The Advanced Trusts and Estates Conference moves beyond the basics of the taxation of trusts and estates and planning to more sophisticated planning opportunities, issues, techniques and pitfalls such as:
Important aspects of US international tax and reporting obligations
Overview of Qualified Opportunity Zones and Qualified Opportunity Funds planning
Factors and issues involved in client expatriation
State income taxation of trusts and planning techniques
Impact of recent tax reform on advanced planning for real estate
Use of decanting and related tax, fiduciary and planning issues
Lifetime planning techniques to defer gain on a current sale of assets
Important areas of focus and practice pointers in connection with preparation of the estate’s Form 706
Increased knowledge of the law and issues surrounding Section 9100 relief
Planning issues and opportunities in connection with Section 2701
Practical, financial and income tax concerns in business succession planning
Chair: Brad J. Richter, Esq., Partner, Fried, Frank, Harris, Shriver & Jacobson, New York, NY.
Key topics to be discussed:
Planning Issues and Problems With Respect To Decanting Trusts
Summer (Tax) Fun in The Sun With 2701
Advanced Planning for Real Estate
State Income Taxation of Trusts
Divorce – Minimizing Impact & Maximizing Leverage
“The Baker’s Dozen: 13 things that you may not know about preparing a federal estate tax return”
Preferred Partnerships: Practical uses for encumbered real estate
I Want a Do-Over: 9100 relief for late tax elections
Ethics/Diversity and Inclusion Session: Viva la famiglia! advising diverse clients and the families in a changing estate planning world
Reporting For Foreign Assets and Activities by Us Taxpayers Including Trusts And Estates
Brad J. Richter is a partner in and chair of the trusts and estates department of Fried, Frank, Harris, Shriver & Jacobson LLP, resident in Fried Frank’s New York office. Mr. Richter’s practice focuses on all aspects of private client representation, including sophisticated tax and estate planning, administration of large estates and trusts, succession and business planning, and formation and operation of charitable foundations. He represents high net worth individuals, entrepreneurs, the fiduciaries of estates and trusts, charitable organizations, family business owners, brokers, bankers and financial services personnel, and others. He also represents clients engaging in litigation with the IRS or with third parties before the Surrogate’s Court on contested tax and probate matters.
Mr. Richter received his JD, cum laude, from New York University School of Law, where he was a member of the NYU Law Review. He graduated magna cum laude from Amherst College. He is admitted to the bar in New York and Massachusetts. Mr. Richter is a member of the American Bar Association (Real Property, Probate & Trusts Law Section; Taxation Section), New York State Bar Association (Trusts and Estates Law Section; Entertainment, Arts and Sports Law Section), New York County Lawyers Association (Estates, Trusts and Surrogate’s Court Practice Section; previous: Committee on Pro Bono), and the Association of the Bar of the City of New York (previous: Committee on Estate and Gift Taxation, Committee on Surrogate’s Courts).
Wendy Wolff Herbert, Esq. | Fox Rothschild
Wendy advises individuals and businesses in a wide range of estate planning and tax matters.
She focuses her practice on strategic planning for the transition of wealth from one generation to the next and on business succession planning. She also has a depth of experience in handling tax controversies, advising and representing individuals and businesses before the IRS.
Wendy currently serves as the Administrative Partner for Taxation & Wealth Planning in the Princeton office.
Adam K. Sherman, Esq. | McDermott, Will & Emery
Adam K. Sherman provides legal counsel on a wide range of wealth transfer, tax, estate planning and business succession matters for high-net-worth individuals and business owners.
Adam has extensive experience structuring and implementing sophisticated wealth transfer techniques and working with owners of closely held businesses to develop customized succession plans. Adam also advises clients on a range of issues relating to the formation and maintenance of family office and private trust company structures.
