Opening Keynote Highlights of 2018: The Winter Olympics, A Royal Wedding, and Recent Developments in Trusts & Estates with Patrick Kohlmann & Vivian Thoreen Mr. Kohlmann and Ms. Thoreen will review and discuss new and emerging developments in case law and legislation that may impact your estate planning, fiduciary responsibility, and financial planning practices.
10:45am – 11:00am
11:00am – 12:15pm
Fundamentals Track: A1: International Estate Planning in a Nutshellwith Michael Rosen-Prinz & Akane Suzuki This presentation provides an overview of international estate planning and tax issues with a focus on noncitizens living in the United States. The presentation will cover residency issues, gift and estate tax planning, income tax planning and proper structuring of investments, as well as practice tips and anecdotes.
Accounting Track: A2: Can Attorneys "Do" The Numbers?with Brett A. Bjornson, M.S. (Tax), CPA (Inactive), Esq. / Gorman and Miller, A Law Corporation Brett A. Bjornson will be discussing whether attorneys can “do” the numbers? Many can and some can’t. Often CPAs can in their heads but (not) the legal aspects – careful of what you don’t know. The legal aspects are indispensable to the planning but the numbers help explain and verify the advantages (or disadvantages) of the plan. Mr. Bjornson will demonstrate with multiple calculations the interplay between various taxes (income, estate, gift and property) when estate planning intersects with trust and/or estate administration. In many instances an estate plan can have a positive impact on one tax and a detrimental impact on another. “Step-up in basis” under I.R.C. § 1014 is only the tip of the iceberg.
A3: Owning a Piece of Paradise—The Benefits and Challenges of Hawaii Real Property Ownership with Judy Lee This session will address the benefits and challenges of owning real property in the State of Hawaii. The discussion will include the initial considerations of lifetime ownership of the Hawaii real property, and the planning considerations to ensure proper administration during incapacity and after death. The presentation will also address Hawaii's transfer on death deed ("TODD"), Statutory Form of Attorney, and the impact of Hawaii's recent changes to the Hawaii estate tax.
A4: Near and Dear to Jerry: Community Property with Andrea Kushner Ross In 1999, Jerry Kasner prepared an outline entitled “Community Property and Estate Planning,” which has been a critical resource for countless California attorneys. Using an updated version of Jerry's piece, Andrea Kushner Ross will review notable developments in California community property law since Jerry prepared his outline. The presentation will have a specific emphasis on community property issues affecting estate planning practice.”
12:15pm – 1:30pm
Lunch & Keynote Putting It On & Taking It Off: Managing Tax Basis Today (for Tomorrow) with Paul Lee “Tax reform” has arrived, and the importance of (and the opportunities surrounding) the management and creation of tax basis has never been greater. This presentation will discuss innovative tax basis management techniques that strip, shift, create, concentrate, and maximize basis where it can be of most benefit to taxpayers. The discussion will include: (i) upstream planning and powers of appointment to create basis; (ii) maximizing and multiplying the “step-up” in basis; (iii) the upside of leverage; (iv) partnership planning to move basis to where you want it; (v) novel uses of grantor trusts and disregarded entities in basis management; (vi) how to “base-up” foreign assets for U.S. taxpayers; and (vii) planning that benefits charity while capturing new basis for the family.
1:30pm – 1:45pm
1:45pm – 3:00pm
Fundamentals Track: B1: California Estate Planning (for Residents and Others)with Brian Shetler Planning to avoid probate of assets in California for residents and others is fundamental to all estate plans in California. This program will explore the common tools available for probate avoidance and how best to use them for the benefit of clients, including some discussion of implications for federal estate taxes, federal and state income taxes, and California property taxes.
Accounting Track: B2: IRS Form 8971 Compliancewith Dennis Leonard This session will not only focus on the basics of filing the new form 8971 but also on traps and idiosyncrasies and how to deal with subsequent transfers, unknown beneficiaries, timing and supplementing the form, including use (or not) of attachments. The speaker, Dennis Leonard, will speak from both practical experience and conversation with the IRS and others on this timely topic.
B3: Foreign Trusts: U.S. Income Taxation of Grantors & Beneficiaries with M. Read Moore Differences in trust law and trust administration outside of the United States often make advising U.S. clients on U.S. tax issues related to foreign trusts quite challenging. This presentation will address the principal U.S. income tax issues affecting U.S. settlors and beneficiaries of trusts administered outside the United States with an emphasis on frequent conflicts between U.S. tax law and the realities of trust law and trust administration outside of the United States.
B4: Old Insurance, New Insurance - What Do We Do with Life Insurance After Tax Reform? with Thomas J. Kanaley J.D. Life Insurance has been at the heart of estate and asset protection planning for decades. With the enactment of last year’s new tax law, fewer estates than ever are subject to estate tax – and many old life insurance plans and policies need to be revisited in light of the new law. The presentation will review planning options for existing policies, and discuss the best strategies for planning forward. This will include case study examples of repurposing trust-owned policies, split dollar “rescue” plans, considerations surrounding policy replacement and the possible use life settlements. Consideration will also be given to planning opportunities under the new law.
