The 2010 Tax Relief Act: Estate Planning Considerations for 2011 and Beyond
Live Webcast Date:
Wednesday, July 06, 2011 from 12:00 pm to 3:00 pm (ET)
Estate Planning Considerations for 2011
Join us for this Knowledge Group Estate Planning Considerations for 2011 Webinar. Discussion of the recently enacted 2010 Tax Relief Act has mostly focused on the extension of the Bush-era income tax cuts. However, there’s another important consideration: the Act’s impact on estate planning. The new law reunifies the gift, estate and generation-skipping transfer tax exemptions at $5 million – but just for 2011 and 2012. It also sets the rate for these three taxes at 35%. But barring Congressional action, these benefits disappear in 2013, when we’ll be back to a top rate of 55% for the three taxes and $1 million gift and estate tax exemptions, a $1 million+ GST exemption. Thus, uncertainties abound. Nevertheless, 2011 and 2012 offer some unprecedented planning opportunities – and traps for the unwary.
The Knowledge Group’s LIVE web cast will explore some of these issues and opportunities and will provide valuable information and analysis. The 2010 Tax Relief Act: Estate Planning Considerations for 2011 and Beyond Webcast is a must attend for: estate planning attorneys, counsel, administrators, tax advisors, tax professionals, business owners with wealth transfer concerns, and industry watchers.
Agenda
Blanche Lark Christerson, Managing Director,
Deutsche Bank Private Wealth Management
- Overview of New Laws enacted on December 17, 2010
- BRIEF discussion of previously-existing rules (only as a basis for contrast with new rules).
- Summary of Estate, Gift and GST Tax rules applicable to 2010
- Exclusions and Tax Rates for 2011 and 2012
- Sunset provisions
- Special Rules for transactions in 2010
- Estate Tax: Deciding whether to make “Opt-out” election for 2010 decedents Procedures and timing for making the “Opt-out” election Modified Carry-over Basis calculations
- Gift Tax: Potentially using disclaimers to avoid the 35% tax on gifts above the $1 million exclusion.
James J. Raaf, Managing Director,
WTAS LLC
- Issues regarding Estate Planning with the $5 million lifetime exclusion during 2011 and 2012.
- Whether to try to draft “flexibility” into documents to cover 2011 and 2012 only?
- Should funding of a Credit Shelter Trust be “capped” at less than the full $5 million for some families?
- How, if at all, are the techniques we used previously affected (such as GRAT’s, IDIT’s, CRT’s, CLT’s, ILIT’s and QPRT’s)?
- Differences in applying Planning Ideas for small estates (under $10) versus larger estates (over $10 million)
Charles Bender, Partner,
Crowe Horwath LLP
- Generation Skipping Transfer Tax.
- Impact of Zero Rate for 2010
- Importance of “electing out” of automatic allocations for Direct Skips in 2010
- Making Generation-Skipping Transfers or severances in 2011 / 2012 before “Sunset” occurs in 2013.
- Making large gifts in 2011 and 2012, and potential “Claw-Back” (or recapture at death) concepts.
Marv Hills, Partner,
Crowe Horwath LLP
- Detailed Discussion of Portability Rules
- Basic concept and calculations
- Potential impact of remarriage.
- Planning suggestions for utilization of DSUEA (still use Credit Shelter Trusts?)
Who Should Attend
- Estate Planning Lawyers
- Tax lawyers
- Accountants
- Estate Planners
- Tax-exempt Auditors
- Wealth Management Executives
- Tax Advisers
- Estate Administrators
- Trust Officers
- Business Owners
- Tax Managers
- Tax Preparers
- Financial Planners
- Enrolled Agents
- Tax practitioners
- Risk managers
- Business lawyers
- Other lawyers who occasionally advise clients on tax matters
- Practitioners who have tax planning responsibility
- Attorneys specializing on Wealth Planning Practice; Trust & Estate Controversy; Estates and Trusts and Private Client
Estate Planning Considerations for 2011
Blanche Lark Christerson, Managing Director,
Deutsche Bank Private Wealth Management
- Overview of New Laws enacted on December 17, 2010
- BRIEF discussion of previously-existing rules (only as a basis for contrast with new rules).
- Summary of Estate, Gift and GST Tax rules applicable to 2010
- Exclusions and Tax Rates for 2011 and 2012
- Sunset provisions
- Special Rules for transactions in 2010
- Estate Tax: Deciding whether to make “Opt-out” election for 2010 decedents Procedures and timing for making the “Opt-out” election Modified Carry-over Basis calculations
- Gift Tax: Potentially using disclaimers to avoid the 35% tax on gifts above the $1 million exclusion.
James J. Raaf, Managing Director,
WTAS LLC
- Issues regarding Estate Planning with the $5 million lifetime exclusion during 2011 and 2012.
- Whether to try to draft “flexibility” into documents to cover 2011 and 2012 only?
- Should funding of a Credit Shelter Trust be “capped” at less than the full $5 million for some families?
