The Introduction to Trusts and Estates Conference provides an understanding of the varieties of taxes and tax issues applicable to gratuitous transfers by individuals and trusts and estates.
Upon completion of this program, you will have acquired an understanding of the varieties of taxes and tax issues applicable to gratuitous transfers by individuals and trusts and estates:
The fundamentals of the estate tax, gift tax, and generation-skipping transfer tax are explored, including inclusions and exclusions, common valuation issues, and typical resolutions
Fundamentals of estate and trust planning for individuals and families of modest to ultra-high net-worth
The ancillary impact of the estate tax rules including basis rules applicable to assets distributed from the estate to beneficiaries
The basics and differences in planning before and after death, with emphasis on the relationship of the gift tax to the estate tax and planning opportunities involving spouses and family members
Income tax planning in estates, trusts, and beneficiaries Program Level: Basic
Prerequisite: No Prerequisite
Date / Time: July 19, 2023
Mitchell Drossman, Esq | Wealth Planning Strategies Group, U.S.
MITCHELL A. DROSSMAN is managing director and the national director of wealth planning strategy at U.S. Trust, Bank of America Private Wealth Management. In this role, Mitchell manages and leads the National Wealth Planning Strategies Group to provide objective insight to help clients align their financial and estate strategies with their goals by integrating the full capabilities of our investment and financial planning services and by utilizing the broad range of Bank of America affiliates. Mitchell works with individuals, families, closely-held family businesses, family offices and institutions in conjunction with their tax and legal advisors to facilitate wealth transfer, business succession (pre-and post-liquidity event strategies), wealth structuring and estate planning needs that are often complex requiring customized analysis and strategies. Prior to joining U.S. Trust, Mitchell was an estate planning attorney with the New York City law firm of ProskauerRose LLP, for approximately nine years. Mr. Drossman is also a Certified Public Accountant and was formerly with the Big Four accounting firm of Ernst & Young, LLP. Mr. Drossman served on the Advisory Board of Practical Drafting, a highly regarded estate planning publication .He has spoken at numerous seminars including various Estate Planning Councils (New York 2015, Greensboro, NC 2013), New York University’s Summer Institute in Taxation (2007 to 2013), Florida Bar Attorney/Trust Officer Conference (2016), Minnesota State Bar Annual Probate & Trust Law Conference (2016), the UJA-Federation of New York’s Annual Estate, Tax and Financial Planning Conference (2011-2013), The College of William & Mary Marshall-Wythe School of Law’s Annual Tax Conference (2010 and 2009), and the ACTEC Annual Meeting (2007). Mr. Drossman has often been quoted in various publications, including The Wall Street Journal, Barron’s, Forbes, BusinessWeek and The New York Times. Mr. Drossman is a Fellow in the American College of Trust and Estate Counsel (ACTEC). Mr. Drossman served as a member of the Association of the Bar of the City of New York (and its Committee on Estate and Gift Taxation, 1996-2000), the New York State Society of CPAs (and served as the Chair of the Committee on Income Taxation of Estates and Trusts), the New York State Bar Association (and its Trusts and Estates Section and Estate Planning Committee), the UJA-Federation’s Trusts and Estates Specialty Group (and served as Chair from 2009-2011), the Museum of Modern Art’s Planned Giving and Advisory Committee and is a member of the Alumni Admissions Board of Brooklyn Law School.Mr. Drossman received his J.D. cum laude from Brooklyn Law School, where he served as Editor of the Law Review. Mitchell does not provide legal or tax advice in his role at U.S. Trust.
Amit Ochani, Esq | Day Pitney
Amit Ochani assists high net worth individuals and families with trust and estate planning and administration. He counsels client in the areas of gift and succession planning, will and trust preparation, advance directives and powers of attorney. Prior to joining Day Pitney, Amit worked as an associate for a public accounting firm, focusing on corporate mergers and acquisitions and as a tax counsel for an international investment bank.