3:00pm – 3:15pm
3:15pm – 4:30pm
Fundamentals Track: C1: Charitable Compliance: Substantiating the Giftwith Anne LeClair J.D. This session introduces the concept of compliance in capturing an income or estate tax deduction after a charitable contribution. We will discuss the basics of substantiation, ranging from record keeping to appraisal requirements, and the potential pitfalls of falling short. C
Accounting Track: C2: Scarier Than Lions and Tigers and Bears: Fiduciary Accounting Income, Distributable Net Income and Trust Taxable Income, Oh My!with Justin Miller Trusts are subject to increased tax rates as high as 40.8% on ordinary income as soon as net income exceeds only $12,500 (in 2018) and 23.8% on qualified dividends and long term capital gains as soon as net income exceeds $12,700 (in 2018). To help practitioners minimize the impact of higher tax rates and avoid many of the traps for the unwary, this program will translate different definitions of income, including fiduciary accounting income, distributable net income and trust taxable income in a clear and concise manner. In addition, this presentation will review the impact of recent tax reform, case law, IRS guidance, and Treasury regulations on the taxation of trusts.
C3: Alternative Dispute Resolution Strategies & Navigating the World of Trust and Estate Litigation with Judge Catherine Gallagher & Vivian Thoreen An experienced mediator (formerly a presiding Judge of the Santa Clara County Superior Court) and trial attorney will share their perspective on hot topics in trust & estate disputes and litigation, including petitioning for and the payment and allocation of attorney’s fees in disputed matters. The panelists will also share their strategies for alternative dispute resolution, including mediation, judicial references, arbitration, and private judges.
C4: Bypassing the Bypass Study Group with Professor Pat Cain, Discussion Leader After “portability” became available, estate planning practitioners have had to reconsider the benefit of using a bypass trust as part of the estate plan. A fierce debate in the estate planning community has focused on whether or not bypass trusts are still useful in the way they were in the past. An even fiercer debate has focused on what sort of post mortem decisions may be carried out to ignore a bypass trust that is not helpful. This session will offer practitioners an open forum for discussing how to bypass the bypass. Professor Cain will lead the discussion but the audience should be prepared to contribute their experiences to this substantive debate.
4:30pm – 5:30pm
Networking with Sponsors & Exhibitors
Friday, October 5, 2018
Registration & Continental Breakfast
8:30am – 9:45am
Ten Months after the 2017 Tax Act with Professor Annette Nellen, David Sacarelos, and Michael Jones The panel will share and discuss certain income tax and transfer tax provisions of the Tax Cuts and Jobs Act of specific interest to trust and estate professionals, highlighting legislative technical corrections, Treasury regulations, and IRS published guidance issued since the TCJA was passed into law on December 22, 2017.
9:45am – 10:00am
10:00am – 11:15am
Understanding the New Qualified Business Income Deduction with Professor Samuel Donaldson This informative and entertaining session will cover everything the estate planning professional needs to know about the new section 199A deduction for qualified business income, the most important new rule under the Tax Cuts and Jobs Act. Specific topics to be addressed include eligibility for the deduction, the limitations applicable to specified service businesses, the application of income-based phaseouts, and strategies for maximizing the deduction.
11:15am – 11:30am
11:30am – 12:30pm
Q & Awith Professor Samuel Donaldson, Professor Annette Nellen, Akane Suzuki, Darin Donovan, and Professor Pat Cain, Moderator
12:30pm – 2:00pm
Lunch On Your Own
2:00pm – 3:00pm
Fundamentals: D1: Putting It All Together, Part Iwith John Doyle This session will discuss the practical application of the concepts learned in the earlier fundamentals sessions, focusing on the drafting and uses of durable powers of attorney for property, personal care, and expenses. We will discuss drafting strategies to make a durable power of attorney effective in anticipating the unanticipated, pitfalls that can be avoided, and the general importance of your clients having a durable power of attorney in place.
D2: Elimination of Bias in Law Practice with Camelia Mahmoudi and Ellen Cookman In today’s world, we continue facing issues of bias and discrimination in our law firms. Some of these biases are hard to identify because they are implicit because they are unintentional. We might not even see them, because they are hidden and unrecognizable. We should be able to identify such biases and try to find ways to eliminate them in our workplace. We should identify the laws and regulations prohibiting expressions of bias, discrimination or harassment in the workplace.
D3: Estate Planner Liability for Transmutation Malpractice Arising Out of Divorce with John Golden & Jennifer Mispagel Estate planning attorneys (and others) often prepare transmutation agreements in connection with tax and estate planning for married clients. In this session, John Golden and Jennie Mispagel will cover a myriad of problems caused by such agreements which usually arise during marital dissolution proceedings but can sometimes arise in the event of death of a spouse (or even in the creditor context). This session will include tips on how to reduce (but not eliminate) the malpractice risk for the estate planner.
D4: What Did We Learn and How Will We Use It In Our Practice? with Kasner Committee Members Members of the Kasner Symposium Planning Committee will review and discuss the 2018 Jerry A. Kasner Estate Planning Symposium with emphasis on how to transition from learning to client application. While this session is intended to be an informal discussion among Kasner Committee members, all Symposium attendees are welcome.
3:00pm – 4:00pm
More Bonus Credits!
Fundamentals: E1: Putting It All Together, Part II with John Doyle In this area, the primary asset of many families is the family residence. This session will cover specific strategies in preparing an estate plan related to trust planning and post-mortem administration related to real property transfers, including real property tax considerations, creation and administration of life estates in real property and the initial steps after the death of a trustor. In addition, we will discuss the use of entities to transfer real property and create a clear management structure for future generations.
E2: California Legal Ethics: Disabled Clients Edition with Camelia Mahmoudi and Ellen Cookman A disabled person comes into your law office with his family members and/or fiduciary, and you correctly ask yourself: Who is my client? How do I maintain client confidentiality? What is the scope of representation? How do I uncover and protect against conflicts of interest? What, if anything, should I do differently when representing a client with diminished capacity? Ellen Cookman will cover the applicable California Rules of Professional Conduct and provide many examples to elucidate these topics and help you feel more comfortable and confident in representing members of the disabled community and their families.