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Cannon Estate Planning Lunch & Learn
The monthly education series from the Cannon Financial Institute is offered free by the Oklahoma City Community Foundation and provides attorneys, financial planners, CPAs, trust officers and other estate planning professionals an opportunity to connect and collaborate about current wealth management and estate planning topics, while earning continuing education credits.
Topics to be covered in this year-long series are listed in the table below. To learn more about a specific topic, just click on the link. Learn more details about registration and location below.► March 27: Charitable Giving: Seeking the Perfect Match Between Donor and Donee
Estate planners should help clients determine their philanthropic goals and develop the most effective strategies to attain those goals. This includes identifying the target donee(s) and ensuring that gifts, bequests and distributions will be tax-efficient and in amounts, at times and for purposes consistent with the donor’s wishes. In addition, charitable organizations, assisted by their advisors, should strive to identify and avoid traps that may hinder pursuit of their mission. We will address the following issues:
- Special issues related to impact investing
- Choosing the “right” vehicle by which to confer benefits on a charity
- Mechanics and benefits of directing retirement assets to charity
- Contemporary concerns of tax-exempt charities
- Areas of greatest hazard for fiduciaries
- Beneficiaries’ consents, waivers and releases
- Statutes of limitations for bringing claims against fiduciaries
- Lawyer liability that may arise from advising beneficiaries or fiduciaries
- Same-sex marriages, civil unions and cohabiting unmarried individuals
- Assisted conception children and children from other relationships
- Advantages and disadvantages of IRC § 529 Accounts
- Planning to accommodate the needs of minor children
the relevant standards, even when that results in client annoyance or the need to decline or exit an engagement, is mandatory. To avoid landmines, we need to exercise common sense and have an in-depth knowledge of ethics issues specific to estate planning and trust administration. We will discuss the following:
- Screening clients to avoid problems before they develop
- Ethics dilemmas in asset protection planning
- Representing clients with diminished capacity
- Obligations of lawyer after representation has become dormant
- Duty of diversification
- Risks associated with asset retention
- Challenges arising from holding closely-held businesses interests
- Handling other non-traditional assets
- Analyzing Roth conversions
- Modification of trusts to alter provisions affecting retirement assets
- Proper handling of IRC § 403(b) plans
- ERISA issues for estate planners
- Preventing financial elder abuse
- Challenging aspects of long-term care insurance
- Designing and administering special needs trusts
- Advising clients regarding IRC § 529A accounts
- Benefits and detriments of grantor versus nongrantor trusts
- Options to achieve basis step-up
- Minimizing trust-level income taxes
- Costs subject to the two-percent floor under IRC § 67(e)
- State laws regarding directed trusts
- Relationship among directed Trustee, director and beneficiaries
- Ways to slice and dice duties and responsibilities of trust administration
- Liability of directed Trustees and party holding the power to direct
- Addressing conflicts of interest in engagement letters
- Duties owed to non-client beneficiaries when representing a Trustee
- Conflicts of interest in representing Co-Trustees
- Ethics issues in advising closely-held businesses owners
Speaker: Charles A. Redd, partner in the firm of Stinson Leonard Street LLP, concentrates his practice in estate planning, estate and trust administration and estate and trust-related litigation. He has extensive experience and expertise in drafting estate planning documents; tax planning for individuals, trusts and estates; preparation, filing and representation of estate, gift and fiduciary income tax returns; representation of individual and corporate fiduciaries and litigation in the Probate Division and other equity divisions of the Circuit Court. For more biographical information, click here.
Location: The Oklahoma City Community Foundation (directions).
Parking: Free parking is available in the lot immediately east of our building along 10th Street. Additional parking is available for $5 in the parking garage located at 123 NW 10th St. The public entrance is the farthest west entrance off of 10th Street.
Cost: There is no charge for the series. Lunch will be provided.
CE: Each teleconference provides 1.5 hours of continuing education credits for CPAs, CFPs, CTFAs, CWSs, CLEs, AFIMs, CLUs, ChFCs and attorneys. Cannon will report attendance for attorneys and CFPs only. All other attendees will be presented with a CE certificate to self-report attendance to the appropriate crediting organizations.
How to Register: The online registration form is available here. Registration is first-come, first-served as limited seating is available. Registration deadlines are one week prior to each teleconference. You may also register by calling Joni Younts at 405/235-5603. Questions? Contact Joe Carter at 405/606-2914.
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