results. Unsuccessful economic performance, changes in circumstances, or drafting errors – these events may require an “exit” strategy. This session discusses various exit strategies and planning for an exit strategy before problems arise.
11:45 – 12:35 Escaping from the World of FLPs: Can You Get Out Without
Paying a Boatload of Taxes?, Richard B. Robinson
Whether the result of family dynamics, bad economics or changing tax laws, partners need to exit from and/or unwind family limited partnerships. Hidden problems are always lurking and the tax consequences are often surprising.
2:00 – 3:40 Charting New Paths for Estate Planners Through the Changing
Landscape of Tax Laws and Regulations, Steve R. Akers ♦ Ronald D. Aucutt ♦ Carlyn S. McCaffrey
2009 was a very active year for legislative and regulatory developments. The panel will focus on practical planning strategies in light of the changes, and will address changes on the horizon. These developments may impact the overall approach to estate planning for many clients, and may impact a wide variety of strategies including GRATs, FLPs, and Graegin notes, among others.
3:55 – 4:45 Planning for Life After Death: Laws of Succession vs. the New
Biology, Joshua S. Rubenstein
Most of us are accustomed to having relatively broad ability to control the disposition of our property following our deaths. It comes as a surprise how little ability we have to control the disposition of ourselves, and the uses to which we can be put, following our deaths. This session will examine the ability to control burial and the disposition of body parts, the posthumous use of our genetic material, inheritance by posthumously procreated individuals, and exhumation for the purpose of genetic testing.
4:45 – 5:35 How to Succeed (Ethically) in Business Succession Planning, Cynda C. Ottaway
Wind your way through the maze of ethical rules to determine what you should and should not be doing to help your clients develop an appropriate succession plan for their family business. Consider the multiple possibilities of “who is the client” and ways to structure the relationship. Review samples of engagement letters which can provide helpful protection for you and the client.

Wednesday
9:00 – 9:50 Putting the Horse Before the Cart: Non-Tax Issues in Business
Succession Planning, Charles D. “Skip” Fox IV
Most closely-held businesses fail to survive even one generation because of a failure to consider the non-tax aspects of succession. This session will examine the non-tax issues that the owners of a closely-held business must consider to ensure a successful transition in ownership.
9:50 – 10:40 ESOPs – The Most Tax Efficient Ownership Transition Strategy, Laurence A. Goldberg
For a business owner, estate planning begins with a strategy for monetizing the value of the business in a tax efficient manner. An ESOP can provide tax free liquidity for the owner, enhanced financing capability for the company and tax deferred growth to the employees. Non-tax benefits include rewarding loyal employees and preserving the legacy of the business. This session will include
ESOP basics, as well as advanced concepts.
10:55 – 12:35 Question and Answer Panel, Dennis I. Belcher ♦ Carol A. Harrington ♦ Jeffrey N. Pennell
2:00 – 3:30 FUNDAMENTALS PROGRAM (Runs concurrently with the Special Sessions)
3:50 – 5:20 Keeping it all in the Family: Asset Protection Planning, Gideon Rothschild
No longer is asset protection limited to offshore strategies. This presentation will examine the techniques and legal strategies utilized to obtain maximum wealth protection, including exemption planning, limited liability entities, third party trusts and self-settled trusts (domestic and offshore). The discussion will include the income, estate and gift tax consequences of utilizing such strategies and an analysis of fraudulent transfer principles, ethical considerations, and case law developments.
F S
Special Sessions I
2:00 – 3:30 I-A – Integrating the Estate Plan with Business Succession
Planning, Louis A. Mezzullo ♦ Ann B. Burns
This session will use several fact patterns to illustrate how the business owner’s estate plan should be coordinated with the succession plan for the business, highlighting both tax and non-tax issues.
I-B – Family Limited Partnership Valuation and Audit Issues: Where are We Now and What Do We Do?, John W. Porter ♦ Milford B. Hatcher, Jr. ♦ Lee C. Schwemer
This panel will take a practical approach to dealing with current issues involving the transfer of interests in family limited partnerships and other closely-held entities from the perspective of the estate planner, the litigator, and the IRS. Particular emphasis will be placed on dealing with issues involving Section 2036, Chapter 14, formula transfers, valuation, and any recently passed/proposed legislation regarding closely-held entities.
I-C – For Better or Worse: What’s Right About a Pre-Nuptial Agreement?, Max Gutierrez, Jr. ♦ Robert S. Cohen Amy E. Heller ♦ Carlyn S. McCaffrey
This session will explore tax and state law issues that arise in structuring and negotiating pre-nuptial and post-nuptial agreements. The panel will provide perspectives on pitfalls and opportunities from estate planning and matrimonial lawyers.
