Planning Strategies Worth Stealing

This session will cover a number of estate planning strategies that others are using for their clients. Specific strategies to be discussed include using charitable remainder trusts as retirement plan beneficiaries, proper use and design of SLATs, ideas for coping with the limit on the income tax deduction for state and local taxes, and building flexibility into plans for married couples.

SAMUEL A. DONALDSON [J.D. University of Arizona; LL.M. (Taxation) University of Florida] is a Professor of Law at Georgia State University in Atlanta, where he teaches a number of tax and estate planning courses, as well as courses in the areas of property, commercial law, and professional responsibility. Prior to joining the Georgia State faculty in 2012, he was on the faculty at the University of Washington School of Law in Seattle for 13 years, where he served as the Director of the law school’s Graduate Program in Taxation as well as Associate Dean for Academic Administration. In addition to Georgia State and the University of Washington, Professor Donaldson has taught law school classes at Northwestern University, the University of Florida, and Emory University. He has won seven “professor of the year” awards from three different law schools.

He is an Academic Fellow of the American College of Trust and Estate Counsel (ACTEC) and a member of the Bar in Washington, Oregon, and Arizona. He currently serves as the Tax Editor for the Probate Practice Reporter, a monthly publication from the University of South Carolina School of Law. Among his scholarly works, Professor Donaldson is a co-author of the popular law school textbook, Federal Income Tax: A Contemporary Approach, and a co-author of the Price on Contemporary Estate Planning reference volume published by Wolters Kluwer.

An amateur crossword constructor, his puzzles have been published in The New York Times, The Los Angeles Times, The Washington Post, The Wall Street Journal, and other outlets. A perennial contender for People Magazine’s “Sexiest Man Alive” honor, Professor Donaldson was recently notified by email of his selection to receive substantial sums of money from high-level Nigerian business officials in exchange for his bank account information.

Planning for Unique and Problematic Assets

After a client’s death, a fiduciary may discover that the decedent owned some unusual assets – art, gun, planes, wine and cannabis - to name just a few. Each of these assets requires special attention in order to avoid waste. This presentation will explore some of the ways to plan for the client with unusual and potentially regulated assets. This session will also examine issues in estate and trust administration where cannabis and firearms are involved. Fiduciaries, their attorneys and their other advisors can easily make expensive, and potentially illegal, mistakes concerning the administration and transfer of unusual and regulated assets, during the planning phase and at the time of estate administration. This session is intended to highlight planning opportunities and help avoid some of those missteps.

Wendy Goffe has more than 30 years of experience counseling clients on estate planning issues. Her experience includes advising clients on matters including probate and trust administration, estate and gift taxation, charitable giving and nonprofit trusts and corporations, family-owned business succession and issues concerning unmarried couples. Wendy has extensive experience preparing prenuptial, postnuptial and cohabitation agreements. Wendy has many years of experience representing and collaborating with art dealers, private collectors, foundations and museums that need legal counsel relating to the purchase, sale, gifting and recovery of fine art and other creative works.

Wendy is a regular speaker at local, regional and national events addressing a number of estate planning topics. She has also been interviewed by and written for many national publications.

Wendy was previously a contributor to Forbes.com, and her articles can be found at the link below.

Before joining Stoel Rives, Wendy was a shareholder at Graham & Dunn PC and an attorney at Bogle & Gates.

Not Too Rich, Not Too Poor: Goldilocks Planning for the Middle-Rich Clients Who Need Our Help

Planning for clients who are too rich to keep everything and too poor to transfer everything remains an estate planning challenge. These clients typically lack family offices that can help implement and oversee our most complex planning, yet oftentimes it is just that planning that the client needs. And, of course, the clients need everything else too – charitable planning, asset protection, retirement plan thinking, preserving the family farm and vacation cabin, and so on. We will discuss intelligent, implementable, and interesting ideas for the Middle-Rich (even if we can’t quite define who they are).

Turney P. Berry concentrates his practice in the areas of estate planning, fiduciary matters, and charitable planning. Mr. Berry is the leader of Wyatt, Tarrant & Combs’ Trusts, Estates & Personal Planning Service Team and a past member of the firm’s Executive Committee.