- How, if at all, are the techniques we used previously affected (such as GRAT’s, IDIT’s, CRT’s, CLT’s, ILIT’s and QPRT’s)?
- Differences in applying Planning Ideas for small estates (under $10) versus larger estates (over $10 million)
Charles Bender, Partner,
Crowe Horwath LLP
- Generation Skipping Transfer Tax.
- Impact of Zero Rate for 2010
- Importance of “electing out” of automatic allocations for Direct Skips in 2010
- Making Generation-Skipping Transfers or severances in 2011 / 2012 before “Sunset” occurs in 2013.
- Making large gifts in 2011 and 2012, and potential “Claw-Back” (or recapture at death) concepts.
Marv Hills, Partner,
Crowe Horwath LLP
- Detailed Discussion of Portability Rules
- Basic concept and calculations
- Potential impact of remarriage.
- Planning suggestions for utilization of DSUEA (still use Credit Shelter Trusts?)
Estate Planning Considerations for 2011
Blanche Lark ChristersonManaging DirectorDeutsche Bank Private Wealth Management
Blanche Lark Christerson is a managing director at Deutsche Bank Private Wealth Management, where she works with clients and their advisors to help develop appropriate planning strategies. She is also the author of Tax Topics, a regular commentary on current legislation and other tax issues. Prior to joining Bankers Trust Company (now Deutsche Bank) in 1997, she was in the estate planning department at U.S. Trust for 10 years, and had primary editorial responsibility for Practical Drafting, the estate planning publication. Ms. Christerson lectures to various planning and professional organizations nationwide, and is a frequent source for the media. She received her B.A. from Sarah Lawrence College, her J.D. from New York Law School and her LL.M. in taxation from New York University School of Law. Ms. Christerson is a member of the New York State Bar Association, the Bar of the Supreme Court of the United States, the Bar of the City of New York and the American Bar Association; she is also the president of the Bagby Foundation for the Musical Arts.
James J. RaafManaging DirectorWTAS LLC
Jim Raaf specializes in comprehensive tax and financial planning for high net worth families and entrepreneurial businesses. He has over 29 years of experience working with clients on succession planning, estate and gift tax structuring, and income tax planning for both operating entities and their owners. Before joining WTAS, Jim was a Tax Partner in two international professional services firms and led a comprehensive wealth management team within a major financial institution. Jim’s practice focuses on:
- Succession planning for closely-held businesses
- Estate and gift tax planning
- Individual income tax planning
- Taxation of S corporations and partnerships
- Broad-based financial planning
Jim is a co-author of a book addressing entrepreneurs’ concerns surrounding succession planning and has been a contributor to a number of publications with articles relating to planning concerns for closely-held businesses and their owners.
Marv HillsPartnerCrowe Horwath LLP
Mr. Hills graduated summa cum laude from Anderson University, Anderson, Indiana in 1981. He then joined Crowe, where he is currently the Partner-in-Charge of the Private Client Services Group. Mr. Hills is a member of the American Institute of Certified Public Accountants (AICPA), the Indiana CPA Society, the Personal Financial Planning Division of the AICPA, and the Society of Financial Services Professionals. (Although Mr. Hills has obtained the Chartered Life Underwriter (CLU) and Chartered Financial Consultant (ChFC) designations, he is not licensed to sell any insurance or securities products.) He is a past president and current member of the Michiana Estate Planning Council, and served 8 years on the board of directors.
Mr. Hills is a frequent speaker for professional and civic organizations on estate planning and fiduciary income taxation topics, including seminars taught for PESI Law & Accounting (PESI), the Notre Dame Tax and Estate Planning Institute, the American Bankers Association, the Michigan Bankers Association, and the Illinois Bankers Association, and presentations to the Indiana Continuing Legal Education Forum, the Young Lawyers Section of the Chicago Bar Association, and the Estate Planning Council of Indianapolis. He has written articles on various topics for publications including Estate Planning, The Tax Adviser, Hoosier Banker, TAXES -The Tax Magazine, and Kentucky Banker.
Charles BenderPartnerFox Rothschild LLP
Chuck’s practice focuses on tax and estate planning for high net-worth individuals and trust and estate administration. As an undergraduate, Chuck spent a year studying at the London School of Economics. Chuck is a frequent lecturer and writer on tax and estate topics. He has been a pioneer in incorporating the computer into the practice of law, drafting document assembly systems for preparing complex estate planning documents, and developing spreadsheet and Power Point presentations to make even the most complicated estate planning concepts simple for others to understand. Named one of the Top 100 Attorneys by Worth magazine (2008-2009) and selected as a “Super Lawyer” by Philadelphia Magazine and Law & Politics Magazine (2006, 2007).