Scott M. Sambur, Esq. | Seward & Kissel LLP
Scott Sambur is a partner in the Trusts & Estates Group. Scott represents fiduciaries and individuals with substantial net worth throughout the full range of estate and transfer-tax planning and administration, focusing on the transfer of assets to beneficiaries at the lowest tax cost while achieving overall family and charitable objectives. He advises clients on tax-effective strategies to shift both future wealth and existing wealth, using sophisticated trust planning, family investment vehicles, life insurance and charitable giving. Scott works closely with members of the taxation, investment management and maritime groups at Seward & Kissel to craft comprehensive solutions addressing clients’ family and business planning objectives.
Scott advises clients on techniques for charitable giving, including the establishment and administration of charitable foundations, while helping clients to navigate the complicated rules governing the directors and officers of private foundations. He has worked with numerous clients to set up charitable split-interest trusts, helping the charitably-inclined to give large sums to worthy causes while at the same time transferring considerable wealth to members of their families on a tax-advantaged basis.
Scott is experienced with the complicated laws governing non-resident aliens who own assets in the United States or have U.S. family members, as well as U.S. citizens owning foreign assets, holding dual citizenship, residing abroad or considering expatriation. He has advised multiple clients on complex offshore business succession and estate planning matters, and is well-versed in the many rules governing foreign trusts with U.S. beneficiaries.
Scott received an A.B. from Harvard College and a J.D. from Harvard Law School, and he served as a law clerk to the Honorable Bruce A. Markell, of the United States Bankruptcy Court, District of Nevada. He is currently a member of the New York City and State Bar Associations, the American Bar Association and the International Bar Association.
N. Todd Angkatavanich | Ernst & Young
Todd works with families and family offices with wealth and succession transition planning. He focuses on creating family structures into order to promote the orderly transition of family assets from one generation to the next in a way that provides for the stewardship of the family assets for multiple generations.
Todd represents domestic and international families and family offices in structuring multigenerational wealth transfer, preservation and business succession vehicles, with an emphasis on navigating the transfer tax pitfalls that often arise under Chapter 14 of the Internal Revenue Code. He also assists families with introducing the next generation(s) to the non-tax concepts of engagement and flexible stewardship to achieve effective long-term wealth preservation coupled with beneficial enjoyment.
Todd has a Bachelor of Arts in Economics from Fairleigh Dickinson University, a J.D. in Tax Law from Rutgers University School of Law, an MBA from Rutgers University Graduate School of Management and a Master of Laws in Taxation from New York University.
Norman Lencz, Esq. | Venable LLP
Norm Lencz is a tax attorney who focuses his practice on matters relating to international, federal, state, and local tax. Norm advises clients on issues associated with corporations, partnerships, limited liability companies, joint ventures, real estate investment trusts (REITs), and regulated investment companies (RICs); tax-free and taxable mergers, acquisitions, and spin-offs; compensation planning; installment sales and like-kind exchanges; and real estate development and investment. His counsel covers all aspects of tax planning and tax controversy, leveraging deep knowledge base and broad experience to provide creative solutions to any related issue facing his clients.
Richard H. Greenberg, Esq. | Greenberg & Shulman
Admitted to practice:
• New York, 1978
• Georgia, 1978
• U.S. District Court, Southern and Eastern Districts of New York, 1978
• New Jersey and U.S. District Court, District of New Jersey, 1979
• U.S. Tax Court, 1980
• U.S. Court of Appeals, Third Circuit, 1981
• U.S. Court of Appeals, Second Circuit, 1982
• U.S. Supreme Court, 1983
Awards and honors
• AV® Preeminent™ Peer Review Rated by Martindale-Hubbell®
• Included in the Bar Register of Preeminent Lawyers
• Included in the list of “Super Lawyers” by New Jersey Magazine
• Included in the list of “Best Lawyers” by New York Magazine
• Recipient of the coveted Alfred C. Clapp Award of the New Jersey Institute for Continuing Legal Education for his outstanding contributions and his ongoing commitment to the advancement of continuing legal education.