Mr. Berry is active in the American College of Trust and Estate Counsel (ACTEC), and has served as President of the ACTEC Foundation, Regent of the College, State Chair for Kentucky, Chair of the Estate & Gift Committee, and Chair of the Charitable and Tax Exempt Committee. Currently he serves as Chair of the State Laws Committee, and a member of the Long Range Planning Committee.

As a Uniform Law Commissioner, Mr. Berry currently serves as Chair of the Study Committee on Transfers to Minors Act, Vice-Chair of the Drafting Committee on Conflicts of Laws in Trusts and Estates, Member of the Electronic Estate Planning Documents Committee, Member of the Joint Editorial Board for Uniform Trust and Estate Acts, and Member of the Drafting Committee on Uniform Determination of Death Act. He has served as chair of the Uniform Fiduciary Income and Principal Act (UFIPA), chair of the Uniform Power of Appointment Act, Vice Chair of the Drafting Committee on Electronic Wills Act, Co-Chair of the Drafting Committee on Uniform Cohabitants’ Economic Remedies Act, and as a member of the drafting committees for the Directed Trust Act, the Revised Fiduciary Access to Digital Assets Act, the Trust Decanting Act, the Insurable Interests in Trusts Act, the Premarital and Marital Agreements Act, the Transfer on Death Deeds Act, the Revised Disposition of Community Property Rights at Death Act, and the Uniform Probate Code Artificial Reproductive Technology provisions, and an adjunct member of the Fundraising Through Public Appeals Act.

Mr. Berry is a Fellow of the American College of Tax Counsel, a member of the American Law Institute, a member of The International Academy of Estate and Trust Law, a member of the Advisory Council of the Heckerling Institute on Estate Planning, a Member of the Advisory Board of Trusts and Estates Monthly, and a member of the Bloomberg BNA Tax Advisory Board (Estates, Gifts, and Trusts). He serves as Adjunct Professor at the University of Miami Estate Planning LLM Program (teaching Business Succession Planning), and has served as Adjunct Professor at Vanderbilt University, the University of Missouri, and the University of Louisville, and regularly speaks at the nation's leading estate planning conferences. Since 1996, Mr. Berry has served as Co-Chair of the Midwest/Midsouth Estate Planning Institute at the University of Kentucky (the longest continuously run CLE event in Kentucky).

Mr. Berry has been certified as an Accredited Estate Planner® (AEP®) by the National Association of Estate Planners & Councils and is a member of its Estate Planning Hall of Fame [Kentucky does not recognize legal specialties]. He is listed in Woodward/White’s The Best Lawyers in America® and in the Kentucky Super Lawyer Magazine in the area of Trusts and Estates.

Mr. Berry is the author or co-author of three Tax Management Portfolios: Estate Tax Deductions - Sections 2053 and 2054; Private Foundations - Self Dealing - Section 4941; and Taxable Expenditures - Section 4945. In addition his frequent articles have appeared in numerous journals and magazines. Mr. Berry received the Texas Bar Foundation Outstanding Law Review Article award for an article he co-authored with Paul Lee titled “Retaining, Sustaining and Obtaining Basis” which was published by the Texas Tech Estate Planning and Community Property Law Journal in January 2015

Mr. Berry has been an Articles Editor of The Tax Lawyer and a past chair of the Louisville Bar Association Probate and Estate Planning Section (1989 Section of the Year). He is a member of the Louisville Estate Planning Council, Kentuckiana Planned Giving Council, and an adjunct member of the American Association of Life Underwriters.

Mr. Berry is the Vice Chair of the Civilian Review and Accountability Board, Chair of the Center for Interfaith Relations, and Director for the Earth School/Carbon Nation. He is a member of Louisville Downtown Rotary, and a Member of the Honorable Order of Kentucky Colonels. He is a past member of the Board of Directors for the Muhammad Ali Center, Kentucky Opera, Actors Theatre, the Filson Historical Society, the Louisville Science Center, among others. He is President of the Daily Walk Sunday School Class at Christ Church United Methodist. Mr. Berry is the recipient of the National Philanthropy Day Baylor Landrum Award and has been recognized as a Distinguished Citizen of Louisville.

A native of Tennessee, Mr. Berry received his B.A. and B.L.S. in 1983 from the University of Memphis and his J.D. in 1986 from Vanderbilt University.