Michelle Orlowski | Bessemer Trust
Michelle Orlowski works as a Head of Estate Administration & Fiduciary Counsel at Bessemer Trust, which is a Banking company with an estimated 900 employees; and founded in 1907. They are part of the Ethics team within the Legal Department and their management level is Director. Michelle is currently based in New York City, United States.
Brad Dillon | UBS
Extensive experience in trust and estate law, particularly as it relates to ultra high net worth individuals and families.
Stacia Kroetz | Brown Brothers Harriman
As a Senior Wealth Planner in the New York office, Stacia Kroetz advises families and business owners on matters relating to tax and estate planning, philanthropy, business succession and the preservation of wealth for future generations.
Prior to joining the firm in 2018, Stacia was in private legal practice in the Trusts and Estates department at Seward & Kissel LLP, where she focused on estate, gift and generation-skipping transfer tax planning. Earlier in her career, she was an auditor at KPMG.
Stacia graduated summa cum laude from Fordham University with a B.S. in accounting. She received her MBA from Fordham University Graduate School of Business Administration and her J.D. from Boston College Law School. She is also a licensed CPA.
Joseph P. Scorese, Esq | 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.
Catherine Grevers | Schulte Roth & Zabel
Catherine Grevers Schmidt focuses her practice on complex estate and tax planning for high-net-worth individuals and families, entrepreneurs and real estate owners, and on planning for the generation-skipping transfer tax. Through use of sophisticated techniques such as qualified personal residence trusts, grantor retained annuity trusts, dynasty trusts, intentionally defective grantor trusts and limited liability companies, among others, as well as traditional wills and revocable trusts, she assists clients in minimizing the impact of estate and gift taxes on their estate plans, and in transferring family wealth to their children and grandchildren. She also has considerable experience in the administration of large estates and trusts, advising clients on private foundation matters and in representing clients in contested estate and gift tax audits. In addition to numerous audits settled at the initial and appeals levels, she has also represented clients before the U.S. Tax Court, achieving favorable settlement results and trial victories.
Catherine is a Fellow of the American College of Trust and Estate Counsel and has been listed as a leading lawyer for Private Wealth Law by Chambers High Net Worth. She serves on the Professional Advisors Council for Lincoln Center for the Performing Arts and is a member of the Advisory Board for the Domestic Relations Committee of Trusts & Estates magazine. She writes about estate and gift tax topics and is a frequent speaker for programs sponsored by, among others, the Estate Planning Council of New York, the New York State Bar Association, New York University School of Continuing Legal Education and the New York State Society of Certified Public Accountants. Catherine is often cited in publications, including Forbes, Kiplinger’s, New York Daily News and The Wall Street Journal, with respect to legal issues in trusts and estates and she has been a contributor to the New York Daily News “Money Pros” column. Catherine has been recognized, since 2013, by The Best Lawyers in America in the area of Trusts and Estates. She is also listed in New York Super Lawyers in the area of Estate Planning and Probate and is named to the publication’s Top Women Attorneys in the New York Metro Area list. She has received Martindale-Hubbell’s highest peer-reviewed “AV Preeminent” rating for excellence in the law and ethical conduct and is included on several local and national lists of preeminent women attorneys by such publications as LexisNexis, Avenue Magazine and Martindale-Hubbell. She is a former member of the New York State Bar Association’s Committee on Estate Planning and a former member of the New York City Bar Association’s Trusts, Estates and Surrogate’s Court Committee, for which she served as chair of the Subcommittee on Portability.
Sean R. Weissbart | Blank Rome
Sean R. Weissbart concentrates his practice in the areas of trusts and estates law and tax-exempt organizations.
His trusts and estates practice is focused on domestic and international estate planning, the administration of trusts and estates, and the representation of beneficiaries and fiduciaries in contested matters in Surrogate’s Court. He also advises clients on the preparation of pre- and post-nuptial agreements and the modification of trusts upon divorce.
