THURSDAY, JULY 20, 2023
8:00 Welcome and Introductions
8:15 Recent Developments
S. Kyle Agee, Johnston Allison & Hord PA, Charlotte
Stacy M. Reid Monroe, Johnston Allison & Hord PA, Charlotte
N. Lucille "Lucy" Siler, Johnston Allison & Hord PA, Charlotte
Review recent federal statutory developments and cases involving trust, estate, gift and income tax matters and North Carolina case law.
Sponsored by Brown Advisory
9:45 Break
10:00 State Legislative Updates: What You Need to Know for 2023 and Beyond
Judith U. "Judy" Linville, Linville Law Office PLLC, Charlotte
Catherine L. Wilson, McPherson Rocamora Nicholson Wilson & Hinkle PLLC, Durham
Hear an overview of recently enacted North Carolina statutory provisions.
11:00 Break
11:30 Estate Planning for the Middle Wealthy
Keynote Speaker: Robert K. "Bob" Kirkland, Kirkland Woods & Martinsen LLP, Liberty, MO
Planning for clients who are too wealthy to keep everything, and not wealthy enough to transfer enough to make a difference, remains an estate planning challenge. These clients typically lack family offices that can help implement and oversee our most complex planning, yet on many occasions, it is some of that planning that the client needs. And, of course, these "middle-rich" clients need everything else too — charitable planning, asset protection, retirement asset planning, preserving the family farm and vacation cabin, and so on. This presentation discusses implementable and interesting ideas for the middle rich.
Sponsored by Morehead Group
12:45 CLE Adjourn for the Day
FRIDAY, JULY 21, 2023
8:10 Introductions and Announcements
8:15 The Evolution of the SECURE Act: Proposed Regulations and SECURE 2.0
Christina G. Hinkle, McPherson Rocamora Nicholson Wilson & Hinkle PLLC, Durham
In late 2019, the SECURE Act drastically altered the required minimum distribution rules for retirement accounts. In 2022, the IRS issued proposed Regulations, and SECURE 2.0 was enacted into law. We discuss how the 2022 developments clarified and changed the required minimum distribution rules, particularly as they impact beneficiaries of retirement accounts.
Sponsored by Rockefeller Global Family Office
9:15 Break
9:30 Spousal Rights in Estate Administration
M. Kemp Mosley, Narron Wenzel PA, Raleigh
We address estate planning concerns for second and successive marriages, specifically those arising from the statutory rights of surviving spouses. Hear planning tips for discouraging or avoiding controversies upon the death of one spouse. Additionally, the presenter reviews concerns related to the elective share, spousal year's allowance, elective life estate, separation agreements from prior marriages, and antenuptial and postnuptial agreements.
10:30 Break
10:45 Business Succession Planning
Featured Speaker: Joshua E. "Josh" Husbands, Holland & Knight, Portland, OR
The regulatory environment and taxation of private companies is an ever-changing landscape, but the humans who own them are driven by the same desires. How different generations within the life cycle of a business express and achieve these goals may be quite different, though they face the same issues. We discuss the human elements behind succession of a business and current strategies for legally and tax-efficient options to achieve the client's goals.
Sponsored by Brown Brothers Harriman
12:00 CLE Adjourn for the Day
SATURDAY, JULY 22, 2023
8:10 Introductions and Announcements
8:15 Asset Protection Using Tenancy by the Entirety Ownership and Pitfalls of Arbitration Provisions
John N. Hutson Jr., Young Moore & Henderson PA, Raleigh
Tenancy by the entirety is a vehicle of property ownership for couples that provides a right of survivorship for the survivor. It traditionally has been applied to only married couples; however, it is available in a few states to couples who are not married. The estate traces its history back to the common law of England and is described in William Blackstone's Commentaries of 1783. This presentation briefly summarizes the history of the estate and its development in North Carolina but then focuses on how the estate can be used as an asset protection device in North Carolina and in other states. Included are explanations of why clauses requiring arbitration and/or mediation should not be included in trust instruments.
9:30 Break
9:45 LLCs in Estate Planning, Including FinCEN Rules
Elizabeth K. "Liz" Arias, Womble Bond Dickinson (US) LLP, Raleigh
LLCs are widely used by estate planning attorneys for asset management, gifting and other purposes that are crucial to the success of our client families. Receive an overview of the new FinCEN reporting requirements that will be effective in 2024 and how those requirements may impact estate planning attorneys and their clients. Further, we discuss suggested provisions in LLC operating agreements that are helpful from the perspective of estate planning, lifetime gifting and business succession planning for clients that are often overlooked by individuals who do not regularly address these matters in their practice.
