WELCOME & INTRODUCTION

- Marya Robben, Course Chair

Communication

How to talk to clients who have fear and anxiety and help them with estate planning issues and situations.

- James W. Rockwell

Small Estate Panel

Increased emphasis/focus on fiduciary selection in light of recent cases involving elder abuse/breach of fiduciary duty; guarding against selecting individual trustees who may be under financial duress due to loss of job/economic downturn and selection of trustees who can exercise appropriate discretion when dealing with demanding beneficiaries who are under financial duress. The potential and reality of increased bonding with the decline in markets. Focus on trust administration: esp. duties under prudent investor rule but also general fiducuiary duties. (Smaller pie may make people more inclined to fight over it, putting fiduciary at risk). Leveraging diminished asset base by taking advantage of multi-generational IRA (conduit trusts). Increased use of spendthrift trusts to protect beneficiaries at risk in down economy (drafting appropriate discretionary trust provisions.) Maintaining flexibility in plan to account for future asset appreciation and/or change in tax laws. The increased use of disclaimers and decreased use of marital-family/credit-shelter plans. Using and coordinating non-probate transfer devices; esp. TODD. Client reluctance to make big financial commitment to estate plan (negative wealth effect). In light of the increased cases involving elder abuse using a POA, we could potentially discuss whether it would be beneficial to require annual accountings to be rendered either to the attorney who prepared the POA (if that is the case) or some other independent party to determine whether the fiduciary is appropriately handling the assets.

- James T. McNary & Trisha A. Vicario
- Susan T. Peterson, moderator

QUESTIONS & ANSWERS

Working With and Choosing Corporate Trustees

A checklist of things to consider, potential drafting language, planning for the future with all the changes that have happened to banks and banking as well as investments & investing.

- Christopher J. Burns & Janet M. Wilebski

Estate Planning for Medium Size/"Tweener/On the Edge" Estates

As the number of estates that fall in the gap between taxable at the state level but not on the federal level increases, more clients are asking about planning and administration options that help bridge that gap. In addition, more families are engaged in costly disputes that are often inefficient given the funds at issue. Disclaimer use and administration is increasing, and alternate valuation issues arise more often. In addition, many estates and trusts have unique real estate issues and financing problems related to real estate in this market. Whether to fund credit shelter trusts to the maximum level and incur tax on the death of the first spouse remains debated on a case-by-case basis. The panel will discuss these "tweener" issues and more.

- Christopher J. Burns, Craig P. Goldman & Marya Robben

QUESTIONS & ANSWERS

LUNCH (on your own)

Post-Mortem Planning Tools and Options

- Michael P. Sampson

Specific Estate Planning Tools for Uncertain Times

GRATs, Charitable Lead Trusts, etc.

- John L. Nelson, Dana M. Neu & Cameron R. Seybolt

BREAK

10 Things Estate Planners Should Know About Medical Assistance

A brief overview of critical things that all estate planners should know about medical assistance including: the asset/income test, three bases for determining eligibility, two different methodologies, three different look-back periods, no transfers for less than fair value are disregarded, report all gifts during look-back periods, when revocable trusts are treated as "revocable", differences between a Support Trust and a Discretionary Trust, federal restrictions on medical assistance recoveries that are correctly paid (Barg), and three to four remaining opportunities for sheltering assets.

- Julian J. Zweber

Critical Issues in Planning with Insurance in Uncertain Times

What to tell your clients about insurance, how to analyze it as an asset, be savvy and skeptical and identify the benefits and deficiencies of utilizing insurance in planning.

- Robert Cohen

Large Estate Panel

Discussion will revolve around large estate-oriented issues including efficient and maximum use of exemptions, the use of drafting and instrument tools to maximize estate value and minimize tax; if time allows, the discussion will also include family business succession issues, asset protection and risk management, and more.

- James D. Lamm & Melinda K. Greer
- Christopher B. Hunt, moderator

QUESTIONS & ANSWERS