Sean also counsels tax-exempt organizations on matters ranging from formation and obtaining of tax-exempt status from the Internal Revenue Service (“IRS”) to complying with state and federal tax-exemption laws and the avoidance of excise taxes and the unrelated business income tax. He has also litigated against the IRS in United States federal courts.
Sean serves as an adjunct professor of law at both New York University School of Law, where he teaches Income Taxation of Trusts and Estates and International Estate Planning, and Fordham University School of Law, where he teaches Trusts and Estates Drafting. He is a co-author of the law school textbook The Income Taxation of Trusts and Estates. He is a regular faculty member of leading trusts and estates conferences, including the Hawaii Tax Institute, the Notre Dame Tax and Estate Planning Institute, and the annual meeting of the New York State Bar Association. Sean publishes scholarly and practice-driven articles that have been featured in leading journals such as The ACTEC Law Journal, The Journal of Taxation, and Estate Planning. During law school, Sean served on the editorial board for the Fordham Law Review.
Sean is a fellow of The American College of Trust and Estate Counsel, a national organization of trusts and estates attorneys who have demonstrated the highest level of professionalism in the field. He also serves on the boards of various philanthropic organizations, including as general counsel to the Ment’or BKB Foundation, an organization that sponsors the American team at the Bocuse d’Or (a biannual culinary competition in France), and as chair of the “NextGen” Trusts and Estates Committee of the UJA Federation of New York.
Kyle G. Durante, Esq | Blank Rome
Kyle G. Durante concentrates his practice on providing sophisticated counsel to high-net-worth individuals and families in trust and estate matters to create tax-efficient wealth transfer strategies through estate, tax, business succession, and asset protection planning.
Kyle has notable experience counseling clients on exemption capture planning, drafting estate planning documents, assisting with the preparation of gift tax, estate tax, and fiduciary income tax returns, assisting individuals with the establishment and maintenance of tax-exempt organizations, foundations, and trusts, as well as conducting extensive research on income, estate, generation-skipping transfer, and capital gains taxation.
Kyle is also experienced at managing contested and uncontested estate and trust administration matters within the court systems, including probate, administration, accounting, and miscellaneous proceedings. He regularly represents clients in matters before the New York Surrogate’s Court, including fiduciary succession applications, trust termination proceedings, will contests, construction proceedings, accountings, declaration of death proceedings, and other fiduciary-based litigation.
During law school, Kyle served as the managing editor of the Touro Law Review.
John M. Olivieri, Esq | Barnes & Thornburg LLP
John focuses his practice in the areas of estate planning, business succession planning, charitable giving and asset protection. His clients include private business owners, public company executives, investment fund managers, individual and corporate fiduciaries, and tax-exempt organizations.
John assists clients with virtually all aspects of estate and trust administration including probate, the preparation and audits of estate and gift tax returns, fiduciary income tax returns, and judicial and non-judicial accountings, and the creation and management of private trust companies. He also regularly advises trustees on issues involving taxation and fiduciary liability, and is very experienced in drafting and interpreting gift agreements to colleges and universities.
He works closely with clients to develop plans for securing and protecting their assets. These plans usually involve the use of appropriate structures, such as limited partnerships, limited liability companies and so-called “asset protection” and “spendthrift” trusts, in various jurisdictions throughout country and around the world. He also regularly counsels foreign individuals making investments in the United States.
Aside from such counseling and planning work, John is frequently called upon to represent individuals and corporate fiduciaries in litigious matters related to estate and trust administration such as will contests, contested accountings, and tax controversy matters.
Due to his deep knowledge in the field, John is often quoted in Bloomberg, The Wall Street Journal and other publications on matters of estate and tax planning.
Amy C. O’Hara is a partner with the law firm of Littman Krooks LLP. Her practice is focused in the areas of elder law, estate planning and administration, trust administration, guardianships, special needs planning and personal injury settlement consulting.
Amy lectures frequently to advocacy organizations and families on the importance of proper planning for families of children with special needs. She regularly publishes articles relating to elder law, estate and special needs planning.