10:45 Break
11:00 An Inside Look at Cybersecurity and How You Can Protect Yourself‡
Ileana van der Linde, JP Morgan Chase & Company, New York, NY
Cybercrime and fraud have become headline news and cost consumers and private industries billions of dollars every year. This conversation focuses on cybersecurity, fraud trends and best practices that can be put in place to help you better protect yourself, your family and your business.
12:00 Adjourn
‡ Indicates portion providing Technology Training credit
Thank you for joining us for the 44th Annual Estate Planning & Fiduciary Law Program.
Designed to benefit both new and experienced lawyers alike, attendees learn practical tips and gain insight to help you navigate challenges and opportunities in the current environment.
S. Kyle Agee is a partner with Johnston Allison & Hord PA in Charlotte. He primarily represents the business owners of closely-held and family companies in tax, business succession and estate planning matters. When tax laws change, such as the enactment of the 2018 Tax Cuts and Jobs Act, Kyle works with clients to ensure their business and estate plans are as tax-advantaged as possible.
Estate and trust administration are additional strengths of Kyle's practice. Representing both professional fiduciaries and families, he works with them to ensure the wishes of the family are carried out. He also represents banks who serve as fiduciaries, executors and advisors on highly complex and emotionally-charged estate issues that involve estranged or difficult family members. He is frequently brought in to help bank clients problem-solve when contentious disputes arise among their clients' representatives. In addition, working closely with in-house counsel, he serves as an outside authority to multi-office regional banks, assisting with matters relating to agency, estate and trust accounts, plus other fiduciary concerns.
Kyle is a Certified Specialist in Taxation by the South Carolina Supreme Court.
Kyle received his B.S. degree in Mathematics from The Citadel, his J.D. degree from the University of South Carolina School of Law and his LL.M. degree in Taxation from the University of Florida.
Click here for more information about Kyle.
Elizabeth K. "Liz" Arias is a partner with Womble Bond Dickinson (U.S.) LLP in Raleigh. Liz provides a wide array of estate planning, fiduciary litigation, tax planning and private wealth services to clients who are seeking to strategically manage their wealth in a way that allows them to achieve their estate planning goals and objectives and to do so as tax efficiently as possible. Areas in which she regularly advises clients include use of irrevocable trusts, including modification and termination of existing trusts, gifting strategies, complex estate planning, formation of limited liability companies (LLCs), family limited partnerships or other closely held family businesses and generational planning, including dynasty trusts.
Liz is a member of the American College of Trusts and Estates Council (ACTEC). She is a past chair of the Estate Planning and Fiduciary Law section of the North Carolina Bar Association. She is an active member of the Legislative Committee for the Estate Planning and Fiduciary Law section with over 15 years of experience assisting in drafting North Carolina's trusts and estate legislation.
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Sandra M. "Sandy" Clark is a partner with Manning Fulton & Skinner PA in Raleigh. She represents individuals and fiduciaries regarding strategies for estate planning, trust planning, special needs trusts, and administrative matters. Sandy also has a broad range of experience with closely-held businesses for business matters including mergers and acquisitions.
Sandy has a diversified tax practice advising clients on a wide range of business, estate and gift tax planning matters, family trust planning and works on the settlement of large and complex estates. Representing individuals, businesses, and charitable organizations, she helps clients plan for the orderly and tax-saving transfer of wealth, keeping current on the constantly changing federal and state tax laws.
Sandy represents numerous privately held corporations and partnerships. She has extensive experience in corporate and business transactional matters and routinely provides counsel regarding business plans, mergers and acquisitions, reorganizations, tax accounting issues, and a broad range of tax planning strategies. Her franchise expertise ranges from assisting franchisors in developing nationwide systems that comply with state and federal franchise laws to the clients' marketing and distribution arrangements.
Sandy was the Chair of the North Carolina Bar Association, Estate Planning & Fiduciary Law Section and is a Fellow with the American College of Trust and Estate Counsel. She is a Certified Public Accountant, a Board Certified Specialist in Estate Planning and Probate and a fellow of the American College of Trust and Estate Counsel (ACTEC).
Sandy graduated with honors from Campbell University Law School and also received her undergraduate B.B.A. degree with honors from Campbell University.
Click here for more information about Sandy.
Christopher N. "Chris" Hewitt is of counsel with Womble Bond Dickinson (US) LLP in Raleigh. He is a corporate & securities and private wealth lawyer, focusing his practice in the areas of generational wealth transfer planning, trust and estate administration and tax-exempt planning.
