Trusts and Estates Law Section Fall 2020 Meeting (Webinar)

FALL MEETING AGENDA

Thursday, October 1

9:00 - 9:10 a.m.               

Chair Welcome/Program Introduction/Sponsor Acknowledgements

Jill Choate Beier, Esq., Section Chair, Beier & Associates PLLC, Lake Placid

9:10 - 10:00 a.m.              

Community Property: What Happens When Your Clients Acquire Assets in Community Property Jurisdictions (1.0 Professional Practice)

Several states use the community property system to characterize assets owned during marriage. Many Non-U.S. countries also have similar property right concepts. This presentation will review the basics of community property, and address estate planning and administration challenges and opportunities that can arise.

Panelists:

John R. Strohmeyer, Esq., Strohmeyer Law PLLC, Houston, TX

Toni Ann Kruse, Esq., McDermott Will & Emery LLP, New York City

10:10 - 11:00 a.m.            

Planning for Retirement Assets under the SECURE Act (1.0 Professional Practice)

On December 20, 2019, President Trump signed The Further Consolidated Appropriations Act, 2020, Pub. L. 116-94, which includes the SECURE Act. The Act makes far-reaching changes to the rules governing retirement plans and IRAs, including significant changes to the required minimum distribution rules and a severe curtailment of the availability of stretch IRAs. This session will discuss the changes and potential planning techniques.

Panelists:

Prof. David A. Pratt, Albany Law School, Albany

Patricia J. Shevy, Esq., The Shevy Law Firm, LLC, Albany

11:10 a.m. - 12:00 p.m.    

Generation-Skipping Trust Planning Opportunities in 2020 (1.0 Professional Practice)

Through sample case studies, the GST rules and planning opportunities will be discussed with a focus on GST planning for taxpayers with modest assets.

Panelists:

Austin W. Bramwell, Esq., Milbank Tweed Hadley & McCloy LLP, New York City

Sean M. Imfeld, Esq., Milbank Tweed Hadley & McCloy LLP, New York City

12:10 p.m. - 1:00 p.m.      

It's My First Rodeo - Initial Meetings with Clients in Probate and Trust Proceedings (1.0 Skills)

Through mock meetings between attorneys and potential clients, the presenters will discuss interesting issues in probate and trust proceedings, including lost wills, no-contest clauses, fee shifting, the use of expert witness testimony, and many more.

Panelists:

Gary B. Freidman, Esq., Greenfield Stein & Senior, LLP, New York City

Eric W. Penzer, Esq., Farrell Fritz, P.C., Uniondale

Optional Event:

5:30 p.m. - 6:15 p.m.   

Virtual Happy Hour

Sponsored by Farrell Fritz, P.C.

Friday, October 2

9:00 - 9:10 a.m.               

Introduction/Sponsor Acknowledgement

Eric W. Penzer, Esq., Program Chair, Farrell Fritz, P.C., Uniondale

9:10 - 10:00 a.m.              

Wealth Transfer Planning with Carried Interests in Funds (1.0 Professional Practice)

Estate planning with carried interests in funds can be quite advantageous from a wealth transfer standpoint if done correctly. There are, however, a number of pitfalls and issues that must be carefully navigated in order to avoid potentially draconian consequences under Section 2701 of the code as well as a number of other theories. This session will cover a range of issues that are critical to consider when engaging in this type of planning. 

Speaker:

N. Todd Angkatavanich, Esq., Ernst & Young LLP, Hartford, CT

10:10 - 11:00 a.m.            

Navigating the Dangerous Intersection of Powers of Appointment and Asset Protection Planning

(1.0 Professional Practice)

This presentation will begin with a review of the tax law relating to powers of appointment, and will then delve deeply into how the use of powers of appointment intersect with your clients’ asset protection concerns and planning. In addition, this presentation will attempt to provide practitioners with useful planning options to enhance their clients’ asset protection planning through the thoughtful (and, perhaps, unconventional) use of powers of appointment.

Speaker:

Daniel S. Rubin, Esq., Moses & Singer LLP, New York City

11:10 a.m. - 12:00 p.m.    

Planning to Avoid Closely-held Business Disputes (1.0 Professional Practice)

The successful disposition of a closely-held business at death often requires much more than a well-drafted Will or Trust. This session will discuss important corporate, partnership, and limited liability laws and agreements, as well as financial, tax, and fiduciary accounting issues that should be considered to avoid disputes upon the death of a closely-held business owner.

Speaker:

Thomas J. Collura, Esq., Hodgson Russ LLP, Albany

12:10 - 1:00 p.m.              

Virtual Representation: The “Other” VR (1.0 Skills)

To the uninitiated, virtual representation may sound like the latest smartphone app, but SCPA 315, the statute creating this time-saver, is over 50 years old. SCPA 315 creates efficiencies for the parties and the Surrogate’s Court by streamlining jurisdiction over members of a class which vests at a future time. By recognizing common economic interests among diverse generations of interests, SCPA 315 creates a jurisdictional predicate for the efficient administration of complex estates and trusts. This presentation will address the mechanics of SCPA 315, and provide practical guidance for the use of it.

Panelists:

Hon. Sara W. McGinty, Ulster County Surrogate's Court, Kingston

Robert M. Harper, Esq., Farrell Fritz, P.C., Uniondale