Virtual Happy Hour, Networking & Virtual Exhibit Hall Open
3:30pm – 4:00pm
LIVE STREAM – Greeting & Virtual Symposium Overview
Thursday, September 24, 2020
8:00am – 9:00am
Virtual Coffee Hour & Networking – Virtual Exhibit Hall OPEN
LIVE STREAM – Welcome by Anna M. Han, Interim Dean, Santa Clara University School of Law, Charles H. Packer, Hopkins & Carley, A Law Corporation, & Tara Perkins, Northern Trust
LIVE STREAM – General Session Federal Tax Updatewith 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.
Virtual Coffee Break & Networking & Virtual Exhibit Hall OPEN
11:00am – 12:30pm
A1: COVID-19 Relief Acts – Implications for Estate Plannerswith Professor Annette Nellen, CPA, Esq. Professor and Director of San Jose State University’s Graduate Tax Program (MST), & David Sacarelos, CPA, CGMA, Seiler LLP This presentation will summarize several provisions of the 2020 COVID-19 federal emergency relief legislation likely to have an impact on estate and tax planning for individuals and closely-held business clients.
A2: Wealth Planning for a Brave New World: It’s all in the Family...What’s a Family?with R. Hugh Magill, Vice Chairman, Wealth Management, The Northern Trust Company Family and individual philanthropy is changing while it stays the same. People give to the charities that they love, and that they think are doing effective work, whether they are educational, religious, environmentally focused, etc. Focus has become greater in many key areas: Impact: More rigor in understanding efficacy; Family involvement; Utilization of family funds (DAF, Family Foundation, Family Endowment); Impact investing as part of philanthropy; Role of the community foundation philanthropy is typically planned within the constraints and opportunities of legislation. This year because of the CARES and SECURE Acts, there are new ways to think about both current and legacy giving. Central to all of this is the “conversation,” that between advisors and clients and that within a family. In this, the trusted advisor can add great value by inviting and enhancing the conversation. Advisors can work together to leverage contributions and increase value to the client.
A3: Trends, Tools and Ideas in Guiding a Client’s Philanthropy Planswith Mary Aumack, Chief Executive Officer, The Catholic Community Foundation, Jim Cashman, Managing Partner, Berliner Cohen, & Danielle Reed, Jordan Park Family and individual philanthropy is changing while it stays the same. People give to the charities that they love, and that they think are doing effective work, whether they are educational, religious, environmentally focused, etc. Focus has become greater in many key areas: Impact – More rigor in understanding efficacy: Family involvement; Utilization of family funds; DAF; Family Foundation; Family Endowment: Impact investing as part of philanthropy; Role of the community Foundation
Philanthropy is typically planned within the constraints and opportunities of legislation. This year because of the CARES and SECURE Acts, there are new ways to think about both current and legacy giving. Central to all of this is the “conversation,” that between advisors and clients and that within a family. In this, the trusted advisor can add great value by inviting and enhancing the conversation. Advisors can work together to leverage contributions and increase value to the client.
A4: The SECURE Act and Other Recent Retirement Savings Developmentswith Michael J. Jones, CPA, Thompson Jones LLP Developments including the the SECURE Act, CARES Act and recent IRS pronouncements that have profoundly altered the landscape for inherited retirement accounts.
12:30pm – 2:00pm
2:00pm – 3:30pm
B1: A Sequel Much Worse Than the Original: Planning for GST Tax on Nonexempt Trustswith M. Read Moore, Partner, McDermott Will & Emery LLP This session will address how trustees and beneficiaries of trusts that are not exempt from the GST tax can plan for the mitigation or payment of that tax for both large and small trusts, and will include drafting considerations for non-exempt trusts.
B2: Effective Succession Planning Strategies for the Owner of the Family Business either to the next generation when some of the children do not participate in the family business or to key employeeswith Professor Jerome M. Hesch, Adjunct Professor of Law An analysis of the financial and practical obstacles that arise in passing ownership of a family business on to the next generation when the senior family member desires to treat all the children equally, but some of the children will not take an active role in running the family business How to treat all the children equally and still reward the active child. Selling a business to key employees without reporting any gain using the preferred partnership structure.
B3: Don’t Let Trust Situs Give You Gastritiswith Laurelle Gutierrez, Partner, McDermott Will & Emery LLP & Justin T. Miller, National Wealth Strategist, BNY Wealth Management Many states have aggressively competed to attract trust business by transforming traditional trust law concepts of fiduciary duties, perpetuities, creditor protection, and beneficiary rights, however, California continues to buck this trend. Two “situs war” veterans will review California’s approach to irrevocable trusts and will address the most popular trust law features that continue to drive trust business and revenues outside of California. The speakers will discuss directed trustees, decanting, rule against perpetuities, non-judicial settlements, privacy/secrecy, asset protection, state fiduciary income taxation, and attempts to minimize or avoid state taxation using DINGs and NINGs.
B4: When there is a Will there is a Way: Estate Planning During Covid – Ethical and Practical Issues?Panel Discussion with Professor Karen E. Boxx, Professor of Law, University of Washington, Wendy S. Goffe, Partner, Stoel Rivas LLP, Leigh Wasson, Senior Wealth Director, BNY Mellon Wealth Management and Moderator Professor Patricia A. Cain, Professor of Law, Santa Clara University In these uncertain times, many clients are considering putting their affairs in order-just in case the worst should happen. This is an entirely natural reaction to the COVID-19 epidemic. But where a client is in self-isolation, social-distancing or under strict lockdown measures, the practical side of signing new estate planning documents presents significant challenges. This panel will discuss those challenges from the practical and ethical perspectives and suggests ways in which these challenges can be overcome to enable a client to put in place a new plan.
