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Day 3 | 45th Annual Estate Planning & Fiduciary Law Program

THURSDAY, JULY 25, 2024

8:00        Welcome and Introductions

8:05        Recent Developments

Paul M. Hattenhauer, Culp Elliott & Carpenter P.L.L.C., Charlotte
Kimberly J. "Kim" Kirk, Johnston Allison & Hord PA, Charlotte
William L. "Bill" Mills IV, Culp Elliott & Carpenter P.L.L.C., Charlotte
Corinne N. Spencer, Culp Elliott & Carpenter P.L.L.C., 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

9:35        Break

9:50        State Legislative Updates

Mark J. Hale, Baddour Parker Hine & Hale P.C., Goldsboro

Hear an overview of recently enacted North Carolina statutory provisions.

10:35      Break

11:00      Older Clients With Diminishing Capacity and Elder Financial Abuse

Keynote Speaker: Mary F. Radford, Georgia State University College of Law, Atlanta, GA

The nest eggs of America's elders are in the crosshairs of scammers and fraudsters who target elders, particularly women, due to the frailties and vulnerabilities that often accompany aging. As estate planners, we all will be called upon to help address the issues of those individuals whose capacity is diminishing. This session helps estate planners to recognize the most common causes and signs of diminishing capacity and explores the ethical challenges that advisors and lawmakers face in protecting our vulnerable clients from exploitation without unnecessarily trampling on their rights to self-determination.

Sponsored by Morehead Group

12:15      Adjourn for the Day

FRIDAY, JULY 26, 2024

8:00        Introductions and Announcements

8:05        The Business of Family

David R. York, York Howell & Guymon, Salt Lake City, UT

There are more than 5 million family businesses in the United States. As a general rule, family businesses outperform nonfamily businesses, are more values-driven, and tend to hold on to employees during difficult economic times. That said, family businesses also face unique and difficult challenges. This presentation focuses on how advisors can help family businesses successfully navigate the rough waters that exist at the confluence of business and family. It also discusses the six kinds of family businesses and the practical yet critical steps that should be taken if a family wants to continue a successful multi-generational business into the future.

Sponsored by Rockefeller Global Family Office

9:35        Break

9:50        Update on Corporate Transparency Act and FinCEN Rules

Elizabeth K. "Liz" Arias, Womble Bond Dickinson (US) LLP, Raleigh

This session provides an update on the Corporate Transparency Act and the associated FinCEN reporting requirement that became effective January 1, 2024.

10:20      Break

10:30      Not Your Grandfather's Private Foundation: Leveraging Foundation Resources Beyond Traditional Grantmaking

Featured Speaker: Michele A. W. McKinnon, McGuireWoods LLP, Richmond, VA

This session explores the many ways that a private foundation can engage in philanthropic endeavors and deploy its resources to have a meaningful impact beyond traditional grantmaking activities. Within the context of the federal tax rules that apply to private foundations, we address the use of investment strategies (including program-related and mission-related investments), the use of intellectual capital through advocacy and other endeavors, and the conduct of direct charitable activities by nonoperating private foundations as well as private operating foundations.

Sponsored by Brown Brothers Harriman

12:00      Adjourn for the Day

SATURDAY, JULY 27, 2024

8:00        Introductions and Announcements

8:05        Business Appraisals 101: Handling Entity Valuations and Select Issues

Weston C. Kirk, Willamette Management Associates, Atlanta, GA
James W. Narron, Narron Wenzel P.A., Smithfield

During this session, the speakers discuss working with appraisers, what to look for and where to look for it, and appraisal disasters and success stories. The presentation explores how to work with the entity/business appraiser and steps throughout the appraisal process, providing practical guidance and understanding from both the lawyer’s side and the appraiser's side — from beginning to end.

9:35        Break

9:45        How Collaborative Law Can Successfully Resolve Trust and Estate Disputes

Colleen L. Byers, Colleen Byers Mediation LLC, Winston-Salem
Thomas R. “Tom” Sparks, Fiduciary Litigation Group, Raleigh

A majority of trust and estate disputes involve inter-family conflict. A collaborative law approach has successfully resolved inter-family conflict in the context of divorce and child custody disputes. The same interest-based collaborative law approach to these family disputes is an excellent alternative to the necessarily divisive nature of a rights-based litigation approach. The NC Collaborative Law Act provides the framework for this structured settlement process, and it offers practitioners the flexibility to address the unique needs of each case. This presentation posits the use of a collaborative law-trained mediator and similarly trained attorneys to facilitate and implement a negotiated resolution without destroying important family relationships.

