8:55 Welcome and Introductions
9:00 Refashioning Irrevocable Trusts
Elizabeth K. Arias, Womble Bond Dickinson (U.S.) LLP, Raleigh
With the adoption of the Uniform Trust Code and the Uniform Trust Decanting Act, irrevocable trusts rarely are truly irrevocable. Review the various statutory provisions that permit the modification of irrevocable trusts and when the provisions may be available for use by the trustee and/or beneficiaries. Then walk through the process for using the applicable statutory provisions and virtual representation. These topics are even more relevant now in an advanced planning landscape where the focus has often shifted away from transfer tax planning.
10:02 Charitable Giving
Doug Benson, Foundation For The Carolinas, Charlotte
There are many options available to clients with charitable planning goals. However, certain strategies may be affected by the new tax law and the current interest rate environment, and others have been subject to increased IRS scrutiny. Private foundations and donor-advised funds are increasingly popular, but there are potential downsides to each. During this session, explore the various charitable planning tools and review charitable planning opportunities in the current environment.
11:03 Break
11:13 Basis Planning
Mark J. Hale Jr., Baddour Parker Hine & Hale PC, Goldsboro
Basis planning is the new black in estate planning. Under the new tax law, very few clients are going to be impacted by transfer taxes. Learn how the higher transfer tax exemption levels provide opportunities for basis planning that clients should be able to expect from advanced estate planners.
12:15 Lunch Break
12:45 LLCs in Estate Planning, Including FinCEN Rules
Elizabeth K. Arias, Womble Bond Dickinson (U.S.) 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.
1:40 The Evolution of the SECURE Act
Christina G. Hinkle, McPherson Rocamora Nicholson Wilson and 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.
2:41 Break
2:51 Federal Income Taxation of Trusts
Chris Henderson, White & Allen PA, New Bern
Never before has the income taxation of trusts been more important to the advanced estate planner. Dive into the taxation of grantor and non-grantor trusts in a world where income tax planning is often more pertinent than transfer tax planning.
3:52 Adjourn
Click here to view Forms and CLE Policies, Terms and Conditions.
If paying by check,
click here for a printable registration form. Please reference the live webcast program code 292RWC.
Certificate of Completion and Archived Video: Your certificate of completion and archived video will be available approximately two weeks of the program date and can be found in your CLE account. MCLE credit is available to registrants only on the day(s) of the live event. This archived content is offered solely for review purposes and is not a substitute for live attendance.