• New York University, LL.M., 1982
• St. John’s University, J.D., with honors, 1977
• Case Western Reserve University, B.B.A., Accounting, cum laude, 1970
• New Jersey State Bar Association _
• Tax Section
• Middlesex County Bar Association
o Committee on Taxation, 1989–present
o Vice Chairman, 1996–present
• Essex County Bar Association
o Chair, Tax Committee, 1988, 1990, 1993
o Estate Planning Committee, 1997–present
• Central Jersey Tax and Estate Planning Council, 1996–present
• Tri-County Estate Planning Council
o President, 2000
o Vice President, 1998
o Member, 1987–present
• New York State Bar Association
• Certified Public Accountant, State of New York, 1972
• Born in New York, New York
Sharon L. Klein | Wilmington Trust
Sharon is president of Family Wealth, Eastern U.S. Region, for Wilmington Trust, N.A. She is responsible for overseeing the delivery of all Wealth Management services by teams of professionals, including planning, trust, investment management, family governance and education, family office, and private banking services, to ultra high-net-worth clients in the U.S. and internationally. Sharon also heads Wilmington Trust’s National Divorce Advisory Practice.
Sharon has over 25 years of experience in the wealth advisory arena and is a nationally recognized speaker and author, frequently featured or quoted in publications like The Wall Street Journal and The New York Times. Global media company Forbes features Sharon as a Top Advisor in multiple categories since 2020. In 2022 she was selected as one of the Top 40 Women Wealth Advisors in America, and a Best-In-New York Wealth Advisor.
Leading business publication Crain’s named Sharon to its 2020 inaugural list of the Most Notable Women in Financial Advice, an honor that recognizes leading women executives in New York City for their dedication to excellence in the financial industry and significant professional, civic, and philanthropic contributions. In 2018, she was honored by the UJA-Federation of New York Lawyers Division for her contributions to the trust & estates community and the community at large. Sharon is a Fellow of the American College of Trust and Estate Counsel, a highly selective professional organization of preeminent estate planning attorneys in the U.S. and internationally who are chosen based on outstanding reputation and exceptional skill. Sharon was inducted into the Estate Planning Hall of Fame in 2021. This award is considered the pinnacle of accomplishment in this field. Only 125 people across the U.S. have received this award since its inception in 2004.
Sharon is a member of The Rockefeller University Committee on Trust and Estate Gift Plans, the New York Bankers Association Trust & Investment Division Executive Committee, the Estates, Gifts and Trusts Advisory Board for The Bureau of National Affairs and the Thomson Reuters Trusts & Estates Advisory Board. She chairs the Domestic Relations Committee of Trusts & Estates magazine, where she sits on the Board, and is on the Advisory Board of Family Lawyer Magazine. Sharon is a past chair of the New York City Bar Association’s Trusts, Estates and Surrogate’s Court Committee, and a past chair of the New York State Bar Association’s Trusts and Estates Law Section Taxation Committee. She served on the Board of the American Brain Foundation and was a member of its Finance Committee.
Prior to joining Wilmington Trust, Sharon was Managing Director at Lazard, the internationally renowned global investment banking and management company. As head of Wealth Advisory of Lazard Wealth Management, she led the delivery of all wealth advisory services. Before that, she headed the Estate department at Fiduciary Trust Company International. Sharon began her career as a trusts & estates attorney at Rosenman & Colin (now Katten Muchin Rosenman LLP).
Sharon, who holds U.S., British and Australian citizenships, earned a master of laws from the Boalt Hall School of Law at the University of California, Berkeley, received a bachelor of arts and a bachelor of laws from the University of New South Wales, Australia and is a Certified Divorce Financial Analyst.
George D. Karibjanian, Esq. | Franklin Karibjanian & Law, PLLC
George D. Karibjanian is a Founding Member of Franklin Karibjanian & Law, a national boutique law firm based in Washington, D.C., with additional offices in Boca Raton, Florida and Naples, Florida. George is Board Certified by the Florida Bar in Wills, Trusts & Estates and is a Fellow in the American College of Trust and Estate Counsel, and is licensed to practice in Florida, D.C., Maryland and Virginia.
George divides his time between the firm’s Boca Raton and Washington offices, spending the majority of his time in Boca Raton.