10:45      Break

11:00      What Lawyers Need to Know About Artificial Intelligence

Catherine Sanders Reach, North Carolina Bar Association, Cary

Artificial intelligence has been a very hot topic since ChatGPT became publicly available, followed by a swarm of AI-enabled products. Lawyers need to understand how generative artificial intelligence will impact their lives and practices, as well as their clients and their clients' lives and businesses. This session describes how the technology works in plain language, discusses ethical considerations, examines different products on the market, and explores positive and negative impacts of the exponential explosion of AI.

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.

Coinciding with the annual meeting of the Estate Planning & Fiduciary Law Section, this program — attended by attorneys, CPAs, trust officers, and other estate planning professionals from North Carolina and beyond — offers opportunities to network with colleagues in the estate planning arena.

Contributors

  • Elizabeth K. "Liz" Arias

    Elizabeth K. "Liz" Arias is a Partner with Womble Bond Dickinson (U.S.) LLP in Raleigh. She 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.

    Liz earned her B.A. fromt the University of North Carolina at Chapel Hill and her J.D., summa cum laude, from Campbell University Norman Adrian Wiggins School of Law.

    Click here for more information about Liz.

  • Colleen L. Byers

    Colleen L. Byers is the founder and owner of Colleen Byers Mediation LLC in Winston-Salem. A seasoned civil litigator with deep business and legal experience, Colleen focuses on mediating complex business, employment, trust, estate, fiduciary and family disputes to help companies, families and individuals solve their legal problems outside the courtroom.

    Colleen is triple certified by the North Carolina Dispute Resolution Commission (DRC) to mediate Superior Court, Family Financial, and matters pending before the Clerk of Superior Court. Colleen is also a neutral with National Arbitration and Mediation (NAM), a national panel of mediators and arbitrators.

    Colleen is a sought-after thought leader who has been invited to speak and train locally, nationally, and globally on topics including mediation, collaborative negotiation, coaching for performance, and facilitating difficult conversations. Colleen is a mediation trainer with Carolina Dispute Settlement Services.

    All of Colleen's education is from Creighton University, a Jesuit University in Omaha, NE. She is proud to be a triple Blue Jay, having earned her B.A., summa cum laude, her M.B..A, and J.D., cum laude, from Creighton University.

    Colleen is accredited as an Associate Certified Coach by the International Coaching Federation and is a Yoga Alliance Registered Yoga Teacher.

    Click here for more information about Colleen.

  • Mark J. Hale Jr.

    Mark J. Hale Jr. is a member of Baddour Parker Hine & Hale PC in Goldsboro. He concentrates his practice in estate planning and probate, wills and trusts, guardianships, corporate and business matters and taxation. He is the Wayne County Public Administrator and Public Guardian. He is a Board-Certified Specialist in Estate Planning and Probate Law.

    Mark is currently a member of the North Carolina Bar Association's Estate Planning and Fiduciary Law section. Other NCBA activities include previously serving as the Editor of the Will and the Way and Chair of the Newsletter Committee, current Chair of the Task Force with NC Clerks of Court, and a member of legislative committee where he is currently Co-Chair of the electronic wills subcommittee.

    Mark graduated from North Carolina State University with a B.A. in Chemistry. He earned his J.D. from Campbell University School of Law. Following law school, Mark spent a year in Miami, FL, where he earned his LL.M. in Taxation from the University of Miami School of Law.

    Click here for more information about Mark.

  • Paul M. Hattenhauer

    Paul M. Hattenhauer is a Partner at Culp Elliott & Carpenter PLLC in Charlotte, and chair of the firm's Estates and Trusts practice group. His practice encompasses business succession planning, tax, estate planning, and estate and trust administration. He also assists clients in achieving their philanthropic objectives through the use of various charitable giving structures, including private foundations, supporting organizations, and charitable remainder trusts.

    Paul has extensive experience in implementing sophisticated estate plans for high net worth individuals, closely-held business owners and their families. In addition, he counsels trustees, executors, and beneficiaries regarding all aspects of trust and estate administration, including the preparation and filing of gift tax returns and estate tax returns, judicial and non-judicial modifications of irrevocable trusts, and trust decantings. He also regularly represents clients in general business and tax matters.

