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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.

► Jan. 29: The New Moderately Wealthy: Planning for Clients with Net Worth Under $11 Million
Registration opens Jan. 3.
The 2017 Tax Act has shifted the focus of estate planning clients who used to be concerned about minimizing transfer taxes. Within the context of current law, clients with a net worth of under $11 million are more concerned with issues such as the following:

  • Whether trusts are a necessary part of an estate plan
  • Utilizing powers of appointment for income tax and non-tax purposes
  • Minimizing trust level income taxes
  • Ensuring the availability of basis step-up
► Feb. 26: The Moving Target: Planning for Clients with Net Worth Over $11 Million
For clients with a net worth of over $11 million, estate planning is as complicated as ever and, in some cases, more so. For these clients, we must skillfully juggle three interrelated issues: maximizing basis step-up if it turns out estate tax is not a concern; minimizing the value of the gross estate if estate tax remains or is a concern; and whether plans can be easily modified if and when transfer tax laws change (assuming the client is alive when they do change). Among the most important considerations for these clients are:

  • Portability
  • Whether to make gifts and, if so, the most strategic ways to do so
  • Clayton QTIPs
  • Design and uses of long-term, multi-generational trust
► March 26: Identifying Landmines and Minimizing Battle Scars in Conflicts Between Trustees and Beneficiaries
The roles of beneficiary and Trustee by their nature engender tension. The Trustee has the beneficiary’s money (at least that’s how the beneficiary views it), and the beneficiary wants it now! This inherent conflict has been accentuated by seemingly ever-increasing expectations and demands of beneficiaries and expanding theories of fiduciary liability. Some of the most critical issues we face in this ubiquitous area of fiduciary practice include the following:

  • Preserving the attorney-client privilege between the Trustee and the Trustee’s lawyer
  • Trends in fiduciary liability case law
  • Removal or resignation of a Trustee
  • Heightened standards of performance for professional fiduciaries
► April 23: Where Does Your Trust Live?
There is a wide variety of trust laws and fiduciary income tax laws among the states and the District of Columbia. Given our mobile society, estate planning professionals need to be cognizant not only of the trust laws and income tax laws that apply to a trust now but also the fact that different laws my apply in the future. The most important relevant considerations include:

  • Difference between “principal place of administration” and “resident trust”
  • Whether a state’s imposition of trust income tax is subject to challenge
  • Selecting or determining a trust’s governing law and situs
  • Mechanics of establishing trusts in a jurisdiction or moving to another jurisdiction
► May 28: New and Enduring Problems in Business Succession Planning
Business succession planning is vitally important to the long-term survival of a closely-held business. It requires focused consultation with the client (and often the other stakeholders in the business) and close attention to applicable state and federal laws. On top of all of this, every situation has unique aspects. Many closely-held business owners today have questions or concerns about the following:

  • The income tax deduction for qualified business income
  • Securing retirement income for the business owner
  • Use of trusts in the disposition of closely-held business interests
  • Transferring closely-held business equity among family members with divergent or conflicting interests
► June 25: Ethics Issues in a Modern Estate Planning Practice
Estate planners and those who administer estates and trusts frequently must adapt to changes in our practices, including evolving ethics concerns. We cannot be concerned only with our traditional ethics obligations owed to clients and former clients; many other ethics issues arise with increasing frequency. These include:

  • Ethics issues in managing office technology
  • Maintaining confidentiality and the attorney-client privilege when working with a client’s other advisors
  • Multijurisdictional practice issues
  • Maintaining competence and diligence in the current environment
► July 23: Your Marital Agreement Toolbox
Marriage dissolution, and the financial obligations that often flow from it, has become so prevalent that a client’s planning for this possibility is sometimes nearly as important as his or her core estate planning instruments. Thus, marital agreements, especially among those who have been through divorce, are becoming an essential component of some clients’ financial security. These agreements must be closely coordinated with the client’s estate plan. Of frequent concern in this area are:

  • What are essential requirements for all marital agreements
  • Tax issues to address in marital agreements
  • Spousal rights in retirement assets
  • Anticipating and handling marital issues with closely-held business interests
► Aug. 27: Practical Solutions to Vexing Trust Administration Dilemmas
The lawyer preparing a trust instrument, and the Trustee interpreting and implementing what the lawyer has written, must engage in a delicate balancing of the intentions of the testator/settlor and the current and anticipated future needs, desires and circumstances of the beneficiaries. Even superb estate planning instruments may founder due to ineffective or defective trust administration. How challenges such as the following are addressed may determine whether a trust administration calamity ensues:

  • Conscientiously adhering to governing instrument directives
  • Avoiding adverse tax consequences that may result from trust and estate settlements
  • Trustee selection
  • Trustee compensation
► Sept. 24: Contemporary Uses for Life Insurance in Estate Planning
Despite an historically high deferral and estate tax basic exclusion amount, life insurance, even if required less often than in the past to provide cash to pay estate tax, remains a critical part of the asset mix of many clients. Life insurance can provide often-needed financial security and readily accessible liquidity. Some of the aspects of life insurance that should be considered in an estate planning engagement often include:

  • Proper structuring of beneficiary designations
  • Using life insurance in business succession planning
  • Income tax traps involving life insurance policies
  • Potential opportunities with life settlements
► Oct. 22: Unmaking Messes
We sometimes hear of decedents who leave an estate plan that creates more problems than it solves. Under the laws of most states, various judicial and nonjudicial options exist with which to repair estate planning problems after-the-fact. It is critical to our practices that we have a comprehensive understanding of the following issues and potential solutions

  • Trust modifications, decanting, premature terminations, settlements and beneficiary waivers, releases and consents
  • Using virtual representation
  • Using disclaimers or renunciations
  • Construing or reforming governing instrument language
► Nov. 5: Estate Planning for Professionals
When we are engaged by clients who are professionals, such as doctors, lawyers, teachers, architects, etc., there are often special estate planning issues that must be addressed. Given their busy lifestyles, and often lack of interest in and attention to financial and legal matters, clients who are professionals sometimes leave a mess following incapacity and/or death. Among the issues we often encounter with this type of client are:

  • Proper disposition of professional practices
  • Idiosyncrasies of Section 403(b) plans
  • Asset protection trusts and techniques
  • Estate planning for intellectual property
► Dec. 10: Client or Non-client?
When we are engaged by clients who are professionals, such as doctors, lawyers, teachers, architects, etc., there are often special estate planning issues that must be addressed. Given their busy lifestyles, and often lack of interest in and attention to financial and legal matters, clients who are professionals sometimes leave a mess following incapacity and/or death. Among the issues we often encounter with this type of client are:

  • Proper disposition of professional practices
  • Idiosyncrasies of Section 403(b) plans
  • Asset protection trusts and techniques
  • Estate planning for intellectual property

 

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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