September
Tuesday, September 21, 2010:
The World of Irrevocable Life Insurance Trusts – Funding and Maintenance
Dozens of new questions are being presented to estate planners about the old family favorite in estate planning, the Irrevocable Life Insurance Trust. From how to diversify policies, to how to review the trust documents and include effective exculpatory language, this device warrants special attention.
- Can you split gifts to an Irrevocable Life Insurance Trust when the spouse is a trustee and discretionary beneficiary?
- What are the best types of insurance to use in funding the Irrevocable Life Insurance Trust?
- How to price the trustee’s fee for administering the Irrevocable Life Insurance Trust?
- What should the trustee require as standard provisions for procedures used to administer such a trust?
- Lessons learned from attacks on Irrevocable Life Insurance Trusts by beneficiaries.
October
Tuesday, October 19, 2010:
Retirement Benefit Planning for the Non-Retirement Benefits Specialist
Estate planners have always been inside a difficult pickle. Ours is a world of many subspecialties, including, but not limited to, life insurance, partnerships, corporate and personal income tax, retirement benefits, trusts & estates law, transfer tax laws and so forth. We have no choice but to be sufficiently familiar with these subspecialties in order to carry out our duties as an estate planner.
- Are we comfortable now with making retirement benefits payable to the marital trust?
- Are we at ease in making retirement benefits payable to B trust?
- What about Roth conversions?
- What about non-spousal rollovers?
- What about the details of spousal rollovers?
November
Tuesday, November 16, 2010:
The Rocky Road Ahead for Charitable Giving
With ideas floating around like reducing the deduction for lifetime charitable giving and perhaps death-time gifts as well, what is ahead is a brave new world. One main issue being debated is what effect such changes in the tax law relative to charitable giving will have upon charitable donors? We hear that people give without the deduction being a major consideration or at least one that will only marginally reduce their giving. With all due respect, that is simply not my experience.
- Charities actively seek sensible modifications to proposed new rules.
- What are the multiple tax advantages of lifetime and transfer tax deductions for charitable gifts?
- What is ahead for private foundations?
- What is ahead for donor-advised funds?
- What should charities be saying to prospective donors?
- What is the role of charitable remainder trusts?
December
Tuesday, December 7, 2010:
Gathering Necessary Data for Estate Planning and Obtaining New Business
from Prospective or Existing Clients
Experts disagree on something as “simple” as the estate planning questionnaire. Such a form should be part of the estate planner’s defense arsenal.
- Should the data form be signed by the client?
- Should the information furnished be verified by the estate planner?
- Should the client commit to accuracy of information and permit reliance?
- Should all documents be attached?
- Should copies of estate planning newsletters or other publications be attached as preliminary reading by the client?
- Should there be short and long data forms varying with the complexity and size of clients’ estates? In addition, our discussion will focus on how faithful pursuit of certain basic principles will unlock new opportunities with existing or prior clients. Most of us would agree that existing or prior clients are the best source of business; however, opening this oyster to find the pearl is a demanding task.
- The ever popular notion of cross-selling -- using contacts for peripheral entry into new client matters.
- Using checklists to spot needs not yet addressed.
- Can social events, correspondence and newsletters be productive?
- What are the best procedures to have clients return to the office to address estate planning issues?
- What are the relevant ethical principles or constraints on soliciting business from old or existing clients?
- Is it a good idea for the estate planner, if asked by the client, to be executor or trustee?
- Are lawyers good referral sources for bank trust departments? Are bank trust departments good referrals for lawyers? Are accountants good referrals for both?
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