He earned his B.B.A. in Accounting from the University of Notre Dame in 1984, his J.D. from the Villanova University School of Law in 1987, and his LL.M. in Taxation from the University of Florida in 1988. George has practiced his entire legal career in South Florida (over 33 years), practicing exclusively in the areas of estate planning and probate and trust administration, and also represents numerous clients with respect to nuptial agreements. George has participated in over 200 formal presentations, either individually or as part of a panel discussion, to national, state-wide and local groups, and has over 80 publication credits in national and regional periodicals and journals. Born and raised in Vineland, New Jersey (in the heart of South Jersey), George has called Boca Raton home since 1988.
On the topic of the Uniform Voidable Transactions Act and its potential negative effect on estate planning, George has published many articles and has lectured in cities across the nation such as Las Vegas, Nashville, New York, Phoenix, Portland (Or.), San Diego, San Francisco, and Wilmington (Del.), and presented webinars to groups in South Dakota and Alaska. George has also presented on the topic in October 2016 at the 42nd Annual Notre Dame Tax and Estate Planning Institute in South Bend, Indiana.
On the topic of same-sex estate planning, George has lectured at various conferences and estate planning councils throughout the United States and has published numerous articles in publications such as Steve Leimberg’s LISI Estate Planning Newsletters, Trusts & Estates Magazine and the Florida Bar Journal. George has also been quoted by several publications and websites.
George was a presenter at the 48th Annual Heckerling Institute on Estate Planning in Orlando in 2014, speaking on a panel discussion titled, “Living and Working with the Uniform Principal and Income Act,” focusing on the tax effects on the power to adjust trust principal to income, the power to convert an income trust to a unitrust, comparing the various unitrust statues and focusing on potential litigation facing fiduciaries in this area.
George’s other lectures have included topics such as Portability, Decanting, Trustee Selection and Duties, the Principal and Income Act, Current Developments in Estate Planning and Taxation, Representing a Client with Potential Capacity Issues, Whether a Supplemental 706 is Required, Inter-Vivos QTIP Planning, Prenuptial Agreements for the Estate Planner, Florida Homestead and the Advantages and Disadvantages of Domestic Asset Protection Trusts.
Jerome M. Hesch, Esq. | Meltzer, Lippe, Goldstein & Breitstone
Jerome M. Hesch is Counsel to the firm’s Business & Real Estate Taxation, Trusts & Estates, Tax Exempt Organizations and Private Wealth & Taxation Practice Groups. Prior to joining the firm, Jerry served as an income tax and estate planning consultant for lawyers and other tax planning professionals throughout the country. Jerry was a consultant for Meltzer, Lippe, Goldstein & Breitstone, LLP, Dorot & Bensimon PL, Jeffrey M. Verdon Law Group and Oshins & Associates LLC.
Jerry is the Director of the Notre Dame Tax and Estate Planning Institute, scheduled this year for November 10-11, 2022, and is on the Tax Management Advisory Board. Additionally, Jerry is a Fellow of the American College of Trusts and Estates Council and the American College of Tax Council. He is also a member of the NAEPC Estate Planning Hall of Fame. He has published numerous articles, Tax Management Portfolios, and co-authored a law school casebook on federal income taxation, now in its fourth edition.
Jerry presented papers for the University of Miami Heckerling Institute on Estate Planning, the University of Southern California Tax Institute, the Southern Federal Tax Conference and the New York University Institute on Federal Taxation, among others. He has participated in several bar association projects, including the Drafting Committee for the Revised Uniform Partnership Act.
He was with the Office of Chief Counsel, Internal Revenue Service (1970-1975) and was a full-time law professor at the University of Miami School of Law and the Albany Law School of Union University for twenty years. He continues to teach courses as an adjunct law professor and has taught courses for Vanderbilt University Law School, University of Miami School of Law Graduate Program in Estate Planning, University of Buffalo School of Law, Florida International School of Law, On-Line LL.M. Programs for University of San Francisco Law School and Boston University School of Law. In addition, he was the Director of the Graduate Program in Estate Planning at the University of Miami from 1982-1992.