    Paul is licensed to practice law in North Carolina and Florida, he is a member of the Estate Planning and Fiduciary Law Section of the North Carolina Bar Association, a North Carolina Board Certified Specialist in Estate Planning and Probate Law, a member of the American Bar Association (and a member of the Real Property Probate and Trust Law Section), and a member of the Mecklenburg County Bar Association.

    Paul earned his B.S., summa cum laude, in Accounting from Saint John's University, J.D., cum laude, from the University of Minnesota School of Law and his LL.M. in Estate Planning from the University of Miami School of Law.

    Click here for more information about Paul.

  • Christopher N. "Chris" Hewitt

    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., summa cum laude, in Trust and Wealth Management from Campbell University and his J.D., cum laude, from Wake Forest University School of Law.

    Click here for more information about Chris.

  • Kimberly J. "Kim" Kirk

    Kimberly J. "Kim" Kirk is a Partner at Johnston Allison & Hord PA in Charlotte. She concentrates her practice on complex commercial and fiduciary disputes, often representing high net worth individuals, national nonprofits, trustees, executors, and expectant beneficiaries.

    Kim regularly handles cases involving will contests, elective share claims, fiduciary liability, power-of-attorney abuse, and contested trust modifications. In addition to fiduciary and probate litigation, she also represents clients in a variety of complex commercial disputes. These include multi-party construction defect cases and post-employment restrictive covenant disputes.

    Kim is a member of the Litigation Section and a council member for the Estate Planning & Fiduciary Law Section of the North Carolina Bar Association. She is currently Co-Chair of the Fiduciary Litigation Committee and is a co-author of the "Tortious Interference with Inheritance" chapter of the North Carolina Fiduciary Litigation Manual.

    Kim earned her B.A. from the University of Michigan and her J.D. from the University of North Carolina at Chapel Hill School of Law.

    Click here for more information about Kim.

  • Weston C. Kirk

    Weston C. Kirk is Managing Director and Atlanta Office Director at Willamette Management Associates in Atlanta, GA. His practice includes complex business valuation, economic analysis, and financial opinion services. He opines on the value of privately held business interests, debt instruments, derivative investments, and other intangible assets.

    Weston assists private ultra-high-net-worth clients across the U.S. and globally with valuations for U.S. gift, estate, and generation-skipping transfer tax; charitable income tax deductions; S corporation election and income tax basis reporting; IRS and family disputes; economic damages litigation; expatriation tax compliance; transaction advisory for mergers, acquisitions, redemptions, exchanges, and recapitalizations; and guaranty fee, stock option, and other derivative pricing, among others.

    Weston earned his Bachelor of Business Administration, with honors, in Finance from Georgia State University, J. Mack Robinson College of Business.

    Click here for more information about Weston.

  • Michele A. W. McKinnon

    Michele A. W. McKinnon is a Partner at McGuireWoods LLP in Richmond, VA. She serves as the chair of the firm's nonprofit and tax-exempt organizations practice team. With more than 35 years of experience, she routinely represents many public charities, major colleges and universities, supporting organizations, large private foundations, and charitable trusts on a variety of federal tax and governance matters.

    Michele assists tax-exempt organizations in all aspects of compliance with the federal tax laws, as well as with governance, endowment and investment matters. Her practice includes advice on compliance with the excess benefit transaction rules and the private foundation rules, including self-dealing, excess business holding, and taxable expenditure issues, participation in joint ventures, and consequences of unrelated trade or business activities. She also assists these organizations in dealing with the IRS in tax controversy matters and compliance audits.

    Michele's work also includes structuring planned gifts to charitable organizations, including the use of charitable remainder trusts, charitable lead trusts, charitable gift annuities and conservation easements. She also works in the areas of estate planning, and estate and trust administration, handling the administration of large complex estates, fiduciary income tax matters, fiduciary litigation, and risk management for corporate trust departments.

    Michele is a Fellow in the American College of Trust and Estate Counsel, and she previously served as its Virginia State Chair. She also is the immediate Past Chair of ACTEC's Charitable Planning & Exempt Organizations Committee. She is also a member of the Fiduciary Income Tax Committee of the Tax Section of the American Bar Association and is a former chair of the Trusts and Estates Section of the Virginia State Bar.

    Michele earned her B.A. from the University of Virginia, J.D., magna cum laude, from the University of Richmond School of Law and her LL.M. William & Mary Law School.

    Click here for more information about Michele.

