Day 3 | 44th Annual Estate Planning & Fiduciary Law Program

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. workforce.

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^‡

Phillip J. "Phil" Ferraro, JP Morgan Chase & Company, Tampa, FL

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

Description

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.

Contributors

S. Kyle Agee

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

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.

Click here for more information about Liz.
Sandra M. "Sandy" Clark

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 is a Certified Public Accountant and is a Board Certified Specialist in Estate Planning and Probate. She has a diversified tax, business, estate planning and probate practice. She works with clients on matters involving complex tax-saving wealth transfer strategies including family limited partnerships and limited liability companies, generation skipping trusts, charitable trusts and various other estate freezing and discount valuation strategies. She advises clients related to estate and trust administration and has experience with complex estate litigation including caveat actions and special proceedings.

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 frequently speaks on estate planning and probate law for trade and professional groups.

Sandy graduated with honors from Campbell University Law School and also received her undergraduate B.B.A. degree with honors from Campbell University.

Sandy is very active in several charitable organizations, including Special Olympics and the YMCA and served on the Advisory Board and as the Chairperson of the "We Build People" campaign for the Kraft YMCA. She is married with two children and lives in Cary.

Click here for more information about Sandy.
Phillip J. "Phil" Ferraro

Phillip J. "Phil" Ferraro is the Managing Director Cyber Security at JP Morgan Chase & Company in Tampa, FL. He has served as a Global Chief Information Security Officer and previously as a Cyber Security Consultant for a wide variety of clients and in different industries. This includes understanding how security initiatives support the strategic intent, assessing and/or devising a risk based environment with security as an enabler, identifying areas for improving architecture within industry based or best practices, translating the governance and compliance requirements into real-world application, and advising on large complex operations.

Phil has served as an advisor to C-Suite executives such CEO, COO, CFO, CIO, CISO and other members and may include board level officers. He provided extensive and demonstrated knowledge on risk methods and approaches to measuring effectiveness, speaking to enterprise-wide security technologies as well as multiple regulatory standards (e.g., PCI, SOX, Gaming, HIPAA, FISMA, etc.).

Phil is one of the few CISOs in the U.S. who has presented on Capitol Hill to US Senate and Congressional Committees on cyber security issues. His technical background allowed him to served as the Acting CIO for a major government agency.

Phil has also built two major Global Security Operations Centers for a Fortune 200 company from the ground up, and has had the pleasure of building and providing leadership to global, cross-functional teams of up to 1,000+ employees and outsourced professionals.

Phil earned his M.B.A. in Information Systems from City University of Seattle and his certifications include CISSP, CISM, CISO, CEH and more.

Click here for more information about Phil.
Christopher N. "Chris" Hewitt

Christopher N. "Chris" Hewitt is an attorney in the Winston-Salem office of Womble Bond Dickinson (US) LLP. He focuses his practice in the areas of generational wealth transfer planning, trust and estate administration and tax-exempt planning, and has experience assisting clients with transferring wealth during lifetime and at death and advising individual and corporate Trustees on trust administration issues.

Chris currently serves as the immediate Past President and as a Director of the Winston-Salem Estate Planning Council, as a Director of the SECU Family House in Winston-Salem, and as a Co-Chair of the Technology Committee of the Estate Planning and Fiduciary Law Section of the North Carolina State Bar Association.

Chris received his B.B.A. in Trust and Wealth Management from Campbell University and his J.D. from Wake Forest University School of Law.

Chris and his wife, Andrea, live in Winston-Salem with their two children.

Click here for more information about Chris.
Christina G. Hinkle

Christina G. Hinkle is a member of McPherson Rocamora Nicholson Wilson & Hinkle PLLC in Durham. Christina born in Princeton, New Jersey, 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 in 1990 with a B.S. degree in mathematics. In 1993, Christina 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. She was admitted to the North Carolina State Bar in 1993.

Following law school, Christina clerked for the Honorable J. Dickson Phillips, Jr., on the United States Court of Appeals for the Fourth Circuit. 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 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.

Christina 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, private foundations, intergenerational and blended family planning, and trust modifications, decantings and terminations. Christina is also versed in business entity formation and business law.

Click here for more information about Christina.
Joshua E. "Josh" Husbands

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. He often serves as outside general counsel for private companies and their owners, representing clients in an array of business, tax, philanthropy, business succession and estate planning matters, including business reorganizations, acquisitions and divestitures.

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.

John N. Hutson Jr. is and estate and business litigation attorney with Young Moore & 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

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 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

Judith U. "Judy" Linville is owner 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.

Born and raised in North Carolina, Judy is a graduate of the UNC Kenan-Flagler undergraduate business school and a graduate of the UNC School of Law. She has also passed all four parts of the CPA exam. She is licensed to practice law in North Carolina.

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 is married to Robert Linville and has three children. When not working, she enjoys playing golf with her husband, reading, and spending time with family and friends at Smith Mountain Lake.

Click here for more information about Judy.
M. Kemp Mosley

M. Kemp Mosley is a partner with Narron Wenzel PA, practicing in the firm's Raleigh office. focuses his practice on estate and trust planning, administration, and litigation. He is a frequent writer and publisher on estate and fiduciary litigation issues and is an active member of the North Carolina Bar Association. Kemp serves as Chair of the Legislative Committee of the Estate Planning and Fiduciary Law Section.

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.

Kemp is an avid outdoorsman and sports fan. He enjoys spending as much time as possible with his wife, who happens to be his high school sweetheart, and their two young children.

Click here for more information on Kemp.
Stacy M. Reid Monroe

Stacy M. Reid Monroe is an attorney with Johnston Allison & Hord PA in Charlotte. She has almost two decades of trusts and estates paralegal experience working in estate settlement at well-respected major firms. She 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 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

N. Lucille "Lucy" Siler is a partner at Johnston Allison & Hord PA in Charlotte. She 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, she 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.

Lucy works closely with entrepreneurial clients who have horizon concerns, such as a generational shift in the ownership of a family business. Chairing Johnston Allison & Hord's Trusts and Estates practice, one of the largest and most prominent in North Carolina, she is committed to successful business management and succession planning inside the firm as well as outside as she works with her clients' families and companies.

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.
Catherine L. Wilson

Catherine L. Wilson is a partner with McPherson Rocamora Nicholson Wilson & Hinkle PLLC in Durham. Her practice centers on estate planning for persons with special needs, fiduciary litigation, guardianships, and complex estate administration issues.

Catherine previously practiced with the Birmingham, Alabama law firm of Sirote & Permutt PC working exclusively in the areas of trusts and estates.

Catherine is the current Co-Chair of the Legislative Committee of the Estate Planning and Probate Law Section of the North Carolina State Bar Association. She is a past Director and Treasurer of the Sixteenth Judicial District Bar, the Durham County Bar Association, and the Durham Bar Foundation. She is an associate member of the Special Needs Alliance, a national organization of attorneys committed to the practice of disability and public benefits law. She has been a North Carolina Board Certified Specialist in Estate Planning and Probate Law since 2016 and is licensed to practice law in North Carolina and Alabama.

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.