This session will discuss an overview of the estate planning process, from the initial client intake through the final execution of the plan, and beyond. We will discuss document and drafting considerations, the estate planning team approach, as well as the softer side of planning. Estate planning is a profound and daunting endeavor for clients.  What impact will you have in your clients’ lives?

The session will review the steps in an estate administration and considerations for executors, as well as the operational side of trusts including the role of trust accountings and the duties of a trustee.

This presentation offers a comprehensive overview of advanced trust planning techniques designed to help clients efficiently transfer wealth and minimize transfer tax exposure. Participants will explore the structure, benefits, and practical considerations of Intentionally Defective Grantor Trusts (IDGTs), Spousal Lifetime Access Trusts (SLATs), Irrevocable Life Insurance Trusts (ILITs), Grantor Retained Annuity Trusts (GRATs), Qualified Personal Residence Trusts (QPRTs), and Charitable Lead and Remainder Trusts (CRTs/CLTs). The program will address both tax and non-tax considerations behind each strategy, providing attendees with a solid foundation for advising high-net-worth individuals and families.

Unique challenges arise when adults enter the gray area of "marginal capacity"—adults who are living independently but who might mismanage their assets, neglect their own safety or health needs, or be vulnerable to fraud and abuse. This program will focus on the legal and practical remedies available to supportive family members and friends of adults who show signs of diminished and marginal capacity.

This presentation is tailored for legal professionals and trust administrators, focusing on the intricacies of drafting trust documents with corporate fiduciaries in mind. This session aims to provide valuable tips, drafting guidelines, and an overview of what corporate fiduciaries seek in trust documents. Discover the common pitfalls that can lead to disastrous outcomes and learn best practices to ensure clarity, compliance, and flexibility in your trust drafting process.

This session will provide an introduction to the various federal tax rules governing lifetime gifts and transfers at death.  We will discuss the basics of the gift tax and the estate tax together with their interaction with the generation-skipping transfer tax and related income tax concepts.  Among the topics to be discussed include the annual gift tax exclusion, gifts which are specifically excluded from the gift tax, the definition of the gross estate for estate tax purposes, the deductions available in both the gift tax and the estate tax, the credits available to offset any estate and gift tax liability (including the lifetime exclusion and the deceased spouse unused exclusion amount) and the calculation of the estate and gift tax.

The presentation covers important ethical aspects of representing estate planning clients.  Two fundamental issues involve confidentiality and loyalty (conflicts of interest) that are especially relevant when representing couples.  The program will also discuss other conflict issues, including gifts to the lawyer or the lawyer’s family, naming the lawyer to serve as personal representative or trustee, and the subsequent representation of only one client when the lawyer formerly represented the couple.  In addition, the discussion will include confidential communications when representing a fiduciary as well as the requirements for disclosing the basis for fees.  Applicable rules include Model Rules 1.5 (fees), 1.6 (confidentiality), 1.7 (conflicts of interest), 1.8 (gifts to drafter), 1.9 (duties to former clients), and 1.18 (duties to prospective clients).

The panel will explore practical strategies for young trusts and estates attorneys to future-proof their careers in an era of increased presence of AI, emphasizing cultivating the interpersonal expertise and professional development habits with diverse perspectives that ensure long-term career resilience that technology cannot replicate, as well as discussing some of the ethical and practical uses of AI to work more collaboratively, efficiently and effectively.

This session will provide an introduction to the federal transfer tax rules governing lifetime gifts and transfers at death. We will discuss the basic principles of the estate and gift tax together with their interaction with the generation-skipping transfer tax. Among the topics to be discussed include the gross estate for federal estate tax purposes, valuation, relevant deductions, the unified credit and tax calculations, portability, taxable gifts, exclusions from gift tax, gift-splitting, qualified disclaimers, and generation-skipping transfers and related definitional terms.

Network with other program attendees and the Section of Real Property, Trust and Estate Law’s leaders over lunch. Learn more about the section, how to get involved, and our other programs.

A comprehensive estate plan takes into account nonprobate assets that will not pass through even the most well-drafted estate plan. These are assets that pass by operation of law, by contract, or by beneficiary designation. Certain assets come up in almost every estate including assets held in joint tenancy with rights of survivorship, beneficiary designations on retirement accounts, insurance policies, or accounts, and community property in applicable states. Less common are assets passing by contract including (i) retirement plans under ERISA or the plan documents, (ii) obligations under a pre- or post-nuptial agreement or divorce settlement agreement, and (iii) charitable pledges. This program will cover these non-probate transfers, including the complex rules concerning retirement accounts, and tax and practical considerations.

Planning options for long-term care and individuals with special needs, including Medicaid benefits and the drafting of special needs trusts.

Planning options for possible incapacity, including powers of attorney, and planning options for financing long-term care, including Medicaid benefits and the drafting of special needs trusts.

A discussion about the various clauses common to marital and credit shelter trusts, taxation issues and how to approach drafting such trusts.

Although many estate planning arrangements are implemented without controversy, given family dynamics involved in such planning, drafting attorneys should be mindful of the possibility that family members will disagree. Those who are dissatisfied with an estate plan may resort to court proceedings. This segment of the Skills Training program will introduce attendees to the essential concepts of probate litigation, including will and trust disputes, contests, and fiduciary litigation. Those engaged in the estate planning process should be aware of the manner in which probate litigation arises so that they can plan to avoid such disputes (as much as possible). After reviewing those concepts, this segment will explore some of the planning approaches that can be pursued to avoid probate litigation.