I-D – Where No Ethics Have Gone Before – Doing Right in a
Changing World, John T. Rogers, Jr. ♦ Cynda C. Ottaway
We are constantly bombarded (photon torpedoed?) these days by new technologies and new legal requirements. (Do your tweets include Circular 230 disclosures?) This session will attempt to provide some guidance for navigating through the new ethical minefields created by these developments.
I-E – Using Taxes to Settle Trust and Estate Litigation, Joshua S. Rubenstein ♦ Charles Rubin
This session will examine both proceedings that can be brought for the purpose of reducing taxes, and the ability to use tax planning in contentious situations to create additional funds with which to settle substantive disputes.F S
I-F – Planning is No Picnic When the Forecast is Unclear, Donna G. Barwick ♦ M. Cary Leahey ♦ Daniel H. Markstein, III
A current economic forecast by an expert economist followed by an examination of estate planning techniques, understanding that the forecast can be very right or very wrong.
Special Sessions II
3:50 – 5:20 II-A – What Estate Planners Need to Know About Operating a Closely-Held Business, Richard B. Robinson ♦ Andrea C. Chomakos ♦ Steven B. Gorin
This session will focus on common and unexpected income tax and other consequences of operating a closely-held business.
II-B – Family Limited Partnership Valuation and Audit Issues:Where are We Now and What Do We Do?(Repeat of Special Session I-B), John W. Porter ♦ Milford B. Hatcher, Jr. ♦ Lee C. Schwemer
II-C – Current Issues in Charitable Planning, Jerry J. McCoy ♦ Christopher R. Hoyt
An interactive session including a review of legislative, administrative and judicial developments affecting charitable gift planning, with emphasis on practical implications, including charitable uses of retirement assets, and solutions for recent IRS rulings that denied charitable income tax deductions.
II-D – Counseling King Lear and other Lessons from an Elder Law Practice, Douglas G. Chalgian
Understand why the practice of elder law is growing, and the legal issues that commonly arise in an aging and, at times, vulnerable population.
II-E – Bomb Proofing the Estate Plan: Version 2.0, Bruce S. Ross ♦ Bruce M. Stone
An estate planner and a trial lawyer discuss how to eliminate or minimize litigation by building the evidentiary record during the estate planning process, using forfeiture clauses, conditional gifts, arbitration, eliminating information disclosure, and other methods.
II-F – Life Insurance and the Economic Downturn – Applying Universal Truths to Variable Circumstances, the Whole (Life) Story, Lawrence Brody ♦ Mary Ann Mancini ♦ Charles L. Ratner ♦ Randy L. Zipse
As the economy struggles clients increasingly look at insurance as a solution to their investment, business, charitable and estate and personal financial planning needs. This program will explain what types of insurance products are available, how they work, their advantages and disadvantages, and how, working with a client’s insurance professional, to develop a methodology to help a client design and select an appropriate product.

Thursday
7:45 – 8:45 Florida Insurance: Issues Relating to Unauthorized Entities
(Attendance is required for insurance professionals seeking CE credits in Florida)
9:00 – 9:50 Frozen Brain: Estate Planning Strategies for QTIP Trust Assets, M. Read Moore
The assets of a QTIP trust may be a substantial part of a client’s taxable estate on his or her death. The provisions of the trust instrument and tax law, however, will often give you a headache when you try to apply typical estate planning strategies for individually owned assets to QTIP trust assets. This presentation will address the special gift tax and estate tax rules that apply to QTIP trusts and discuss strategies to minimize wealth transfer taxes for QTIP trust assets.
9:50 – 10:40 Still Crummey After all these Years, Donald O. Jansen
Although judicially blessed since 1968, the IRS doesn’t like Crummey powers. Designed for gift tax purposes, they may have adverse income, estate or GST tax consequences. Learn about their relationship with grantor trusts, the 5 and 5 exception, the GST transferor rules and the latest IRS obstacles and attacks.
10:55 – 11:45 Looking for Law in all the Right (and Wrong) Places: Forum
Shopping Opportunities, Unintended Consequences, and the Duties of the Estate Planner, Jeffrey A. Schoenblum
Can the estate planner continue to resort solely to home state law for local clients or is there actually a duty to incorporate into the estate plan potentially more favorable laws from other jurisdictions? If the latter, how exactly do you accomplish this incorporation of other laws? What are some examples of specific benefits? Are there real risks? This session will address these questions and related ones.
11:45 – 12:35 FATF & the Lawyer Guidance, Duncan E. Osborne
The Financial Action Task Force is seeking to impose its will on the practice of law. This presentation will examine the practical impact of the FATF’s efforts.
2:00 – 3:30 FUNDAMENTALS PROGRAM (Runs concurrently with the Special Sessions)
3:50 – 5:20
Your Life Preserver! The Retirement Benefits Drafting Immersion Workshop, Natalie B. Choate
Stay afloat and learn: How to draft beneficiary designations and trusts-to-be-named as beneficiary, including pecuniary, fractional, and formula clauses, marital deduction, trust accounting, charitable bequests, disclaimers, conduit and other “see-through” trusts. When to use a separate trust for benefits. Includes forms, checklists, trust-testing questionnaire, and how to communicate with plan administrators.