Amy is Certified as an Elder Law Attorney (CELA®) by the National Elder Law Foundation and is a member of the National Academy of Elder Law Attorneys (NAELA).
She is the Treasurer of the Board of Directors of the Special Needs Alliance, a national, not-for-profit organization dedicated to assisting families with special needs planning. Amy is also the President of the Board of Directors of Westchester Disabled on the Move, Inc., a not-for-profit organization that aims to improve the quality of life and the rights for all people with disabilities.
She is a member of the New York State Bar Association (NYSBA), Elder Law and Trusts & Estates Sections of the NYSBA, Westchester County Bar Association, and Mamaroneck-Harrison-Larchmont Bar Association.
Amy received her Juris Doctor degree from University at Buffalo Law School and received her Bachelor of Science degree from Binghamton University.
Amy is married and the mother of two teenage boys.
Brian L. Miller, Esq | Littman Krooks LLP
Brian L. Miller is an attorney who assists clients with various aspects of Elder Law, Estate Planning Estate Administration, Medicaid Planning & Applications, and Guardianships.
Brian L. Miller is an attorney who assists clients with various aspects of Elder Law, Estate Planning, Estate Administration, Estate Litigation, Medicaid Planning & Applications, and Guardianships.
Brian is a member of the Elder Law and Special Needs Section and Trusts and Estates Law Section of the New York State Bar Association, and the Trusts & Estates Section and Elder Law Committees of the Westchester County Bar Association. He is the Vice President of the Putnam County Estate Planning Counsel, actively involved in the New York State Bar Association Elder Law and Special Needs Section Medicaid Committee, and is actively involved as member of the Westchester County Senior Law Day Committee.
He received his Juris Doctor of Law degree, cum laude, from Pace University School of Law, and his Bachelor of Arts degree from Syracuse University.
Outside of work, Brian enjoys spending time with his wife and children, and giving back to the community as a member and Past President of the Mahopac Lions Club.
Timothy M. Ferges, Esq | McCarter English
Timothy Ferges is a problem-solver. He works closely with his clients to help them navigate through difficult situations involving trusts and estates.
Tim concentrates his practice in all areas of trust and estate law, including trust and estate litigation, estate planning, and trust and estate administration. He advocates for clients in disputed estate and trust matters before the courts of New Jersey and New York. His matters include will contests, in which he brings and defends challenges to wills on grounds of lack of testamentary capacity, undue influence, fraud, and other claims. Tim also brings and defends breach of fiduciary duty claims and handles contested accounting proceedings, will and trust construction matters, and other fiduciary disputes. He represents beneficiaries, individual fiduciaries, large institutional trust companies, as well as charitable and non-profit organizations in those disputes.
Tim further counsels high net worth individuals and families in estate planning and estate administration matters. He works with clients to reach their estate planning goals while integrating asset protection and minimizing exposure to income and transfer taxes.
In addition to being an attorney, Tim is a certified public accountant. He joined McCarter & English with extensive experience from his time at Deloitte & Touche, where he audited financial statements of publicly held corporations in the financial services industries.
Upon his graduation from law school, Tim served as law clerk to the Honorable Renee Jones Weeks and, upon her retirement, to the Honorable Walter Koprowski, Jr., both in the Probate Part of the Superior Court of New Jersey, Chancery Division. There his work was focused on the types of complex trust and estate litigation matters in which he now concentrates his practice.
Tim also devotes his time to public service. He serves as a member of the Board of Trustees of the Springpoint Senior Living Foundation, a non-profit organization that funds housing and services for senior citizens. Moreover, through Partners for Women and Justice, he represents victims of domestic violence in final restraining order proceedings and other family law matters.
Kimberly DeMaro has practiced Trusts and Estates law exclusively for nearly 25 years. Prior to founding her own firm in 2007, Kim acquired extensive client experience in the Trusts and Estates Department of the New York offices of Katten Muchin Rosenman, LLP and, prior to that, at Willkie Farr & Gallagher.