The Five Key Financial Planning Trends That Will Impact Charitable Giving

As the world of financial planning evolves, this session will explore the five key trends that will have the greatest impact on philanthropic giving in the near term: business succession; the rise of crypto and alternative asset classes; rising interest rates; ESG Investments; and advanced tax planning. Attendees will gain an understanding of each trend and how clients may be responding to each trend. Attendees will leave the session armed with specific, actionable strategies to address client concerns within each trend.

Juan Ros, CFP®, CSPG, AEP®, CEPA® is a Financial Advisor in the Thousand Oaks,

California office of Forum Financial Management, LP, an independent financial planning

and investment management firm with offices nationwide. Prior to launching his financial

advisory practice, Juan held various senior fundraising positions at the Ronald Reagan

Presidential Foundation, Occidental College and the ALS Association, helping to raise

millions of dollars in current and deferred gifts.

In his practice, Juan works closely with legacy-minded families and business owners to

enhance, protect and help transfer their wealth, particularly when charitable planning is

involved. Since 2015, Juan has served on the faculty of the American Institute for

Philanthropic Studies, which awards the CSPG designation. He is a frequent contributor

and member of the editorial board for the monthly publication Planned Giving Today.

Juan serves on the board of the nonprofit Fit 4 the Cause. He is an active member of

ProVisors, the Financial Planning Association, the National Association of Estate Planners

and Councils, the Exit Planning Institute, and is past president and member of the Conejo

Valley Estate Planning Council and the Southern California Council of Charitable Gift

Planners.

Juan is a CERTIFIED FINANCIAL PLANNER TM professional. He holds the Certified Specialist in

Planned Giving designation, the Accredited Estate Planner® designation, the Certified Exit

Planning Advisor designation, and the Certified Value Growth Advisor® designation. Juan

earned his MBA with an emphasis in Financial Planning from California Lutheran University

in Thousand Oaks, California. He holds a Bachelor of Arts degree from The Pennsylvania

State University in State College, Pennsylvania.

Prior to his work in wealth management and philanthropy, Juan worked in the film

industry. His name can be seen in the credits of numerous films including “Cape Fear,” “JFK”

and “The Godfather Part III.” A father of two, Juan resides in Ventura County, California, with

his wife Stacy and dog Sasha.

It’s 2024 and the CTA is Here, So Let’s Get Our [CT]Act Together!

The beneficial ownership reporting requirements of the Corporate Transparency Act (CTA) became effective on January 1, 2024. The CTA requires corporations, LLCs, LPs, LLPs and other types of legal entities to disclose to the Financial Crimes Enforcement Network (FinCEN) within specified deadlines the names, physical residence addresses and other personal information for individuals who own or control a 25% or larger interest in the entity. The same information must also be provided for senior officers and certain other persons in control of a legal entity. With regard to entities created in 2024 or later, similar information must be provided for the attorneys, paralegals or other persons filing entity formation paperwork. The CTA applies to both direct and indirect ownership and control, and therefore information about Trustees and trust beneficiaries may have to be provided to FinCEN as well. While there are many exemptions from the CTA reporting requirements, most entities created for estate planning purposes or to hold small or non-operating businesses or assets will not be exempt from the CTA. This program will provide the most critical information that practitioners need to know about the CTA, where to find additional resources to assist with timely CTA compliance, and important tips on how to ease the burden of CTA.

Nancy G. Henderson is a Founding Partner of Henderson, Caverly & Pum LLP, with

offices in San Diego and Rancho Santa Fe, California. HCP specializes in estates and trusts

matters (planning, administration and litigation) and family law mediation. Ms. Henderson

has served for 22 years as a Managing Partner of the firm and as Chair of the Estate

Planning Group. Ms. Henderson is a fellow of the American College of Trust and Estate

Counsel and is also named in Best Lawyers in America (Taxation Law and Estates and

Trusts Law), San Diego Super lawyers and was named a Woman of Influence in San Diego

in 202 l. She is a Certified Specialist in Estate Flaming, Probate and Trust Law (California

State Bar Board of Legal Specialization) and served for three years on the California State

Bar committee that wrote and administered the legal specialist examination. She also

served on the Executive Committee of the Taxation Section of the California State Bar.

Ms. Henderson has spoken and written extensively on estate, gift and generation. skipping

tax planning, and has presented outlines on numerous estate, taxation and charitable

planning subj ects through various organizations around the country over her 32 year career.

