This session will discuss an overview of the estate planning process, from the initial client intake through the final execution of the plan, and beyond. We will discuss document and drafting considerations, the estate planning team approach, as well as the softer side of planning. Estate planning is a profound and daunting endeavor for clients. What impact will you have in your clients’ lives?

This session will provide an introduction to the various federal tax rules governing lifetime gifts and transfers at death. We will discuss the basics of the gift tax and the estate tax together with their interaction with the generation skipping transfer tax and related income tax concepts. Among the topics to be discussed include the annual gift tax exclusion, gifts which are specifically excluded from the gift tax, the definition of the gross estate for estate tax purposes, the deductions available in both the gift tax and the estate tax, the credits available to offset any estate and gift tax liability (including the lifetime exclusion and the deceased spouse unused exclusion amount) and the calculation of the estate and gift tax.

Join us during the program’s lunch break for networking and discussion with the Section of Real Property, Trust and Estate Law’s leaders. Learn more about the section, how to get involved, and our other programs. Lunch will be provided for all conference registrants.

Although many estate planning arrangements are implemented without controversy, given family dynamics involved in such planning, drafting attorneys should be mindful of the possibility that family members will disagree. Those who are dissatisfied with an estate plan may resort to court proceedings. This segment of the Skills Training program will introduce attendees to the essential concepts of probate litigation, including will and trust disputes, contests, and fiduciary litigation. Those engaged in the estate planning process should be aware of the manner in which probate litigation arises so that they can plan to avoid such disputes (as much as possible). After reviewing those concepts, this segment will explore some of the planning approaches that can be pursued to avoid probate litigation.

Planning Options for financing Long Term Care, including the use of governmental benefits such as Medicare, Medicaid and Veterans Benefits. Discussion of trust options for the preservation of assets.

The session will review the steps in an estate administration and considerations for executors, as well as the operational side of trusts including the role of trust accountings and the duties of a trustee.

Even in these times of economic turbulence, many clients are exploring more advanced wealth transfer and tax planning opportunities. As we shift from a low interest rate environment to a higher rate environment, some of the tools that have been “on the shelf” for many years may become more widely utilized again. This presentation will provide a general overview of sophisticated estate planning techniques to transfer wealth to younger generations and to charity while leveraging your client’s remaining estate and gift tax exemptions. Techniques that will be explored include grantor retained annuity trusts, sales to intentionally defective grantor trusts, qualified personal residence trusts, and charitable remainder trusts. During the presentation, we will highlight the technical process as to how each technique is structured as well as explore the various tax and nontax considerations that drive each technique.

Network with other program attendees and the Section of Real Property, Trust and Estate Law’s young leaders over lunch. Lunch will be provided for all conference registrants.

An estate planner must be aware of the fundamental rules concerning retirement accounts and how to incorporate these accounts into a client’s estate plan. This program will cover the complex rules concerning retirement accounts, including tax considerations and appropriate beneficiary designations. This program will also address the different ways an estate planner can incorporate charitable giving in a client’s estate plan.

A discussion about the various clauses common to marital and credit shelter trusts, taxation issues and how to approach drafting such trusts.