Kim’s large-firm expertise, together with her compassion and attentiveness to clients, make her uniquely qualified to represent both high net worth individuals seeking to minimize the tax burden on the transfer of family wealth to children and grandchildren, as well as clients of more moderate means whose primary objective is the resolution of personal family planning issues. Kim’s experience in estate tax planning includes the use of sophisticated planning techniques such as qualified personal residence trusts, grantor retained annuity trusts, charitable remainder trusts and unitrusts, multi-generational dynasty trusts, the creation of private foundations and limited liability companies, sales and gifts to intentionally defective grantor trusts, insurance and retirement asset planning, and the preparation of traditional wills and revocable trusts.
In addition to tax planning, Kim has substantial experience advising clients in post-mortem planning techniques and counseling fiduciaries in probate proceedings and in the administration of estates and trusts, including judicial accounting proceedings.
Jack F. Meola, CPA, Esq | Eisner Amper
Jack Meola has 30 years of public accounting experience, providing services to both private and publicly held companies. He directs the firm’s Estate Planning Group and has handled issues for high net worth individuals, corporations and non-profit organizations.
His experience as an advisor emphasizes domestic and international estate and succession planning, pension planning, domestic and international corporate and individual tax issues, and family business matters. Prior to joining the firm, Jack worked in the New Jersey offices of two national accounting firms.
Jack has spoken extensively before professional organizations, universities and civic groups on topics including estates and trusts, international estate planning, and real estate and partnership taxation. He has also authored numerous articles on taxation.
Jack was part of the EisnerAmper team previously honored by the Society of Trust and Estate Practitioners (STEP), as the North American Team of the Year at the STEP Private Client Awards.
Brian Conboy, Esq | Fiduciary Trust Company International
Mr. Conboy joined Fiduciary Trust International in July 2016 as a vice president and estate settlement officer. He most recently served as managing director and senior estate settlement officer, responsible for the administration of complex trusts and estates at the organization. In 2020, Mr. Conboy was a finalist for the Charles B. Johnson Award, which celebrates the client service legacy of Franklin Templeton’s founder and recognizes an employee who best demonstrates superior commitment to exceptional customer service.
“Brian has proven himself as an outstanding steward for the individuals and families we are privileged to work with, and we congratulate him on his well-deserved, ongoing advancement,” said Gerry Joyce, national head of trust & estates at Fiduciary Trust International. “The families we serve are in transition, and providing a team of specialists ensures their interests are protected and their estates transition according to their wishes. Brian’s understanding of our clients, their needs, and the complexities often associated with settling estates make him the ideal leader.”
Prior to beginning his tenure at Fiduciary Trust International, Mr. Conboy was an associate attorney at the law firm of Eisenberg, Margolis & Maldonado, PLLC in Garden City, NY, where his practice focused primarily on estate administration and estate planning.
Mr. Conboy, who is based in Fiduciary Trust International’s New York City headquarters, is a member of the New York State Bar and the Nassau County Estate Planning Council. He also serves on the Trust and Estate Administration and Estate Taxation Committees of the New York State Bar Association’s Trusts and Estates Section. Mr. Conboy holds a JD from Hofstra University’s Maurice A. Deane School of Law, and graduated magna cum laude from Bucknell University with a BA in economics and Spanish.
“Fiduciary has long been a leader in providing estate settlement services; our dedicated team and expertise set us apart from our competitors,” said Mr. Conboy. “I look forward to working with my colleagues to continue strengthening the depth and breadth of the estate administration services we offer.”
Fiduciary Trust International continues to expand its nationwide teams of trust and estate administration experts. Most recently, in December 2020, the firm announced that Darlene Marchesani had joined as Wilmington, DE-based director of Delaware trust administration and trust counsel.