Douglas L. Siegler, Esq. | Venable LLP
Doug Siegler is co-chair of Venable’s East Coast Estate Planning Group. Doug is a tax attorney who represents high-net-worth individuals on tax and wealth planning matters and focuses on wills, trust agreements, insurance, and charitable giving programs. He oversees all aspects of estate planning, including estate administration tasks and multigenerational wealth transfer strategies. He develops innovative approaches to structuring income, gift, and generation-skipping transfer tax planning. Doug also handles transfer tax planning for clients married to non-U.S. citizens, and to individuals living outside the United States.
Joseph P. Scorese | Sills Cummis & Gross P.C.
JOSEPH P. SCORESE is a Member of the Sills Cummis & Gross Tax, Trusts and Estates Practice Group. Mr. Scorese’s primary area of practice is complex estate planning and estate and trust administration for high net worth individuals and families. Mr. Scorese counsels clients in the New York and New Jersey area and helps them design and realize both appropriate and realistic estate planning goals. He then implements those goals with customized drafting solutions utilizing the latest cutting-edge strategies including sophisticated wills, revocable trusts, irrevocable life insurance trusts (ILITs), charitable remainder trusts (CRATs and CRUTs) and charitable lead trusts (CLATs and CLUTs), family limited partnerships and limited liability companies, qualified personal residence trusts (QPRTs), grantor retained annuity trusts (GRATs) and intentionally-defective grantor trusts (IDGTs). In the complicated area of estate and trust administration, Mr. Scorese readily and regularly engages with fiduciaries and beneficiaries to provide creative tax planning ideas which can help minimize the bite of taxation from income and capital gains taxes, estate tax, gift tax and generation-skipping transfer tax, thereby maximizing the amount of wealth passing to family.
Mr. Scorese has served as an Adjunct Professor of Law at Rutgers Law School in Newark, New Jersey, and currently serves as the Program Chair for the New York University Summer Institute in Taxation’s “Introduction to Trusts & Estates” program, where he lectures on the generation-skipping transfer. He has also presented various estate planning continuing legal education programs offered S i l l s C u m m i s & G r o s s P.C. through the American Bar Association, New Jersey State Bar Association and other legal and non-legal organizations. Mr. Scorese has received a Martindale-Hubbell®* AV Preeminent Rating, its highest rating for ethical standards and legal ability. * For ranking methodology, please see www.sillscummis.com/award-methodology.aspx. No aspect of this advertisement has been approved by the Supreme Court of New Jersey.
Paulina Mejia, Esq. | Fiduciary Trust Company International
Ms. Mejia joins Fiduciary Trust with more than 15 years of experience working with wealthy clients on complex trust and estate matters. Most recently, she served as the head of Atlantic Trust’s Wealth Strategies Group and as senior wealth strategist in the firm’s New York office. Previously, Ms. Mejia was a wealth planner at Brown Brothers Harriman & Co. and an attorney in the trust and estates division of Carter Ledyard & Milburn LLP in New York. She received her Juris Doctor degree from Boston College Law School and her Bachelor of Arts degree from Boston College.
“The wealth management industry will undergo considerable change in the years ahead, and Fiduciary Trust is well-positioned to meet the emerging needs of wealthy individuals and families across multiple generations,” said Ms. Mejia. “The firm has carved a distinctive niche for itself in the wealth management business with the remarkable depth and quality of the services it provides, and its unwavering commitment to meeting client needs. I am very excited about the opportunity to build on this strong foundation.”
Ms. Mejia is actively involved in the Public Preparatory Network’s Leadership Council in New York City, which she co-founded, and is a member of New York-Presbyterian Hospital’s Planned Giving Advisory Council, as well as the New York Historical Society’s Planned Giving Advisory Council. She also serves on several legal industry boards and committees, including the American Bar Association’s Section of Real Property, Trust and Estate Law, and is a co-chair of the organization’s Non-Tax Issues Affecting the Planning and Administration of Estates and Trusts Committee. She is also a member of the Association of the Bar of the City of New York’s Trusts, Estates & Surrogate’s Court Committee.
