WELCOME by Anna M. Han, Interim Dean and Professor, Santa Clara University School of Law, and Charles H. Packer, Hopkins & Carley, A Law Corporation
9:20am – 10:45am
OPENING KEYNOTE: Caveat: This Won’t Get You Into an Elite University – Recent Developments That All T&E Lawyers Should Know About with Patrick A. Kohlmann, Esq., Temmerman Cilley & Kohlmann, LLP & Vivian L. Thoreen, Esq., Holland & Knight This program is an annual review of recent case law and statutory changes. The Panelists will discuss key developments, including new legislation and court decisions, which are most significant to California trusts and estates practitioners.
10:45am – 11:00am
11:00am – 12:15pm
Transfer Tax Update - Recent Developments And Related Planning Considerations with Michael J. Jones, CPA, Thompson Jones, LLP & John W. Prokey, Esq., Ramsbacher Prokey & Leonard, LLP A review of the latest estate, gift and generation-skipping transfer tax developments of interest in estate planning, administration and tax compliance will be provided, including recent IRS pronouncements, court cases, and private letter rulings.
Because Nothing Says “Romance” Like a Consult With Your Local Family Lawyer: Exploring Legal Options for Silicon Valley Couples Contemplating Cohabitation and/or Marriage with Geniveve J. Ruskus, Esq., Lakin Spears, LLP As lawyers practicing in California’s Silicon Valley, we provide legal services to some of the greatest innovators and money movers on the planet. Keeping up with the myriad ways in which our clients structure their assets and businesses can be challenging enough. But what happens when they fall in love and want, or don’t want, to provide for their significant other? What happens when they have adult children and they want to protect their family wealth from their children’s partners? What does it mean for a person with no assets and no inheritance on the horizon to enter into a union with a more moneyed partner? Due in part to the reduction in social stigma associated with living together out of wedlock, and the declining importance of religion in modern society, couples have more options available to them than ever before. For instance, they may consider cohabitation, registered domestic partnership, partnership coupled with an estate plan to provide for one another on death, or traditional marriage. This program will acknowledge the challenge of the “divided consciousness” in which couples must enter into their agreements not knowing whether their union will end in death, amicable separation, or a messy court battle. As estate planners and family lawyers, we need to be able to educate our clients about their legal options so they can make informed decisions that support their unique goals and interests.
Pouring into a State near You: Decanting - It’s Nothing to Wine About with Abby L.T. Feinman, Esq., Katten Muchin & Rosenman LLP & Laura K. Ziegler, Esq., Bessemer Trust Abby Feinman and Laura Zeigler will discuss the legal basis for decanting, including decanting cases and statutory authority for decanting, the fiduciary considerations with decanting, the mechanics of decanting, the potential tax issues with decanting and alternatives to decanting.
Trust Acronyms De-Mystified: What Are and When Do You Use AB QTIPs, AB Marital Trusts, No-ABs, ILITs, SLATs, Children’s Trusts, QTIP-able Bs, BDITs, QPRTs, GRITs, GRATs, GRUTs, IDGTs, Walton-Style GRATs, Dynasty Trusts, NINGs, DINGS, WINGS, CRUTs, NICRUTs, NIMCRUTs, CRATs, CLATs, CLUTs, and related acronyms, references and classifications (SCINs, Private Annuities, Self-Settled Trusts, QSBS, QSSTs and ESBTs) with Brian L. Shetler, Esq., Berliner Cohen LLP & John F. Doyle, Esq., WealthPLAN, PC Attorneys and other wealth advisors are expected to know the options and use their judgment in selecting the right types of trusts for their clients’ circumstances. But are you sometimes lost when someone throws out an acronym or short-hand reference for a type of trust? Nodding your head and then rushing out to look it up can be uncomfortable. This program will help you to nod your head with actual knowledge of the meaning for the references and whether each trust actually might make sense to explore for clients.