  • William L. "Bill" Mills IV

    William L. "Bill" Mills IV is a Partner at Culp Elliott & Carpenter PLLC's estate planning practice group in Charlotte. His practice focuses on providing individuals and families with comprehensive legal services for their estate, tax, and business planning needs. He represents clients in complex matters relating to estate planning, trust and estate administration, wealth transfer planning, and business succession planning. His practice also includes providing advice to business owners and entities on tax and organizational aspects of partnerships, S corporations, and limited liability companies.

    Bill has experience in designing and implementing sophisticated strategies to minimize estate, gift, generation-skipping, and income taxes and to provide for the protection and preservation of a family's legacy assets. This experience includes the organization and funding of many types of family entities and irrevocable trusts, and the creative use of charitable gifts and life insurance to accomplish a family's planning goals. Bill has successfully represented clients in audits of various wealth transfer techniques.

    Bill earned his B.A. in Philosophy and Economics from Wake Forest University, his J.D., magna cum laude, University of South Carolina School of Law and his LL.M. in Taxation from New York University School of Law.

    Click here for more information about Bill.

  • Lawrence A. "Larry" Moye IV

    Lawrence A. "Larry" Moye, IV is a Partner at Womble Bond Dickinson (US) LLP and practices primarily out of the firm's Raleigh office. His practice includes advising clients in estate and trust planning and administration, gift and charitable contribution planning, the formation and usage of limited liability entities, and business succession planning.

    In addition, Larry also advises clients involved in will and trust disputes, breach of fiduciary duty claims, and other fiduciary litigation concerning the rights, duties and powers of trustees and beneficiaries under the terms of trust agreements. His fiduciary litigation clients include executors, individual and corporate trustees, and estate and trust beneficiaries.

    Larry is a member of the Wake County Estate Planning Council, Estate Planning & Fiduciary Law Section of the North Carolina Bar Association and the Tenth Judicial District Bar Association.

    Larry earned his B.A., summa cum laude, from North Carolina State University and J.D., cum laude, from Campbell.

    Click here for more information about Larry.

  • James W. Narron

    James W. Narron is an attorney with Narron Wenzel P.A. in Smithfield. He focuses his practice on estate and trust planning, asset protection, and tax planning and controversies for high net worth individuals. He has broad experience in probate issues and corporate governance, and has worked with companies across the southeastern United States.

    James speaks and writes frequently on tax issues, and has delivered recent lectures at the Georgia Federal Tax Conference, the Duke Estate Planning Council Annual Seminar, and the Virginia Bar Association Estate Planning and Administration Section Annual Meeting. He recently served as Vice President of the Board of Governors of the North Carolina Bar Association.

    James earned his A.B. from the University of North Carolina at Chapel Hill, J.D., cum laude, from Wake Forest University School of Law and his LL.M. in Taxation from New York University School of Law.

    Click here for more information about James.

  • Mary F. Radford

    Mary F. Radford is Professor of Law Emerita at Georgia State University College of Law in Atlanta, GA. She joined the College of Law faculty in 1984. Her teaching areas are wills, trusts and estates, estate planning and law and the elderly. She has also taught as a visiting professor at the law schools of the Phoenix School of Law, University of Georgia, Emory University and the University of Tennessee.

    In 1990-91, Mary worked as a Supreme Court Fellow for Chief Justice William H. Rehnquist. Before she began teaching law, she practiced as an associate attorney at the Atlanta firm of Hansell & Post. Prior to attending law school, she taught English and French at two Atlanta high schools.

    Mary was the president of the American College of Trust & Estate Counsel (ACTEC) in 2011-12. She served as the reporter for the Georgia Trust Code Revision Committee (2005-10), the Georgia Guardianship Code Revision Committee (1997-2004) and Georgia Probate Code Revision Committee (1992-96) of the State Bar of Georgia. She was the principal draftsperson for Georgia's enacted Trust, Guardianship, and Probate Codes. She was the 2004 chair of the AALS Section on Donative Transfers, Fiduciaries and Estate Planning.

    Mary is the author of Georgia Trusts & Trustees; Guardianships & Conservatorships in Georgia; the sixth and seventh editions of Redfearn: Wills & Administration in Georgia; and numerous law review articles. She frequently gives presentations on estate planning and guardianship topics at local, national, and international seminars. In 2009, she was awarded the Verner S. Chaffin Career Service Award by the Fiduciary Law Section of the State Bar of Georgia. In 2002, she was awarded the Treat Award for Excellence by the National College of Probate Judges.

    Mary earned her B.A. from Newcomb College of Tulane University and her J.D. from Emory University School of Law.

    Click here for more information about Mary.

