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Cannon Estate Planning Lunch & Learn

Cannon Series logoThe 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.

How to Register | Time/Location | Parking | CE Credits

Dates and Topics: Click on the links below to learn more about each month’s topic.

► Oct. 23: Income Tax Considerations in Estate Planning and Estate and Trust Administration
Register online.
The current tax environment requires particular focus on income tax issues that arise in drafting and planning as well as in trust and estate administration. Specifically, avoiding compressed tax brackets and facilitating basis step-up is often critically important. We should regularly consider the following in our practices:

  • 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)
► Nov. 6: Directed Trusts: Understanding the Risks and Avoiding Liability
Directed trusts are becoming more common. Many states have adopted specific statutes to address in detail the relationship between the Trustee of a directed trust and the party holding the power to direct. Courts are grappling with complicated disputes related to directed trusts. We must be prepared to handle the unique drafting and liability risks as they develop, such as the following:

  • 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
► Dec. 11: Ensnared in an Ethics Trap: Navigating Conflicts of Interest
Sustained success in an estate planning and estate and trust administration practice requires that we have a high degree of sensitivity to those situations in which we could owe potentially conflicting duties to multiple parties. If these issues are not identified and resolved early, conflicts of interest could unravel an engagement and result in ethics rules violations. We will discuss the following important issues:

  • 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. ReddCharles 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.

Time: 11:30 a.m. – 1:15 p.m.
Sandwiches will be available from 11:30 a.m. – noon.
Teleconference will begin promptly at noon.

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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