Elisa Pickel, Esq | Fiduciary Trust Company International
Elisa is a partner in the firm’s Tax Planning and Trusts & Estates Group and specializes in income tax and estate planning for high-net-worth individuals, including multigenerational transfer of assets, asset preservation, and minimization of estate, gift, and income taxes. Her professional affiliations include the American Bar Association, the New York State Bar Association and the New York City Bar Association. Prior to joining the firm, she was a member of the Trust and Estate group at Fiduciary Trust Company International.
Elisa is a graduate of St. John’s University holding a BS, magna cum laude, in Computer Science with a minor in Mathematics and a J.D., honors cum laude, from St. John’s University School of Law where she was an Article and Notes Editor of the American Bankruptcy Institute Law Review. She is currently an Executive Board member of the Estate Planning Council of Nassau County.
Marl Taccetta | Brown Brothers Harriman & Co.
DAY 1: MONDAY, JULY 17, 2023
ESTATE TAXES I: THE NATURE OF THE TAX AND UNDERSTANDING THE GROSS ESTATE – Kathleen Costello, CMP, Assistant Director, NYU School of Professional Studies, New York, NY, Joseph P. Scorese, Esq., Member, Sills Cummis & Gross, Newark, NJ, and New York, NY, Mitchell Drossman, Esq., Managing Director, National Director of Wealth Planning Strategies, Bank of America Private Wealth Management, New York, NY | 8:25am – 10:15am
This presentation introduces the basic infrastructure of the federal estate tax, the wealth tax that still drives all trust and estate planning. Covered are essential elements of the computation of the tax: the rates and credits, and the impact of the most recent statutes which affect wealth taxation, including relevant current tax law and policy discussions. Specific attention is given to the foundations of what is included in the gross estate, including powers of appointment, life insurance, and transfers with retained interests.
ESTATE TAXES II: THE MARITAL DEDUCTION, CREDIT SHELTER PLANNING, AND PORTABILITY – Amit Ochani, Esq., Senior Associate, Day Pitney, New York, NY | 10:15am – 11:15am
Estate planning for spouses requires an understanding and appreciation of the unlimited marital deduction and how it is used effectively in wills and trusts. Also explored are planning with the “applicable exclusion amount,” the credit shelter (or “bypass”) trust and the basics of “portability” under the Tax Relief Act of 2010, the American Taxpayer Relief Act of 2012, the 2017 Tax Cuts and Jobs Act, and the Federal Regulations.
Break | 11:15am – 11:30am
ESTATE TAXES III: OTHER IMPORTANT DEDUCTIONS AND ELEMENTS OF PLANNING WITH THE CHARITABLE DEDUCTION – Michelle Orlowski, Principal, Head of Estate Administration and Fiduciary Counsel, Bessemer Trust, New York, NY | 11:30am – 12:45pm
The presentation highlights the elements and the rules which govern deductions which can reduce or eliminate the estate tax, such as deductibility of debts, expenses of administration, and taxes. Also introduced are the estate tax charitable deduction and its importance as a planning tool for charitable remainder trusts (CRATs and CRUTs) and charitable lead trusts (CLATs and CLUTs).
Lunch Recess | 12:45pm – 1:45pm
THE BASICS OF BASIS IN ESTATE PLANNING – Brad Dillion, Esq., Senior Wealth Strategist and Executive Director, UBS Securities, New York, NY | 1:45pm – 3:00pm
Estate planning for high-net-worth individuals has undergone a fundamental shift in focus. Practitioners can no longer rely simply on recommending venerable solutions such as credit shelter trusts and dynasty trusts to solve wealth tax problems. The current tax environment demands that advisors master the income tax effects of capital gains and capital losses on estate and trust property and inherited wealth. Clients are making strategic investment decisions on income taxation, and too often costly mistakes occur and opportunities are missed when basis issues are ignored. What is basis? How does it change? When does a step-up occur? When does a step-down occur? How is basis reflected (and how does it change) in family limited partnerships? These and other fundamental concepts are explored, including the role basis may play in any “death tax” reform.