  • Catherine Sanders Reach

    Catherine Sanders Reach is Director for the Center for Practice Management at the North Carolina Bar Association, providing practice technology and management assistance to lawyers and legal professionals. Formerly she was Director, Law Practice Management and Technology for the Chicago Bar Association and the Director at the American Bar Association's Legal Technology Resource Center.

    Prior to her work at the NCBA, CBA and ABA she worked in library and information science environments for a number of years, working at Ross and Hardies as a librarian. She received a master's degree in Library and Information Studies from the University of Alabama, Tuscaloosa in 1997.

    Catherine's professional activities include articles published in Law Practice magazine, Law Technology News and GPSolo Magazine, as well as numerous other publications. She has given presentations on the use of technology in law firms for national bar conferences, state and local bar associations and organizations such as the National Association of Bar Council and the Association of American Law Schools. In 2011 she was selected to be one of the inaugural Fastcase 50, celebrating fifty innovators, techies, visionaries, and leaders in the field of law and in 2013 became a Fellow of the College of Law Practice Management. She served on the ABA TECHSHOW Board from 2007-2009, 2014-2016 and is co-vice chair in 2019.

    Click here for more information about Catherine. Connect with her on Twitter and LinkedIn.

  • Thomas R. "Tom" Sparks

    Thomas R. "Tom" Sparks is the founder of the Fiduciary Litigation Group in Raleigh. His practice is centered solely around representing clients in bringing or defending litigation where issues of breach of fiduciary duties exist. Specifically, these matters involve Power of Attorney, Trust, Estate, Guardianship, and small business disputes.

    Tom started his courtroom practice as a prosecutor and defense counsel in the Air Force JAG corps. After leaving the Air Force, he settled in the Triangle area and dove into civil litigation. He has been practicing in the area of fiduciary law since 2012. He brings his unique mixture of intensity and practicality to bear in every case. Over time, that "practicality" led him to become certified in Collaborative Law, something he views as an encouraging alternative to full-on litigation in the context of family disputes.

    In addition to law, Tom was an engineer in the Air Force; he started a residential construction company here he designed and built houses and undertook major renovations; and he served as the Chief Operating Officer of a water filtration company in the hospital sector.

    Tom earned is BSEE in Electrical Engineering from Duke University, M.B.A from the University of West Florida and his J.D. from Duke University School of Law.

    Click here for more information about Tom.

  • Corinne N. Spencer

    Corinne N. Spencer is an Associate at Culp Elliott & Carpenter PLLC in Charlotte, in the firm's Estate Planning practice group. Her practice focuses on estate planning, trust and estate administration, and wealth transfer planning.

    Through sophisticated planning techniques, Corinne assists clients in preserving family wealth, developing family businesses, and charitable giving while protecting wealth and assets from taxation and creditor risk.

    Corinne earned her B.S., magna cum laude, in Business Administration & Management from State University of New York College at Brockport and her J.D., cum laude, from Wake Forest University School of Law.

    Click here for more information about Corinne.

  • David R. York

    David R. York is an Attorney, Certified Public Accountant, and Managing Partner with the Salt Lake City law firm of York Howell. He practices law in the areas of estate planning, tax, business planning, and non-profit entities.

    David is a Fellow with the American College of Trust and Estate Counsel (ACTEC) and is the Dean of Legacy with the Purposeful Planning Institute. He has extensive experience in designing and implementing advanced wealth planning strategies for high net worth clients.

    David has spoken to hundreds of public groups and professional organizations, including the TedXSaltLakeCity, Q Commons, the Hawaii Tax Institute, the Purposeful Planning Institute, Investments and Wealth Institute, Valmark Member Summit, the Southeastern Family Office Forum, and the Million Dollar Roundtable.

    David is the co-author of three books, Entrusted: Building a Legacy That Lasts and Riveted: 44 Values that Change the World, which after its release was the #1 Business Ethics book on Amazon, and author of The Gift of Lift. He also created the game Experience RivetsTM, which helps individuals, families, and businesses identify their unique and shared core values to assist them with holistic wealth transfer, effective estate planning, and team building. He has also written for Trusts & Estates Magazine, Estate Planning Magazine, and Investments and Wealth Monitor.

    David earned his B.S. in Accounting from the University of Utah - David Eccles School of Business and his J.D. from the University of Utah S.J. Quinney College of Law.

    Click here for more information about David.

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July 27, 2024
Sat 8:00 AM EDT

Duration 4H 0M

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