Estate, Gift and Generation-Skipping Tax Update | preceded by the P. Thomas Austin Personal Financial Planning Division Scholarship Award

Jun 5, 2023 9:30am ‐ Jun 5, 2023 10:45am

This session will review recent cases, rulings and legislation in the area of estate, gift and generation-skipping tax. How those new rules impact estate planning approaches will also be discussed.

Are you Leading with Inclusivity? (All Tracks)

Jun 5, 2023 9:30am ‐ Jun 5, 2023 10:45am

Being an active inclusive leader is not always easy, but it is an important trait of leaders. We will explore the topic of leading with inclusivity and provide practical tips and steps that can be incorporated into your leadership style immediately. You will go on a journey that will deepen your knowledge on the topic and learn how embracing inclusivity can increase connection and employee engagement in the workplace.

Valuation issues in Estate Planning

Jun 5, 2023 11:15am ‐ Jun 5, 2023 12:05pm

This session will address various valuation issues practitioners should be aware of when advising clients on estate planning matters. The discussion will include a review of basic valuation principles as well as recent developments.

Generation Skipping Transfer Tax: Myths and Mysteries

Jun 5, 2023 11:15am ‐ Jun 5, 2023 12:05pm

The generation-skipping transfer tax (GST) is a wonderfully complex tax that can cause problems and create opportunities for clients, planners, and return preparers. We will bust GST myths and solve GST mysteries while discussing a range of misconceptions about the GST. Myths busted will include that (i) only rich clients have to worry about the GST, (ii) gifts that qualify for the annual exclusion never trigger GST, and (iii) the automatic allocation rules will always save you. Mysteries explored will include (i) the different treatment of the various types of split-interest charitable trusts, (ii) when an inclusion ratio becomes final, and (iii) the various GST elections that can be made on a gift tax return.

Planning Nuggets for CPAs (EST, TAX, PFP)

Jun 5, 2023 1:30pm ‐ Jun 5, 2023 2:45pm

This course will review creative practical planning strategies for use with a wide range of clients from very wealthy to more moderate wealth. How to structure a note sale transaction to better withstand an audit? How to use a Wandry clause without risking an estate inclusion challenge to all entity interests under Powell argument. How to plan ownership of FLP and LLC interests to avoid estate inclusion using a special voting membership interest. Prioritizing allocation of GST exemption on gift tax returns for multiple trusts. For smaller clients evaluate options for existing credit shelter trusts. Creative use of a multipurpose ILIT to accomplish a range of goals in a cost effective manner for smaller clients. A host of other planning tips will cover a wide range of planning considerations for all types of clients with a focus on a value add role the CPA can play.

Implementing SECURE - Individuals Beneficiaries (EST, TAX)

Jun 5, 2023 1:30pm ‐ Jun 5, 2023 2:45pm

Over the last three years, there have been considerable changes regarding post-mortem distributions from IRAs and other qualified retirement plans. Between the Setting Every Community Up for Retirement Enhancement Act of 2019 ("SECURE Act"), Enhancing American Retirement Now (EARN) Act of 2022 ("SECURE 2.0") and the proposed 1.409(a)(9) Treasury Regulations, one needs to know the impact of the new post-mortem distribution rules and how payout options need to be reassessed. 

During this session, we will discuss the following topics: 

* Pre-SECURE Act distribution rules 

* SECURE Act distribution rules 

* EARN Act (“SECURE 2.0”) distribution rules 

* Proposed 1.409(a)(9) Treasury Regulations 

* Determination of the “type” of beneficiary 

* Missed Required Minimum Distributions (RMD) and how to handle them.

Women in Finance - Our Seat at the Table (All Tracks)

Jun 5, 2023 1:30pm ‐ Jun 5, 2023 2:45pm

Women have fought long and hard for a seat at the table in finance – are we there? If not, how can we get there? What can you do in your career to get your seat at the table? Join us to hear the stories of three accomplished women in finance, and their thoughts on where we are with women in our profession. Men, please join as well, as male advocates and perspective are very important!

Tax Issues That Arise When a Shareholder or Partner Dies

Jun 5, 2023 1:30pm ‐ Jun 5, 2023 2:45pm

When an owner of a passthrough entity dies, certain tax implications may arise on both the individual and entity level. This presentation examines the various federal income tax issues to be mindful of in these circumstances. The discussion first focuses on the effect of a partner's death on a Subchapter K partnership, then examines the consequences of a shareholder's death on a Subchapter S corporation, and finally looks at the tax effects of death for the individual owner and the owner's estate and/or trust.

Planning for Estates Under $10 Million (EST, TAX)

Jun 5, 2023 3:00pm ‐ Jun 5, 2023 4:15pm

This session will discuss why it is important for the modest estate owner to have a comprehensive estate plan. We will cover basic documents, beneficiary designations, conventional credit shelter planning, the mechanics of filing Form 709 to make the portability election; along with the benefits and downside of making the election. We will also review Roth conversion and insurance planning for smaller estate owners; post-mortem estate, administrative and fiduciary elections, filing the decedent's final return along with the estate's fiduciary return and issues that arise when the decedent is a partner or shareholder in a passthrough entity.

Asset Protection with Trusts

Jun 5, 2023 3:00pm ‐ Jun 5, 2023 4:15pm

Many clients and many CPAs themselves should be using asset protection trusts in their planning. We live in an incredibly litigious society so this type of planning is appropriate for a wide swath of clients not only surgeons. This course will help practitioners understand and identify how, when and why to recommend asset protection trusts for client planning, how to work with the attorney who will prepare the document to assure the client’s needs are addressed, and what types of trust and techniques might be appropriate. There are key steps that CPAs should be involved in that are critical to the success of asset protection trusts (balance sheet for the client, financial forecasts, assistance on a solvency affidavit). One segment of the program will review a list of the most common trusts and explain the role they can play in asset protection planning, even trusts that are not viewed as asset protection trusts: revocable trusts (really!), ILITs, SLATs, DAPTs, hybrid-DAPTs, GRATs, SPATs, and more will all be analyzed from an asset protection lens. The focus will be on practical planning ideas CPAs can identify and help plan.