Eduardo S. Chung, Esq. | Mazars USA
Eduardo held several senior leadership positions during his first tenure with Mazars from 2014 to 2020. He now returns after a role with a leading New Jersey-based law firm to guide the Mazars Tax Controversy practice within the Tax Practice & Procedures group. He has more than a decade of experience representing individuals, estates, C corporations, subchapter S corporations, and other flow-through entities. Eduardo also has served on several engagements advising on laws applicable to, and the policies and procedures followed by, the IRS and the various state and local tax jurisdictions in the examination of tax returns, administrative appeals of examination determinations, tax court litigation, and the collection of outstanding tax liabilities. Eduardo has a J.D. from the Boston University School of Law and an L.L.M. in taxation from the Georgetown University Law Center. Based in New York, he will report to Tifphani White-King, U.S. National Tax Practice Leader.
Timothy Evans, Esq. | Mazars USA
Tim is a member of Mazars’s International Tax Practice.
Tim advises on a variety of inbound and outbound transactions for the International team. His current practice focuses heavily on implementation of the various international tax reform provisions of the Tax Cuts and Jobs Act.
Tim has extensive experience working with tax information reporting and withholding regimes, including the Foreign Account Tax Compliance Act and the OECD’s Common Reporting Standard. He works with the Financial Services practice on a variety of tax advisory and structuring matters.
Tim also has experience in the Controversy sector, interfacing with the tax authorities at the federal level, handling all manner of examinations, penalty abatements, and collection matters.
Tim received his B.A. from the State University of New York at Albany; his J.D., awarded magna cum laude, from New York Law School, and his L.L.M. in Taxation from New York University School of Law
DAY 1: MONDAY, JULY 14, 2022
WELCOME REMARKS | 8:30am
INTRODUCTION AND OVERVIEW | 8:45am – 9:00am
Planning Issues and Problems With Respect To Decanting Trusts – Wendy Wolff Herbert, Esq. | 9:00am – 10:15am
Decanting is a powerful option in an estate planner’s toolbox. Under the right circumstances, it can be used to modify an irrevocable trust to address changes in applicable law or a beneficiary’s circumstances, or to make administrative changes, such changing the appointment and succession of trustees. In this session we will discuss when decanting may be appropriate, state laws governing decanting, tax issues, and alternative methods for modification when decanting won’t work.
Summer (Tax) Fun in The Sun With 2701 – Adam K. Sherman, Esq., Scott M. Sambur, Esq., and N. Todd Angkatavanich | 10:15am – 11:30am
This program discusses the technical provisions of Section 2701 including historical context and various planning pitfalls. It will also include a discussion of advanced planning applications with Section 2701, including Preferred Partnerships, Carried Interest Transfer Planning and Profits Interests.
Break | 11:30am – 11:45am
Advanced Planning for Real Estate – Norman Lencz, Esq. | 11:45am – 1:00pm
Changes in the law in recent years have had a particularly significant impact on owners of real estate. While the new rules certainly create many opportunities for tax savings, careful planning is necessary to ensure that owners of real estate take maximum advantage of these new opportunities. While there have been clarifications over the years, many unanswered questions as to how the rules will apply still remain. This presentation will assist in understanding how to best navigate planning for real estate under long established and more recent rules, and will include planning tips and ideas to maximize use of the new 20% pass-through deduction, as well as an in-depth analysis of the impact of the newer rules on the “choice-of-entity” decision for real estate.
Lunch Break | 1:00pm – 2:00pm
State Income Taxation of Trusts – Richard H. Greenberg, Esq. | 2:00pm – 3:15pm
This topic has come to the forefront of wealth transfer planning with a bevy of cases that have changed the dynamic as to how States can – and cannot – tax trusts. Numerous trusts are paying income taxes that may not be required to do so; others could avoid or reduce State income tax burden with simple changes; and still others are paying taxes to multiple States for no reason in certain circumstances. This discussion will focus on current law and critical concepts to understand how trusts can better their State income tax exposure with significant corresponding savings.
