Session I - Deep Dive of Federal Tax Policy and its Impact on Advance Estate Planning Tools and Techniques – Justin M. Gilbert
A deep dive of federal tax policy and its impact on advance estate planning tools and techniques, including a Federal Tax Update and review of White House tax initiatives, including major changes to IRS enforcement, corporate tax rates, further modifications to the state and local tax deductions, charitable contribution limits, basis rules and changes to valuation rules.
Learn which old estate planning tools may become obsolete, which tools still work and new strategies to consider for high net worth individuals, such as life insurance trusts, charitable trusts and decanting irrevocable trusts. Review of the Secure Act, how to plan for its impact on qualified retirement accounts, new rules defining conduit trusts and accumulation trusts and what to do now.
Key topics to be discussed:
Federal Tax update 2022
The secure act
Session II – New Laws and Ethics in Estate Planning – Louis A. Silverman
New laws and customs have impacted trusts and estates practice in recent years. These include changes in tax laws (impacting retirement plans as well as estates themselves). This course will update those laws and discuss practical approached to updating older estate plans and will also include an hour of ethics in Estate Planning.
Key topics to be discussed:
New approaches for small- to mid-sized estates
New approaches for high-net-worth clients and their estates
Modifying existing trusts and plans and build in flexibility for the future
Addressing irrevocable trusts and the tools to modify them
Legal Ethics in Estate Planning
Date: October 12, 2022
Justin M. Gilbert | Music City Estate Law
Justin M. Gilbert is an attorney at Music City Estate Law, where he practices in the areas of estate planning, asset protection, business planning, and related tax matters. Mr. Gilbert regularly speaks on estate planning and tax related topics. His practice emphasizes estate planning, which includes wills and trusts and other estate planning devices, and trust administration and probate.
Mr. Gilbert is a member of WealthCounsel and past member of the ARAG Legal Attorney Advisory Committee. Mr. Gilbert earned his B.S. degree in finance from George Mason University and his J.D. degree from Santa Clara University School of Law. He is admitted to practice in the state courts of California, Florida, and Tennessee.
Louis A. Silverman | Silverman Law Offices
LOUIS A. SILVERMAN has been practicing law in Arizona since 1981. In 2005, he changed the focus of his civil litigation practice to estate planning, estate administration, and probate law. In 2015, Mr. Silverman became board-certified in estate and trust law by the State Bar of Arizona. His practice emphasizes estate planning, which includes wills and trusts, powers of attorney, and other estate planning devices; and trust administration and probate, which includes death probate, guardianships, and conservatorships. Mr. Silverman has served as judge pro tem on the Maricopa County Superior Court.
He is a member of WealthCounsel, a collegial national association of approximately 2,500 lawyers whose practices are exclusively dedicated to estate planning law. He is a past member of the Elder Law, Mental Health and Special Needs Planning Section of the State Bar of Arizona. He is on the board of trustees of Southwest College of Naturopathic Medicine and member of the Board of Directors of Tempe Leadership. Mr. Silverman earned his B.S. degree in business from Arizona State University and his J.D. degree from South Texas College of Law in Houston. He is admitted to practice in the state courts of Arizona and Texas, the U.S. District Court for Arizona, and the Western District of Texas. His hobbies include fishing, golf and Tie-Dyeing.
Session I – Deep Dive of Federal Tax Policy and its Impact on Advance Estate Planning Tools and Techniques | 12:00pm – 2:10pm
I. Federal Tax update 2022 | 12:00pm – 12:45pm
Expanded IRS Funding, compliance, and increased audit risk
Changes to corporate tax structure
State and Local Tax Deduction
Changes to Charitable Contribution Limits
Net Investment Income Tax
Dismantling of the Tax Cuts and Jobs Act
New Tax Rates and Exemptions
II. Estate tools | 12:45pm – 1:00pm
Life Insurance Tools
Decanting Irrevocable Trusts
Using Durable Powers of Attorney Effectively
Qualified Personal Residence Trusts
Break | 1:00pm – 1:10pm
III. The secure act | 1:10pm – 2:10pm
Key Changes to Qualified Retirement Accounts
10-year Rule – who does it apply to and who is exempt
Designated Eligible Beneficiaries
Death of Stretch IRA
Key Trust Provisions
Conduit Trust Disaster
New Planning Opportunities
Break | 2:10pm – 2:20pm
Session II – New Laws and Ethics in Estate Planning | 2:20pm – 5:10pm
I. New approaches for small- to mid-sized estates | 2:20pm – 2:50pm
II. New approaches for high-net-worth clients and their estates | 2:50pm – 3:20pm
Break | 3:20pm – 3:30pm
III. Modifying existing trusts and plans and build in flexibility for the future | 3:30pm – 3:45pm
IV. Addressing irrevocable trusts and the tools to modify them | 3:45pm – 4:00pm
V. Legal Ethics in Estate Planning (Part I) | 4:00pm – 4:30pm
Break | 4:30pm – 4:40pm
VI. Legal Ethics in Estate Planning (Part II) | 4:40pm – 5:10pm