12:15pm – 1:30pm
1:30pm – 2:00pm
BREAK & DESSERT
2:00pm – 3:15pm
QSBS: Quest for Quantum Exclusions (Queries, Qualms, Qualifications & QOZ)with Julie Miraglia Kwon, Esq., McDermott, Will, & Emery LLP, Paul S. Lee, Esq., The Northern Trust Company, Ray Thornson, Andersen Tax, Syida Long, Goldman Sachs Qualified Small Business Stock (QSBS) under Section 1202 is not just for tech companies anymore. It’s time to reconsider QSBS because the new tax act has paved the way for closely-held companies to benefit “bigly.” QSBS provides an exciting array of benefits (and a surprising alternative) for owners of new and pre-existing business (large and small): (i) 100% gain exclusion on sale; (ii) tax-free rollover of gains; and (3) a chance to “stack” (multiply) and “pack” the exclusion by 10 times (maybe more). While the benefits of QSBS are straightforward, the qualifications and questions surrounding QSBS planning are far from it. The panel will discuss planning opportunities including how QSBS can be combined with Qualified Opportunity Zone investments, unanswered questions, potential pitfalls, and best practices in the quest for quantum QSBS exclusions.
Near & Dear to Jerry: Community Property with Andrea Kushner,Esq., Bernstein 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 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.”
How T&E Litigation Has Affected My Planningwith Timothy J. Kay, Esq., Snell & Wilmer, LLP A review of a number of contested cases, some decided by the California Supreme Court and the California appellate courts, and some cases that were resolved without appellate review. Mr. Kay will go over the facts or issues that gave rise to the conflict, the caselaw or other results and how he changed his planning advice in response. Lessons learned. He will offer approaches that reduce the risk of conflict and enhance the chances that the client’s estate plan is ultimately successful.
Choosing the Right Entity: Understanding the Pros and Cons of Different Entity Structures with John F. Doyle, Esq., WealthPLAN, PC For a variety of reasons, clients may have a need to create an entity. Clients often look to attorneys and other advisors for guidance in choosing the right entity. This session will discuss the differences between, sole proprietorships, partnerships, corporations, and limited liability companies, and how to select the best entity for your client’s situation.
Basis Is (Almost) Everything – Part 1with Darin Donovan, Esq., Hopkins & Carley, A Law Corporation, Laurelle M. Gutierrez, Esq. McDermott, Will & Emery, LLP Patrick A. Kohlmann, Esq., Temmerman, Cilley & Kohlmann, LLP, Dennis Leonard, Esq., Ramsbacher, Prokey, Leonard LLP, Annette Nellen, CPA, CGMA, Esq. Professor and Director of San Jose State University’s Graduate Tax Program (MST), and David Sacarelos, CPA, CGMA, Seiler LLP 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 considerations on both the estate tax imposed on larger estates and the income taxes imposed when a decedent’s assets are sold or exchanged. The panel will focus their presentation on the underlying question of basis.
3:15pm – 3:30pm
3:30pm – 4:45pm
Life Insurance Is More Exciting Than You Thinkwith Jeffrey M. Ostrum CFA, Financial Architects Partners, Joe Bragdon CFA, Financial Architects Partners, and Kristin Bulat, Senior Vice President, NFP Find out why super affluent families are adding large life insurance programs to their planning and portfolios. We will show how Trust Owned Life Insurance (TOLI) can leverage the (increased) lifetime exemption and how families are finding “tax alpha” in the life insurance asset class. Why Split Dollar planning is alive and kicking. We will review the important changes in products and help identify the opportunities and land mines. Finally, we will share details on properly structured Bank (Premium) Financing programs.
Divorce, Death & Deductions: Tax Aspects of Marriage & Dissolutionswith Julie Kwon, Esq., McDermott Will Emery LLP and Carlyn S. McCaffrey, Esq., McDermott Will & Emery LLP Tax considerations affect agreements and settlements throughout marriage, including premarital agreements, postnuptial agreements, transmutations and divorce settlements. The 2017 Tax Act significantly revised income tax consequences of marriage and divorce, including repeal of the long-standing alimony deduction. In addition, gift and estate aspects, including the special rules of Chapter 14, are often overlooked when evaluating terms upon entry to or exit from a marriage. We will apply these rules in our discussion of advance planning and settlements that can promote overall estate planning objectives while addressing the divorcing client’s personal risks and concerns.