Break | 3:00pm – 3:15pm
INTRODUCTION TO INCOME TAXATION OF TRUSTS AND ESTATES – Stacia C. Kroetz, Esq., MBA, CPA, Senior Wealth Planner/Senior Vice President, Brown Brothers Harriman & Co., New York, NY, Mark Taccetta, Vice President and Fiduciary Income Tax Manager, Brown Brothers Harriman & Co., New York, NY | 3:15pm – 4:30pm
This session explores the fundamentals of federal income taxation for estates and trusts. What are the essential components of the IRS Form 1041? How is fiduciary income tax computed? Other essentials covered include “simple” vs. “complex” trusts, treatment of capital gains and losses, distributable net income (DNI), income tax charitable deduction rules, and other itemized deductions and limitations.
DAY 2: TUESDAY, JULY 18, 2023
LIFETIME TRANSFERS AND THE FEDERAL GIFT TAX: THE ENDURING WEALTH TAX – Joseph P. Scorese, Esq., Member, Sills Cummis & Gross, Newark, NJ, and New York, NY, Catherine G. Schmidt, Esq., Partner, Schulte Roth & Zabel, New York, NY | 8:45am – 10:30am
The tax on a client’s lifetime gifts is an important complement to the estate tax and essential knowledge for anyone advising on estate and trust matters. But what is a gift? This presentation explores the nature of gifts through the eyes of the Internal Revenue Code. Essential concepts are covered such as the elements of a completed gift, allowable deductions, the annual exclusion, and other exclusions. Also covered in this presentation are the fundamental planning usages of disclaimers and Crummey trusts. In addition, the presentation covers foundational concepts such as gift splitting, calculation of tax, filing gift tax returns and procedures, and the impact of the relevant recent tax laws and projected tax policy.
Break | 10:30am – 10:45am
MULTI-GENERATIONAL PLANNING AND THE GENERATION-SKIPPING TRANSFER TAX – Joseph P. Scorese, Esq., Member, Sills Cummis & Gross, Newark, NJ, and New York, NY | 10:45am – 12:15pm
The third of the three wealth taxes, the GST tax is largely a “planning tax” that affects high-net-worth individuals, and advisors and practitioners who ignore it do so at their peril. Basic concepts and mechanics of the tax are explored (i.e., the characterization of a generation skip, the allocation of GST exemption, inclusion ratio and the applicable rate), as well how these mechanics affect estate planning for high-net-worth individuals in vehicles such as perpetual dynasty trusts and insurance trusts.
Lunch Recess | 12:15pm – 1:30pm
DIGITAL ASSETS – Sean R. Weissbart, Esq., Partner, Blank Rome, New York, NY, Kyle G. Durante, Esq., Associate, Blank Rome, New York, NY | 1:30pm – 2:45pm
Rapid changes in technology are challenging an estate planner’s ability to keep pace with them. This presentation discusses federal and state legislation and case law for estate planning with digital assets and a fiduciary’s access and distribution of a decedent’s digital assets. The session includes planning techniques and best practices to ensure a client’s wishes are satisfied and the smooth administration of an estate with digital assets.
Break | 2:45pm – 3:00pm
TRANSFER TAX VALUATION ISSUES AND THEIR IMPACT ON FAMILY WEALTH PLANNING OPTIONS – John M. Olivieri, Esq., Partner, Barnes & Thornburg, New York, NY | 3:00pm – 4:30pm
What is “fair market value,” as applied to the world of Federal transfer taxation? This presentation discusses this very fundamental and critical aspect of estate planning and estate administration and how its perception has changed over the years. Emphasis is spent on valuation in the context of closely-held business interests, family limited partnerships and the Special Valuation Rules of Chapter 14 of the Code.