4:45pm – 6:30pm
Virtual Happy Hour & Networking and Virtual Exhibit Hall is OPEN
Friday, September 25, 2020
8:00am – 9:00am
Virtual Coffee Hour & Networking and Virtual Exhibit Hall OPEN
LIVE STREAM – General Session 2020 Recent California Developments…Delivered Via Instacartwith Patrick A. Kohlmann, Managing Partner, Termmerman, Cilley & Kohlmann, LLP, Robert E. Temmerman, Jr., Partner, Temmerman, Cilley & Kohlmann, LLP & Vivian Thoreen, Executive Partner, 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.
10:30am – 11:00am
Virtual Coffee Break & Networking and Virtual Exhibit Hall OPEN
C1: Stuck in Lodi when you are from Rome or Timbuktu. Review of residency, domiciliary and transitory rules with respect to estates, trusts and taxation, particularly in light of restricted movement due to COVID.Panel Discussion with Marsha Laine F. Dungog, Director, Anderson Private Client Service Group & Myriam Soto, Head of International Wealth Planning and Fiduciary Services, BNY Wealth Management and Moderator Leigh Wasson, Senior Wealth Director, BNY Mellon Wealth Management As the adage goes, timing is everything. What happens when you are a non-US person and you find yourself an accidental resident of the US for US tax purposes? Conversely, what are the implications to a US person who becomes an accidental tax resident of another country? At this time of lock down and quarantine, such a surprise is likely. As estate and tax professionals, it is our job to help our clients navigate these unsettling predicaments.
This panel will provide a high level overview of the various income, gift and estate tax issues that arise when an individual accidentally becomes a tax resident in another jurisdiction due to COVID restrictions– a US person who becomes subject to the income and estate tax laws of another country and a non US person who becomes subject to the US income and estate tax regime. We will discuss what triggers tax residency and domiciliary status, the ways to issue spot the potential of this risk, how changes in residency or domiciliary status of an individual trustee, trust or estate can affect the application of the US income, estate and gift tax rules for an estate or beneficiary – from inadvertent trust migration to hidden gotcha's in the tax code that would create additional tax complexities for the trust, the estate and its beneficiaries. We will also discuss best practices to address and mitigate these risks. In this increasingly cross border world where a virus from Wuhan can topple markets and devastate families, this panel is one that every estate planner and tax specialist will want to join. And if you are a Creedence Clearwater Revival fan, all the more reason!
C2: Wealth Planning for a Brave New World: It’s all in the Family...What’s a Family?Panel Discussion with Wendy S. Goffe, Partner, Stoel Rivas LLP & R. Hugh Magill, Vice Chairman, Wealth Management, The Northern Trust Company The structure of the American family has changed dramatically in the last few decades, presenting creative opportunities to develop estate plans and design trusts that will best serve the needs of contemporary families. This presentation will examine generational attributes, changes in marriage and family structure, and their implications for estate planning, trust design, and family collaboration and decision making.
C3: 2020 Federal Transfer Tax Update - Recent Developments and Related Planning Considerationswith Michael J. Jones & John W. Prokey Recent developments affecting estate, gift and generation-skipping transfer taxes, including court rulings, IRS pronouncements and private letter rulings.
C4: The Impact of Systemic Racism on generational wealth transfer and preservation within Black communities in America: Uniform Partition of Heirs Property Act to estate planning in communities of color.with Professor Margalynne J. Armstrong, Associate Professor of Law, Santa Clara University & Katrina T. Logan, Directing Attorney, Community Legal Services in East Palo Alto, and John C. Martin, Esq. This CLE will take a look at how systemic racism has impacted wealth and economic mobility within Black communities throughout the U.S. and also discuss the approaches that are currently being used to build wealth and protect generational wealth transfer in communities of color.
1:00pm – 2:00m
LIVE STREAM – Closing Note Washington Update: A look at recent, pending, and anticipated developments in the tax law related to estate planningwith Ron Aucutt, Senior Fiduciary Counsel, Bessmer Trust Washington Update: A look at recent, pending, and anticipated developments in the tax law related to estate planning. Topics will include updates on the implementation of the 2017 Tax Act, the burdensome “consistent basis” rules, the tax treatment of transfers of interests in entities, other valuation issues, the state of the IRS and tax administration, and the prospects for changes in the law in the context of the current political and social climate.
2:30pm – 4:00pm
Fundamentals Wrap-Up: An Interactive Discussion of the Key Takeaways from the 2020 Kasner Symposiumwith John F. Doyle, Principal, WealthPLAN, Darin Donovan, Shareholder, Hopkins & Carley, A Law Corporation Darin Donovan and John Doyle will host an interactive discussion covering the key topics from the prior sessions of the Symposium with a focus on what the beginning practitioner needs to know. The speakers will discuss how the SECURE ACT affects the estate planning for average clients, the implications of COVID Stimulus on our clients, and the important changes and updated to the law that affect estate planning. This session will provide an opportunity for participants to round out their understanding of these changes and address any lingering questions they have from the last two days.