Ms. Henderson obtained her bachelor’s degree, Magma Cum Laude, Phi Beta Kappa, from

Duke University in 1981, and her law degree in 1991 from the Boalt Hall School of Law

at the University of California at Berkeley, where she graduated in the top 10% of her class

and was elected to the Order of the Coif.

Oregon Update:

Legislation and Cases from 2022-23

The Legislature created a new Simple Estate Affidavit and a Triple F Exemption for estate taxes. The Oregon courts

considered whether the statute of ultimate repose applies to legal malpractice, whether an adoption proceeding can

continue after the death of the adoptive parent, whether a genetic connection is enough to make an egg donor a

parent, and whether a horse is a legal person. The courts also addressed a no contest clause in a trust, Medicaid

reimbursement, undue influence, the renewal of a FAPA restraining order, and name and gender changes for

incarcerated persons. Susan Gary will review these and other legislation and cases.

SUSAN N. GARY, Professor Emerita and formerly Orlando J. and Marian H. Hollis Professor at the University of Oregon School of Law, received her B.A. from Yale University and her J.D. from Columbia University. Before entering academia, she practiced with Mayer, Brown & Platt in Chicago, and with DeBandt, van Hecke & Lagae in Brussels. Professor Gary has taught trusts and estates, estate planning, estate and gift tax, nonprofit organizations, and an undergraduate course on law and families. She continues to teach trusts and estates. She has written and spoken about the regulation of charities, fiduciary duties including the prudent investor standard, stewardship trusts as a new form of business ownership, the definition of family for inheritance purposes, donor intent in connection with restricted charitable gifts, and the use of mediation to manage conflict in the estate planning context. She served as a trustee on the University’s Board of Trustees.

Professor Gary is an Academic Fellow and former Regent of the American College of Trust and Estate Counsel and served on the Council of the Real Property, Trust and Estate Section of the American Bar Association. She served as the Reporter for three projects of the Uniform Law Commission: the Uniform Electronic Wills Act, the Uniform Prudent Management of Institutional Funds Act, and the Model Protection of Charitable Assets Act. She was a member of the steering committee of the Intentional Endowments Network and continues to serve on its Fiduciary Investment Committee. She has served on the Advisory Board of the NYU National Center on Philanthropy and the Law and has held leadership positions in three sections (trusts and estates, elder law, and nonprofits) of the Association of American Law Schools.

In Oregon, Professor Gary has been a member of the Oregon Law Commission and served as Reporter for its Probate Modernization Work Group. As a member of the Executive Committee of the Nonprofit Organizations Law Section of the Oregon State Bar she led a review of Oregon’s nonprofit corporation statutes that resulted in legislation revising the statutes. She served on the Executive Committee of the Estate Planning Section of the Oregon bar for nine years, including serving as its chair, and served as Editor of the Estate Planning Section’s newsletter for 15 years. Significant recent articles are “The Changing Landscape of Business Succession: How and Why Purpose Trusts Matter,” Ohio State Bus. L. J. (forthcoming 2024), “Best Interests in the Long Term: Fiduciary Duties and ESG Investing,” 90 Univ. of Colorado L. Rev. 731 (2019), and “The Oregon Stewardship Trust: A New Type of Purpose Trust that Enables Steward-Ownership of a Business,” 88 Univ. of Cincinnati L. Rev. 707 (f2019). They are available on SSRN: https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=557612.

Washington State Updates

Professor Karen Boxx joined the faculty in 1997. She teaches in the areas of trusts and estates, community property, property law, conflicts of laws, cannabis law and professional responsibility. She was co-reporter for the Fifth Edition of the American College of Trust and Estate Counsel Commentaries on the Model Rules of Professional Conduct and is reporter for the Sixth Edition of the Commentaries. She is past Chair of the Washington State Bar Association Real Property, Probate and Trust Section and past Chair of the WSBA Elder Law Section. She has been active in legislative reform, including chairing a WSBA Task Force that drafted major revisions to Washington trust law enacted in 2011. She is a Fellow of the American College of Trust and Estate Counsel and a member of its Professional Responsibility, Elder Law, and Legal Education Committees. She has run 17 marathons (so far).

Federal Updates

Stay up to date with this informative and entertaining presentation that will recap the important cases, rulings, and regulations from the past 12 months in the areas of federal income, estate, and gift taxes. Come for the continuing education credits, stay for…well, the continuing education credits.