DAY 3: WEDNESDAY, JULY 19, 2023
WILL YOU STILL NEED ME, WILL YOU STILL FEED ME, WHEN I’M SIXTY-FOUR? – Joseph P. Scorese, Esq., Member, Sills Cummis & Gross, Newark, NJ, and New York, NY, Amy C. O’Hara, Esq., CELA, Partner, Littman Krooks, New York, NY, Brian L. Miller, Esq., CELA, Partner, Littman Krooks, New York, NY | 8:45am – 10:00am
For the moderately wealthy, the credit shelter trust may have been rendered obsolete by the Tax Cuts and Jobs Act of 2017, but new problems are arising for wealth preservation because the US has no health insurance for long-term care. Seventy percent of Americans age 65 and over will need some form of long-term care during their lifetime, regardless of their net worth. This presentation addresses the myriad of options available to people in need of long-term care, including how to finance such care, other issues that should be addressed during the process, and how to minimize the risk of elder abuse by Vera, Chuck and Dave.
STATE DEATH TAXES AND FIDUCIARY INCOME TAXES: WHO SAID YOUR ESTATE OR TRUST WASN’T TAXABLE? – Timothy M. Ferges, Esq., Partner, McCarter & English, Newark, NJ | 10:00am – 11:00am
The Tax Cuts and Jobs Act of 2017 has gone a long way in providing federal transfer and income tax relief to the wealthy. Planners need to be increasingly mindful, however, of opportunities and traps arising from a client’s exposure to a particular state’s income and wealth tax regime. With their increasing need for revenue, many states continue to impose their own form of estate and inheritance taxes, which if overlooked, result in unhappy surprises for beneficiaries. State income taxes applicable to trusts also are a factor in planning that need increasing attention. Practitioners are often unaware of how trusts are taxed at the state level and how the residence of a trustee or even a beneficiary can expose that trust to his or her own state’s fiduciary income tax. This presentation provides an overview of the impact of state taxes affecting wealth transfers and the increasingly critical strategic attention practitioners need to pay when designing sophisticated plans in dynasty trusts with multijurisdictional contacts.
Break | 11:00am – 11:15am
PLANNING TECHNIQUES USING GRANTOR TRUSTS | Kimberly A. DeMaro, Esq., Counsel, Paul, Weiss, Rifkind, Wharton & Garrison, New York, NY | 11:15am – 12:30pm
Grantor trusts enjoy a special role in sophisticated estate planning for high-net-worth individuals. This presentation explores the appeal of the grantor trust, what makes an irrevocable trust a grantor trust, and how it is deployed. A comparison of the two most popular techniques, the Grantor Retained Annuity Trust (or GRAT) and the sale to an intentionally defective grantor trust (or IDGT) are explored and explained.
Lunch Recess | 12:30pm – 1:30pm
ESTATE AND TAX PLANNING FOR NON-US CITIZENS – Jack F. Meola, CPA, Esq., Advisor, Eisner Advisory Group, Iselin, NJ | 1:30pm – 2:45pm
An essential primer for any estate planning professional who seeks to advise clients with international contacts. The impact of US wealth taxes on non-citizens is explored, including gift and estate tax exemptions for non-resident aliens, annual exclusions for gifts by US citizens to non-citizen spouses, and qualified domestic trusts. Also covered is an overview of the compliance rules required for individuals with foreign bank accounts (FBAR) and required IRS reporting for beneficiaries who receive foreign gifts and bequests.
Break | 2:45pm – 3:00pm
INSIDE THE BLACK BOX OF ESTATE ADMINISTRATION AND EXECUTORS’ ELECTIONS – Brian Conboy, Esq., Managing Director, Trust Counsel, Director of Estate Administration, Fiduciary Trust Company International, New York, NY, Elisa Pickel, Esq., Managing Director, Trust Counsel, Senior Estate Settlement Officer, Fiduciary Trust Company International, New York, NY | 3:00pm – 4:30pm
A decedent’s estate in administration presents the executor and his or her advisors with a multitude of tax options and elections, many of which are overlooked and cost families needless taxes. Estate and income tax elections are explored in general. Specific attention is given to fiscal year election and IRC §645 election, uses of alternate valuation, the benefits of filing for extensions and deferrals of payment of estate tax, and the benefits and costs of using a deduction for income vs. estate tax purposes.