Why attend?
MCLE brings together a faculty composed of leading estate planners and nationally recognized practitioners for our 11th Annual Estate Planning Conference 2010. This carefully crafted program features a variety of topics.
The day begins with the ever-popular Professor Jeffrey Pennell, always a dynamic speaker, presenting his annual update on recent developments. Professor Pennell provides an "up-to-the-minute" summary of recent decisions, rulings, regulations and legislative developments that affect estate planning, including an overview of important tax legislation. The session features ample opportunity for registrants to pose tough questions for Professor Pennell, an unequaled opportunity for interactive participation.
In the afternoon, our experienced faculty addresses the new Massachusetts Uniform Probate Code and its impact on estate planning. Then choose from among SIX workshops on timely estate planning topics.
Keynote panel
Professor Jeffrey N. Pennell on Recent Developments
Professor Jeffrey N. Pennell teaches at Emory University School of Law in Atlanta. A graduate of Northwestern University School of Law, he is a member of the American Law Institute and an advisor for its Restatement of the Law (Third) Property-Wills and Other Donative Transfers. In addition to various articles and institute chapters, he has authored Income Taxation of Trusts, Estates, Grantors and Beneficiaries (West 1987), Federal Taxation of Gifts, Trusts and Estates
(West 1997; with Kahn and Waggoner), the Tax Management Portfolio on the Marital Deduction (BNA 1995) and was editor-in-chief of the American Bar Association's Real Property, Probate and Trust Journal (1987-1989). He has recently completed the annual supplement to, and the sixth edition of, Casner and Pennell on Estate Planning. Professor Pennell returns to MCLE to provide his latest interpretations on a wide variety of estate planning topics, with emphasis on the latest government regulations.
Conference schedule, Friday, January 8, 2010
8:30 a.m. - 12 p.m.
Keynote Address: "Recent Developments"
Priority Guidance Plan; Discount for Built in Gain; Formula Disclaimer Does Not Violate Public Policy; Alternate Valuation of the Same Asset; Sale of Conservation Easement Triggers §2032A(c)(1)(A); Recapture Final Regulations Addressing Annuity Issues; Private Trust Company "Tentative" Guidance; Failure To Respect Discount Entities; What Are "Legitimate and Significant Nontax Reasons"?; Exercise of Pre-1942 General (?) Power of Appointment; Protective Claim for Refund Procedure; Amendment to QTIP Election Permitted; Reformed Trust Qualifies for QTIP Marital Deduction; Sheltering a Spouse's Unified Credit; Declaratory Judgment on Gift Tax Value; Gift Tax Valuation in FLP Context; Gift on Creation of FLP; Passive Asset Classification Under §6166; Extension Denied for Making §6166 Election Exemption; Allocation Regulations; Defective Grantor Trust; Swap Provision Conversion into Grantor Trust Is Nontaxable Trusts as Nonrelated Parties; §67(e) Exception to the 2% Floor; Extensions of Time To File and Pay; Return Preparer Penalties for ALL Tax Returns; What Is a Trust Protector?; Apportionment of Death Tax; Interested Witness Purge Statute; Hiring the Drafting Attorney To Represent the Executor; Contingent Beneficiary Designations; Pretermitted Heir Statute Not Applicable to Inter Vivos Trust; Inter Vivos Trust Immune to Spouse's Elective Share; Proper Parties to Fiduciary or Probate Litigation
- Jeffrey N. Pennell, Richard H. Clark Professor of Law, Emory University School of Law, Atlanta
12 p.m. - 1 p.m.
Lunch Break (on your own)
1 p.m. - 2 p.m.
Estate Planning Under the New Massachusetts Uniform Probate Code
On July 1, 2011 the MUPC becomes effective for estate planning and probate administration. This session addresses how to plan to take advantage of new informal probate procedures and the changes estate planners should incorporate into their documents. This session also addresses changes to the intestacy statute and other probate laws that affect inheritance.
- Mark A. Leahy, Esq., Whittum & Leahy,
Hingham
- Richard C. Barry, Jr., Esq., Fletcher, Tilton & Whipple, PC, Worcester
2:15 p.m. - 3:30 p.m.
Break Out Session I (choose one)
2:15 p.m. - 3:30 p.m.
Fixing a Broken Plan: Dealing with Unanticipated Consequences of
Techniques Entered Into When the World Was Different
The estate plan was implemented when times were good...now times are not so good. What planners should think about in the current economic climate with regard to the GRATs, QPRTs, ILITs, insurance trusts and other planning vehicles put in place in better times and what steps can be taken to help meet the clients liquidity needs in a down market.
- William D. Kirchick, Esq., Bingham McCutchen, LLP, Boston
2:15 p.m. - 3:30 p.m.
Integrating Grantor Trusts into Your Planning
The sophisticated estate planner must have a thorough knowledge of the subtleties and nuances of the complex grantor trust rules. In this session you are guided through the intricacies of these rules, and how they can be put to good use to create intentionally "defective" trusts for your clients. This session also addresses the 2008 revenue ruling regarding the use of the power of substitution without triggering estate tax inclusion.
- Lisa Weinstein Burns, Esq., Rackemann, Sawyer & Brewster, P.C., Boston
- Nancy Hegarty, Esq., Holland & Knight LLP, Boston
2:15 p.m. - 3:30 p.m.
Same-Sex Marriage in New England: New Protections and New Planning Challenges
This past year has brought significant changes by way of the recent widespread legalization of same-sex marriage in the New England states. This session reviews the true protections available to those in same-sex relationships within the New England states and across the country, while also providing practice tips on addressing the tax implications of marriage, divorce, life planning, death planning and property ownership for your same-sex married clients.
- Tamara E. Kolz, Esq., Law Office of Tamara E. Kolz, Melrose
- David T. Riedel, Esq., Adler Pollock & Sheehan, PC, Providence
3:30 p.m. - 3:45 p.m.
Networking Break
3:45 p.m. - 5 p.m.
Break Out Session II (choose one)
3:45 p.m. - 5 p.m.
Inheritance Rights of Adopted Children
This breakout session addresses recent statutory changes affecting the meaning of words like "issue" and "children" in wills, trusts and other instruments disposing of property. It adresses the recent retroactive change of the effective date of G.L. c. 210, § 8 as well as changes brought about under the Massachusetts Uniform Probate Code. To gain perspective on this new law that retroactively includes adopted children as beneficiaries of pre-1958 trusts, statutes and cases from other states with similar laws are discussed.
- Marc J. Bloostein, Esq., Ropes & Gray LLP, Boston
- Jennifer Locke, Esq., Goodwin Procter LLP, Boston
3:45 p.m. - 5 p.m.
International Estate Planning and FBARs
This session focuses on recent developments in international estate planning, including the new gift and estate tax rules for expatriates and the IRS's renewed focus on offshore tax compliance, including FBAR reporting.
- Brian R. Bassett, Esq., Ropes & Gray LLP, Boston
- Brian W. Monnich, Esq., Wilmer, Cutler,
Pickering, Hale and Dorr LLP, Boston
3:45 p.m. - 5 p.m.
Estate Tax Developments in the New England States
- Mark M. Christopher, Esq., Edwards Angell Palmer & Dodge LLP, Boston