Special Sessions III
2:00 – 3:30 III-A – Planning for the Closely-Held Business – Exit Strategies
During Life, Charles D.“Skip” Fox IV ♦ Thomas W. Abendroth, Laurence A. Goldberg
This session will focus on different tax techniques that can be used during life to implement a successful ownership transition plan for a closely-held business. Techniques to be discussed include gifts, freezes, buy-sell agreements, discounts, GRATs, sales to irrevocable trusts, redemptions, and ESOPs.
III-B – Qualified Disclaimers – What Part of “No” Don’t you Understand?, Ann B. Burns ♦ David A. Handler ♦ Douglas L. Siegler
This panel will provide a deeper understanding of the issues surrounding the use of qualified disclaimers, including sample drafting language.
III-C – Current International Developments, Duncan E. Osborne ♦ David Brownbill ♦ Ellen K. Harrison
The panelists will discuss current international developments in estate and trust law. The focus will be primarily on tax issues and important case law developments in the United States and abroad.
III-D – Estate Planning for QTIP Trust Assets, M. Read Moore ♦ Joy M. Miyasaki
This session will explore ways a client who has substantial assets in a QTIP trust can engage in effective estate planning for those assets without tripping over the complicated tax rules and trustrelated restrictions that apply.
III-E – Enhance GRATs, Grantor Trust Sales, and Family Loans with Financial Engineering, Mark R. Parthemer
Upgrade wealth transfer techniques by integrating investment planning, and understand (1) why GRAT investments dictate the optimal number and term, (2) why it isn’t about growth in GRATs, but capturing volatility, (3) when 9-year notes undermine a grantor trust sale, and (4) how to structure a bond portfolio family loan.
Special Sessions IV
3:50 – 5:20 IV-A – Exit Strategies at Death for the Private Business Owner and How to Avoid the Forced Sale of a Private Business, Dennis I. Belcher ♦ Turney P. Berry ♦ Mary Ann Mancini
The family of a private business owner often faces significant liquidity needs at the business owner’s death. One alternative to meet these needs is a sale of the business but the owner’s death can be the worst possible time for a sale. The panelists will use the case method to illustrate how to avoid a forced sale of a private business using effective financing of life insurance to meet cash needs, creative charitable planning techniques to reduce cash needs, and estate tax deferral techniques.
IV-B – Unwinding Bad Transactions, John F. Bergner ♦ Milford B. Hatcher, Jr. ♦ Richard B. Robinson
The panel will explore in further detail the issues identified in the Tuesday presentation on exit strategies for GRATS and installment sales.
IV-C – Forum Shopping in Depth, Jeffrey A. Schoenblum
A more detailed examination of the drafting opportunities and pitfalls associated with forum shopping so as to deliver the most to your client while satisfying your own professional responsibility.
IV-D – Anatomy of a Crummey Power, Donald O. Jansen
A sample Crummey hanging power will be dissected to determine the purpose of the various provisions – creation of the power, notification provisions, exercise rights, lapse of the power, hanging power, incapacitated power holder, power to change withdrawal rights, etc.
IV-E – What’s a Planner to Do When Clients Bring Dysfunctional Families?, Glen A. Yale ♦ Michael D. Simon
Difficult client situations are this panel’s focus. Planning and drafting for dealing with children on substances, in prison, or in toxic marriages; when parents do not like children or grandchildren for good reasons or bad.

Friday
9:00 – 9:50 Fiduciaries and Their Lawyers: Tempting Targets in Troubled
Times, Randall W. Roth
Inadequate documentation coupled with hindsight bias can make competent fiduciaries, and maybe their lawyers, look like sitting ducks. This presentation will focus on the areas of fiduciary responsibility in which most claims are made, and on effective ways to establish that fiduciaries and their lawyers met their respective standards of care.
9:50 – 10:40 Financed Net Gifts: No-Hassle Asset Transfers, David A. Handler
Our clients often say, “Can’t I just give them the money?” and “When I’m gone, the estate taxes are the kids’ problem.” This session will demonstrate how applying that line of thinking for lifetime transfers can transfer more wealth, at a faster pace, and with less risk and complication.
10:50 – 12:00 Applying What We’ve Learned: From A(bendroth) to Z(ipse) in
70 Minutes or Less, Alan F. Rothschild, Jr.
The last few years have brought unprecedented volatility and uncertainty to our clients, the federal transfer tax system and our estate planning practices. This wrap-up session will take a quick tour though the week’s best ideas for repairing broken plans, shepherding family businesses, counseling aging clients, planning post-mortem, and maintaining a professionally rewarding estate planning practice.
Travel Arrangements
Register online today at www.law.miami.edu/heckerling