Chris provides clients with customized planning advice to assist with the generational transfer of wealth during lifetime and at death. His previous legal experience in a corporate transactional practice enables him to more effectively serve business owners and the challenges they face in transitioning assets to successive generations. He also assists clients in the creation of family limited liability companies to own and manage family assets. Additionally, he advises individual and corporate trustees on judicial and non-judicial modifications and decanting of irrevocable trust agreements when existing trust language has become impractical.
Chris also advises clients on the creation of tax-exempt entities and the subsequent administration of those entities. He advises existing tax-exempt clients on various issues, including their charitable solicitation license compliance programs.
Chris actively speaks on legal development and trends within the trusts and estates practice. He is a member of the Estate Planning & Fiduciary Law Section of the North Carolina Bar Association and Director and President of the Estate Planning Council of Winston-Salem.
Chris earned his B.B.A. in Trust and Wealth Management from Campbell University and his J.D. from Wake Forest University School of Law.
Click here for more information about Chris.
Christina G. Hinkle is a partner with McPherson Rocamora Nicholson Wilson & Hinkle PLLC in Durham. She focuses her practice in the areas of wills and trusts, estate and gift tax planning, estate and trust administration, and probate law. She has developed a special interest in charitable giving, public and private foundations, multi-generational and blended family planning, and trust modifications, terminations, and decantings. She is also versed in business entity formation and business law.
Christina is a member of the North Carolina Bar Association (Estate Planning and Fiduciary Law and Business Law Sections), American Bar Association (Real Property, Trust, and Estate Law Sections), and the Orange County Bar Association. She also serves as a board member of the Durham/Orange Estate Planning Council, Child Care Services Association, and the North Carolina State Bar Board of Continuing Legal Education. She has been a Board-Certified Specialist in Estate Planning and Probate Law since 2008 and has received the Martindale-Hubbell AV Preeminent® Peer Review Rating.
Christina, born in Princeton, NJ, spent several years in Geneva, Switzerland before settling in the Durham-Chapel Hill area. She attended Chapel Hill High School, and then Duke University, graduating with a B.S. in Mathematics. She graduated with high honors from the University of North Carolina School of Law, where she served as an Articles Editor of the North Carolina Law Review and was a member of the national legal honorary society, The Order of the Coif. Following law school, she clerked for the Honorable J. Dickson Phillips, Jr., on the United States Court of Appeals for the Fourth Circuit.
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Joshua E. "Josh" Husbands is a partner at Holland & Knight in Portland, OR. He is a member of the firm's Private Wealth Services Group and chairs Holland & Knight's national life insurance practice. He represents clients in an array of business, tax, business succession and estate planning matters, including business reorganizations, acquisitions, and divestitures.
Josh has been listed in Best Lawyers in America, Chambers High Net Worth guide (Oregon and Western Region), Oregon Super Lawyers and the International Who's Who of Private Client Lawyers and was selected to the list of Forty under 40 by Portland Business Journal in 2013. Best Lawyers has named him three times (2016, 2019 and 2023) as Portland Lawyer of the Year for Closely Held Companies and Family Businesses Law.
Josh is a Fellow of the American College of Trust and Estate Council, where he is on the Board of Regents and is the Oregon State and Western Region Chair and Past-Chair of the New Fellows Steering Committee. Josh was on the board of the Estate Planning Council of Portland (Past-President) and served for eleven years on the Board of the Portland Japanese Garden Foundation (Past-President).
Josh frequently writes and speaks on business, tax, life insurance and asset protection matters concerning businesses and high-net-worth individuals.
Josh earned his BBA in Finance from The University of Texas at Austin and his J.D., cum laude, from Northwestern School of Law of Lewis & Clark College.
Click here for more information about Josh.
John N. Hutson Jr. is of counsel at Young Moore and Henderson PA in Raleigh. With over forty years of experience in litigation, his primary focus is on helping individuals and families who need his experience to navigate estate, trust or guardianship issues. He also works with businesses in evaluating contracts and handling commercial disputes.
John's experience representing individuals and families includes helping them navigate the difficult issues relating to the death of a family member, disputes arising out of an estate plan or will contest, and issues relating to the guardianship or care of a parent or child. He has successfully assisted the children of elderly parents who are dealing with the effects of dementia or Alzheimer's disease. He has also helped families deal with the damaging impact that the breach of a fiduciary duty can cause. John's quiet demeanor and respect for all makes him perfectly suited for this type of work.