Tax & Estate Planning Strategies in the Age of the Unicornwith Lara Gilman, Esq., Farella, Braun & Martel, Tim Macholz, Houlihan Lokey, Junaid Mohiuddin, Fuel by McKinsey, and Sha Zhang, Deloitte Tax LLP. Panel Facilitator: Leigh Wasson, BNY Mellon Wealth Management This interactive panel will be a follow up to a discussion delivered at the 2015 Kasner Estate Planning Symposium that was titled, “Estate Planning for Unicorns and Other Exotic Game”. Fast forward to 2019…as a number of unicorns are transitioning from private to public companies, our panel of specialists will discuss why companies are staying private longer and the implications to tax and estate planning techniques. The panelists will also explore tax, estate and financial planning strategies that are being used to manage the personal assets of unicorn founders and shareholders.
Nuts and Bolts of How To Fund and Split Trusts with Brian L. Shetler, Esq., Berliner Cohen LLP Trusts do not magically fund or split into subtrusts by themselves. This program covers nuts and bolts of how to accomplish both. Included in the discussion will be real property transfers (including transmutation deeds to fund joint trusts, documentary transfer tax forms, and Proposition 58 forms), entity transfers (including assignments, amendments to operating agreements and limited partnership agreements, share transfers, and SBOE 100-Bs) , declarations of trust splits, IRC 645 elections, and treatment of reserves under Treasury Regulations 1.643(d).
Basis Is (Almost) Everything – Part 2with Darin Donovan, Esq., Hopkins & Carley, A Law Corporation, Laurelle M. Gutierrez, Esq. McDermott, Will & Emery, LLP, Patrick A. Kohlmann, Esq., Temmerman, Cilley & Kohlmann, LLP, Dennis Leonard, Esq., Ramsbacher Prokey Leonard LLP, Annette Nellen, CPA, CGMA, Esq. Professor and Director of San Jose State University’s Graduate Tax Program (MST), and David Sacarelos, CPA, CGMA, Seiler LLP 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 considerations on both the estate tax imposed on larger estates and the income taxes imposed when a decedent’s assets are sold or exchanged. The panel will focus their presentation on the underlying question of basis.
4:45pm – 6:30pm
RECEPTION for All Attendees, Speakers, Sponsors, and Exhibitors.
WELCOME by Charles H. Packer,Esq., Hopkins & Carley, A Law Corporation
8:30am – 9:45am
CLOSING KEYNOTE #1: The Estate Planner’s Guide to Recent Federal Income Tax Developmentswith Professor Sam Donaldson, Georgia State University School of Law This informative and entertaining presentation will recap the important income tax cases, rulings, regulations, and legislation from the past 12 months of interest to estate planning professionals. Specific topics to be strategies to mitigate the $10,000 cap on the deduction for state and local taxes, maximizing the deduction for charitable contributions, final regulations related to qualified business income, and state taxation of nonresident trusts.
9:45am – 10:00am
10:00am – 11:15am
CLOSING KEYNOTE #2: Special Considerations for Family Philanthropy: At Home and Abroadwith Marguerite Griffin, The Northern Trust Company A review of the latest trends and strategies in charitable planning for multigenerational families who are engaged in domestic, place-based and global philanthropy, including guidance regarding regulatory and tax compliance for international grant making, and resources for attorneys and wealth advisors.
11:15am – 11:30am
11:30am – 12:30pm
Q & Awith Professor Sam Donaldson, Georgia State University School of Law, Annette Nellen,Esq., CPA, CGMA, Professor and Director of San Jose State University’s Graduate Tax Program (MST), Carlyn S. McCaffrey, Esq., McDermott Will & Emery LLP, Timothy J. Kay, Esq., Snell & Wilmer, LLP; Moderator: Patricia Cain, Professor of Law, Santa Clara University
12:30pm – 1:00pm
CLOSING REMARKS & SPONSOR/EXHIBITOR GIFT DRAWINGS
1:00pm – 2:00pm
BREAK FOR LUNCH (ON YOUR OWN)
2:00pm – 3:00pm
BONUS CREDITS: Conflicts of Interest in Estate Planning with Andrea Kushner, Esq., Bernstein Lawyers are prohibited from representing two clients if their interests are adverse. Conflicts of interest can arise in many client situations, but they are especially common in estate planning. This session will explore how to identify and manage conflicts of interest in estate planning, with a specific emphasis on conflicts that can occur when working with spouses.
3:00pm – 4:00pm
BONUS CREDITS: Elimination of Bias with Camelia Mahmoudi, Esq., LL.M, Law Offices of Camelia Mahmoudi 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 and 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.