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Introductory Estate Planning For Every Lawyer – Case Studies

Length: 2 hours 37 minutes

This program will utilize case studies to introduce both tax and non-tax estate planning issues that arise routinely in the ordinary course of people’s lives and discuss the relevant estate planning solutions.  Non-estate planning attorneys will be introduced to the signals that should alert them to the relevant issues that are likely to arise in their own practices.  Estate Planning is not only for the wealthy.  The non-tax aspects of estate planning are critical for the orderly disposition of assets upon death.  For the wealthier client, estate planning addresses the orderly disposition of assets tax efficiently.  This program will introduce the basics of the estate, gift and generation skipping taxes, go over the application of common estate planning techniques and discuss the role of life insurance in estate planning.

Program Chair: Franklin Julie, Koppel Kessler Julie LLP

CLE credit: New York: 3.0 professional practice; New Jersey: 3.4 general; California & Pennsylvania: 2.5 general

Agenda

6:00 – 6:20 p.m. 1. Understanding Asset Ownership

• Individual ownership – probate assets
• Joint ownership and other non-probate assets

○ Tenants in Common
○ With Right of survivorship
○ By the entirety
○ TOD
○ ITF
○ 529 Plans

2. Beneficiary Designations (Life Insurance/IRAs/401Ks)

6:20 – 6:50 p.m. Introduction to Estate, Gift and Generation Skipping Taxes

•  Unified Estate and Gift Tax (Federal)
•  Exemptions/Exclusions
•  Marital Deduction/Non-Citizen Spouse
•  Generation-Skipping
•  New York State
•  What’s in the estate for Tax Purposes – Probate Assets? Life Insurance, etc.
•  Basic Planning Considerations

6:50 – 7:10 p.m. Same Sex Marriage

7:10 – 7:30 p.m. Posthumously Conceived Children

7:30 – 7:50 p.m. Introduction to Drafting

•  Wills vs Revocable Trusts
•  Tax Oriented Provisions
•  Life Insurance Trusts – Are They Always Appropriate?
•  GRATs, QPRTs, CRATs, etc.

7:50 – 8:00 p.m. Break

8:00 – 8:20 p.m. Case Study I: Designed to Raise Issues of Probate vs Non-Probate Assets and Life Insurance

8:20 – 8:40 p.m. Case Study II: Will Build Upon the Facts of Case Study I and Introduce Tax Related Issues

8:40 – 8:50 p.m. Health Care Proxies and Powers of Attorney

8:50 – 9:00 p.m. Questions & Answers


Original Recording Date: 2/25/2015


Produced By:

New York City Bar Association

Course Materials

  • Estate Planning Primer
  • Affirmation of Self-Study