John's clients benefit from his innate ability to resolve difficult contract disputes in an efficient, effective manner. Whether it is a breach of contract problem or a dispute between business partners, he has the ability to negotiate wisely, keeping the client's best interest in mind. In cases where negotiation fails or becomes impossible, John is an aggressive litigator who represents his clients with zeal. His courtroom presence and knowledge of procedure provide him with the skills necessary to defend his clients thoroughly.
John is co-author of North Carolina Contract Law released in 2001 and North Carolina Contract Law, Second Edition, released in 2021. Published by LexisNexis and annually updated by its authors, this authoritative treatise analyzes more than two centuries of contract law and serves as an indispensable guide and resource for lawyers, judges, and law students.
John is an elected Fellow of the American College of Trust and Estate Counsel (ACTEC) and recognized in The Best Lawyers in America©, North Carolina Super Lawyers®, and Business North Carolina's Legal Elite.
John earned his bachelor's and J.D. from the University of North Carolina at Chapel Hill.
Click here for more information about John.
Robert K. "Bob" Kirkland is founding partner of Kirkland Woods & Martinsen LLP in Liberty, MO. He works with a variety of individual clients, handling the preparation of estate planning instruments, and counseling clients in the areas of estate and gift tax minimization, probate avoidance, gifting techniques, asset protection, charitable planning and business succession planning. He also advises fiduciaries in estate, conservatorship and trust administration matters.
Bob is a Fellow of the American College of Trust and Estate Counsel ("ACTEC"), is a past Missouri State Chair of ACTEC, and a past member of the ACTEC Board of Regents and ACTEC Executive Committee. He is also a member of the Employee Benefits Committee (past Chair), Digital Property Task Force, Family Law Task Force, and Board of Directors of the ACTEC Foundation. He is listed in the last twenty-plus editions of The Best Lawyers in America and the most recent additions of Super Lawyers. He has successfully completed the Effective Probate Mediation Training course sponsored by ACTEC, and frequently serves as a mediator of trust and estate disputes.
Among several professional and civic activities, Bob serves as a Vice Chair of the Missouri Bar Probate and Trust Committee, and a member of the editorial board of Trusts and Estates magazine. He is also a member of the Program Committees of the Duke University Estate Planning Conference and the Illinois Institute of Continuing Legal Education's (IICLE's) Estates and Trusts Short Course, as well as a founding Chancellor of the Heart of America ACTEC Fellows Institute.
Bob is a frequent author and lecturer in estate planning and charitable giving areas. He has lectured on a variety of topics at seminars sponsored by ACTEC, The Heckerling Institute, ALI-CLE, Society of Trust and Estate Practitioners, Missouri Bar and the Kansas Bar Association.
Bob earned his B.S. in Accounting from William Jewell College, his J.D. from the University of Missouri-Kansas City School of Law, and his L.L.M. in Estate Planning from the University of Miami, Florida School of Law. During his tenure at the UMKC School of Law, he served as Managing Editor of the UMKC Law Review. He is licensed to practice law in Missouri and Kansas.
Click here for more information about Bob.
Judith U. "Judy" Linville is the founder of Linville Law Office PLLC in Charlotte. She believes the practice of law is about helping clients finding solutions to their legal problems and planning for their future needs. She brings over 20 years of experience in estate planning, tax, elder law, trust and estate administration, guardianship and general business law. She founded a firm that strives to provide exceptional service to its clients by working closely with individuals and their families to create comprehensive and customized estate plans. The firm also welcomes and encourages a team approach in their representations that often involves working with the client's financial, tax and other professional advisors.
Judy is a member of the North Carolina Bar Association, Mecklenburg County Bar Association, WealthCounsel, ElderCounsel, and the National Academy of Elder Law Attorneys. She is currently serving on the Legislative Committee for the North Carolina Estate Planning and Fiduciary Section of the North Carolina Bar Association.
Judy earned her B.S. in Accounting and Business/Management from the Kegan Flagler School of Business at the University of North Carolina at Chapel Hill and her J.D. from the University of North Carolina School of Law.
Click here for more information about Judy.
M. Kemp Mosley is a partner with Narron Wenzel PA in Raleigh. His practice focuses on estate and trust planning, administration, and litigation.
Kemp is a frequent publisher and presenter on estate and fiduciary litigation issues. He is a council member of the Estate Planning and Fiduciary Law Section of the North Carolina Bar Association. He is also a Fellow in the American College of Trust and Estate Counsel (ACTEC).
Kemp earned his B.B.A., summa cum laude, from the University of Mississippi and his J.D. from Wake Forest University School of Law.
Click here for more information on Kemp.
Stacy M. Reid Monroe is an attorney with Johnston Allison & Hord PA in Charlotte. Her principal areas of practice include trusts & estates, asset protection planning and estate administration.