Estate Planning Considerations for 2011
Course Level:
Intermediate
Advance Preparation:
Print and review course materials
Method Of Presentation:
On-demand Webcast
Prerequisite:
NONE
Course Code:
114154
Total Credit:
1.0 CLE
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Speaker Firms
Click firm logo/firm name to learn more
Deutsche Bank Private Wealth Management
Fox Rothschild LLP
Faculty
Click show bio to learn more
Blanche Lark Christerson
Managing Director
Deutsche Bank Private Wealth Management
Managing Director
Deutsche Bank Private Wealth Management
James J. Raaf
Managing Director
WTAS LLC
Managing Director
WTAS LLC
Marv Hills
Partner
Crowe Horwath LLP
Partner
Crowe Horwath LLP
Charles Bender
Partner
Fox Rothschild LLP
Partner
Fox Rothschild LLP
About the Knowledge Group
The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.
WTAS is one of the largest independent firms in the United States, providing a wide range of tax, valuation, financial advisory and related consulting services. The firm is comprised of over 500 personnel located in 14 major cities and encompasses top advisors with previous experience in the international accounting firms, law firms, IRS and state taxing authorities. Our advisors hold multiple professional credentials and have depth in a wide range of capabilities allowing us to provide clients with comprehensive, integrated solutions.
Website: https://www.wtas.com/
Crowe Horwath LLP is one of the largest public accounting and consulting firms in the United States. Under its core purpose of “Building Value with Values®,” Crowe assists public and private company clients in reaching their goals through audit, tax, advisory, risk, and performance services. With 26 offices and 2,400 personnel, Crowe is recognized by many organizations as one of the country’s best places to work. Crowe serves clients worldwide as an independent member of Crowe Horwath International, one of the largest networks in the world, consisting of more than 140 independent accounting and management consulting firms with offices in more than 400 cities around the world.
Website: https://www.crowehorwath.com/
Blanche Lark Christerson is a managing director at Deutsche Bank Private Wealth Management, where she works with clients and their advisors to help develop appropriate planning strategies. She is also the author of Tax Topics, a regular commentary on current legislation and other tax issues. Prior to joining Bankers Trust Company (now Deutsche Bank) in 1997, she was in the estate planning department at U.S. Trust for 10 years, and had primary editorial responsibility for Practical Drafting, the estate planning publication. Ms. Christerson lectures to various planning and professional organizations nationwide, and is a frequent source for the media. She received her B.A. from Sarah Lawrence College, her J.D. from New York Law School and her LL.M. in taxation from New York University School of Law. Ms. Christerson is a member of the New York State Bar Association, the Bar of the Supreme Court of the United States, the Bar of the City of New York and the American Bar Association; she is also the president of the Bagby Foundation for the Musical Arts.
Jim Raaf specializes in comprehensive tax and financial planning for high net worth families and entrepreneurial businesses. He has over 29 years of experience working with clients on succession planning, estate and gift tax structuring, and income tax planning for both operating entities and their owners. Before joining WTAS, Jim was a Tax Partner in two international professional services firms and led a comprehensive wealth management team within a major financial institution. Jim’s practice focuses on:
- Succession planning for closely-held businesses
- Estate and gift tax planning
- Individual income tax planning
- Taxation of S corporations and partnerships
- Broad-based financial planning
Jim is a co-author of a book addressing entrepreneurs’ concerns surrounding succession planning and has been a contributor to a number of publications with articles relating to planning concerns for closely-held businesses and their owners.
Mr. Hills graduated summa cum laude from Anderson University, Anderson, Indiana in 1981. He then joined Crowe, where he is currently the Partner-in-Charge of the Private Client Services Group. Mr. Hills is a member of the American Institute of Certified Public Accountants (AICPA), the Indiana CPA Society, the Personal Financial Planning Division of the AICPA, and the Society of Financial Services Professionals. (Although Mr. Hills has obtained the Chartered Life Underwriter (CLU) and Chartered Financial Consultant (ChFC) designations, he is not licensed to sell any insurance or securities products.) He is a past president and current member of the Michiana Estate Planning Council, and served 8 years on the board of directors.
Mr. Hills is a frequent speaker for professional and civic organizations on estate planning and fiduciary income taxation topics, including seminars taught for PESI Law & Accounting (PESI), the Notre Dame Tax and Estate Planning Institute, the American Bankers Association, the Michigan Bankers Association, and the Illinois Bankers Association, and presentations to the Indiana Continuing Legal Education Forum, the Young Lawyers Section of the Chicago Bar Association, and the Estate Planning Council of Indianapolis. He has written articles on various topics for publications including Estate Planning, The Tax Adviser, Hoosier Banker, TAXES -The Tax Magazine, and Kentucky Banker.
Chuck’s practice focuses on tax and estate planning for high net-worth individuals and trust and estate administration. As an undergraduate, Chuck spent a year studying at the London School of Economics. Chuck is a frequent lecturer and writer on tax and estate topics. He has been a pioneer in incorporating the computer into the practice of law, drafting document assembly systems for preparing complex estate planning documents, and developing spreadsheet and Power Point presentations to make even the most complicated estate planning concepts simple for others to understand. Named one of the Top 100 Attorneys by Worth magazine (2008-2009) and selected as a “Super Lawyer” by Philadelphia Magazine and Law & Politics Magazine (2006, 2007).