Divorce – Minimizing Impact & Maximizing Leverage – Sharon L. Klein | 3:15pm – 4:30pm
This session covers important tools, techniques and other considerations advisors need to know to advantageously position their clients in the event of divorce, whether counselling clients before, during or after marriage. With the increasing overlap among different professional disciplines, there is much to be gained from having cross-disciplinary fluency, particularly in light of recent tax law changes in the divorce context, which will be discussed.
DAY 2: TUESDAY, JULY 12, 2022
“The Baker’s Dozen: 13 things that you may not know about preparing a federal estate tax return” – George D. Karibjanian, Esq. | 8:30am – 9:45am
And now, some advanced tips, with humor: Alas, poor 706. We knew you well. Or did we? Don’t write off the 706 just yet – it’s actually alive and well and while other planning techniques and practice areas may come and go, the Federal estate tax return will be part of our practice for years to come. When preparing a 706, however, often little mistakes can end up leading to much bigger inquiries. This presentation will review some little known, but important, 706 preparation pointers that will help you properly prepare basic and more advanced portions of the return.
Preferred Partnerships: Practical uses for encumbered real estate – Jerome M. Hesch, Esq. | 9:45am – 11:00am
Because lifetime sales of encumbered real estate can result in reporting taxable gain greater than the after-tax cash from the sale, there is a reluctance to sell while the owner is living. Instead, the owner will wait until encumbered real estate can pass at death when, via inclusion in the gross estate, the entire built-in gain, including the phantom gain, can be eliminated, but an estate freeze is not available. This presentation explores how the preferred partnership can eliminate the entire built-in gain, including the phantom gain, and still implement an estate tax freeze. If a lifetime sale is contemplated, we examine how to defer reporting the built-in gain, including the phantom gain. Although reporting the gain cannot be eliminated, the ability to postpone the reporting of the gain results in significant income tax benefits. We also explore techniques that can be used for income tax deferral.
Break | 11:00am – 11:15am
I Want a Do-Over: 9100 relief for late tax elections – Douglas L. Siegler, Esq. | 11:15am – 12:15pm
The Internal Revenue Code and the voluminous Treasury Regulations contain hundreds of elections and other provisions falling within the broad ambit of “applications for relief in respect of tax.” Given the complexity of some of these elections, the frequent absence of relevant authority for their application, and the confusion often found in the applicable forms on which the elections and applications for relief must be made, it is little wonder that the failure to make required elections in a timely and accurate manner is becoming more and more common. Under certain circumstances, so-called “9100 Relief’ allows extensions of time within which to make such elections and applications for relief in respect of tax.
Lunch Break | 12:15pm – 1:15pm
Ethics/Diversity and Inclusion Session: Viva la famiglia! advising diverse clients and the families in a changing estate planning world – Joseph P. Scorese, Esq., Paulina Mejia, Esq., and Brad J. Richter, Esq. | 1:15pm – 3:00pm
Estate planning practitioners now face a myriad of subtle considerations when counselling clients. Attorneys in this practice area who are insensitive to a client’s unique family configuration do so at their peril. This panel presentation highlights the changing face of diverse family situations for clients in the world of estate and trust planning. Specific circumstances to be explored include age diversity between spouses, providing for children born through assisted reproductive technology (ART) or adoption, planning for LGBTQ spouses, partners and children, and special considerations involving geographic, cultural and religious diversity. Practical tips in understanding and relating to a client’s individual needs and desires and proposing and implementing flexible and dynamic solutions will be discussed.
Break | 3:00pm – 3:15pm
Reporting For Foreign Assets and Activities by Us Taxpayers Including Trusts And Estates – Eduardo S. Chung, Esq., and Timothy Evans, Esq. | 3:15pm – 4:30pm
Foreign assets and activities present a minefield for US Taxpayers. Discussion will focus on international reporting requirements and compliance relevant to US persons engaged in cross-border transactions. Foreign information returns to be discussed include Forms 926, 5471, 5472, 3520, 3520-A, 8858, 8865, 8621, 8938 and FinCEN Form 114 (FBAR)