With almost two decades of Trusts and Estates paralegal experience working in estate settlement at well-respected major firms, Stacy knows first-hand what banks are tasked with when serving as an Executor and Trustee. She also understands how a well-thought-out estate plan translates into a streamlined estate administration.
Stacy is a member of the North Carolina, South Carolina and Mecklenburg County Bar Associations. She is also a member of the Meritas Black Lawyers Forum.
Stacy earned her B.A. in Political Science and Government from Converse University, her paralegal studies diploma, summa cum laude, from King's College and her J.D. from Charlotte School of Law.
Click here for more information about Stacy.
N. Lucille "Lucy" Siler is a partner at Johnston Allison & Hord PA in Charlotte. She is also Chair of the Trusts and Estates Practice Group. Her principal areas of practice are trusts and estates, estate administration, business succession planning, taxation, asset protection planning, charitable planning and exempt organizations and nonprofit entities and tax-exempt organizations.
Lucy handles sophisticated estate planning and administration for wealthy individuals and families, many of whom have built or inherited a closely held company. Frequently referred by their lawyers, financial advisors, accountants or by another of Lucy's clients, she has the experience and skill to adeptly surmise the situation and develop a going-forward strategy and plan that will reduce tax liabilities, address practical issues such as control and cash flow, and minimize family conflicts, while achieving the client's desired legacy.
With a primary focus on estate administration, Lucy has extensive experience guiding families and executors not only through the legal and tax issues that arise upon the death of an individual, but also the sometimes-strained family dynamics that exist at an emotionally charged time. She works closely with entrepreneurial clients who have horizon concerns, such as a generational shift in the ownership of a family business.
Lucy is a Fellow of the American College of Estate Counsel (ACTEC), a member of the American, North Carolina and Mecklenburg County Bar Associations and the Charlotte Estate Planning Council.
Lucy earned her B.S. in Mathematics from Davidson College and her J.D. from the University of North Carolina at Chapel Hill School of Law. She is also a graduate of the North Carolina School of Science and Mathematics.
Click here for more information about Lucy.
Ileana van der Linde is an Executive Director at J.P. Morgan Asset & Wealth Management (AWM) in New York City. As part of her role on the Cyber Advisory Team, she educates clients and employees globally on how to better protect themselves, their families and their businesses from increasing cybersecurity threats.
Ileana and her team develop timely cybersecurity educational materials on various topics to help address the needs of wealthy individuals, family offices, businesses and other centers of influence so that they are better prepared to deal with the reality of cyber threats. She works closely with her colleagues in cyber, fraud prevention and technology to understand the latest threats, and the solutions to mitigate them.
Ileana came to J.P. Morgan with extensive experience in wealth management and technology, having worked on numerous cyber and technology initiatives that impacted high-net-worth and ultra-high-net-worth clients and their advisors. Throughout her career of 20+ years, she has always sought to make technology solutions easier to understand for a lay person.
Prior to J.P. Morgan, Ileana worked for Morgan Stanley and Citigroup Private Bank. Prior to a career in financial services, she worked for Hewlett-Packard in Europe.
Ileana earned her bachelor's degree from Georgetown University, her M.B.A. from Columbia Business School, and a master's degree in Cybersecurity from Fordham University, a DoD Center of Excellence. She is also on Tulane University's Cyber Program Advisory Board, and is a member of its Women in Technology Mentoring Program.
Click here for more information about Ileana.
Catherine L. Wilson is a partner with McPherson Rocamora Nicholson Wilson & Hinkle PLLC in Durham. Her practice focuses on estate planning, special needs planning, guardianships, taxation law and estate litigation. Her special needs practice includes assisting with planning for family members with special needs and also the post-litigation establishment of special needs trusts designed to receive personal injury awards.
Catherine is a member of the American, North Carolina, Alabama and Durham Bar Associations and is a member of the Estate Planning and Fiduciary Law Section of the North Carolina Bar Association. She also serves on the Board of the Fourteenth Judicial District Bar, the Durham County Bar Association and the Durham Bar Foundation.
Catherine previously practiced with the Birmingham, Alabama law firm of Sirote & Permutt PC working exclusively in the areas of trusts and estates.
Catherine received her B.A. in English, magna cum laude, from Lipscomb University, her J.D. degree from Vanderbilt University Law School, and a Master of Theological Studies (M.T.S.) from Vanderbilt University Divinity School. While in law school, she was an Honors Scholar and served as Executive Articles Editor for the Vanderbilt Journal of Transnational Law.
Click here for more information about Catherine.
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