62nd Annual Estate Planning Short Course

Moderators:

Chicago: Carrie A. Harrington,

Levenfeld Pearlstein LLC, Chicago

Champaign: James M. Lestikow,

Hinshaw & Culbertson LLP, Springfield

Moderators:
Chicago: Karen R. Mills, Strohschein Law Group, LLC, St. Charles & Wheaton

Champaign: Jane Denes, Posegate & Denes,

P.C., Springfield

8:45

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9:45

The New Illinois Uniform Power of Appointment Act

The Illinois UPAA codifies the common law (and the prior gaps in the Illinois common law) on powers of appointment, as well as providing a number of default rules. Learn what has changed, what has not changed and what is now addressed by the new statute.  Drafting tips under the Illinois UPAA will also be provided.

Rebecca Wallenfelsz, Chapman and Cutler LLP, Chicago

The Perils and Pitfalls of Promissory Notes

Learn how to handle issues presented by intra-family promissory notes, including gifts caused by below AFR interest (Section 7872), income tax consequences if interest is not paid at least annually under the original issue discount rules (Section 1272 and related Sections), and non-business bad debt deductions (Section 166(d)).

Michael S. Strauss, Strauss Malk & Feder LLP, Northbrook

9:45

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9:55

Transition

Transition

9:55

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10:55

The Exemption from the Generation-Skipping Transfer Tax (“GST Exemption”): The Basics and Beyond

The current generation-skipping transfer tax has been a part of our system for over 30 years and yet it is still a topic that confounds many advisers.  Each taxpayer may elect to allocate the GST exemption during life or at death or it may be automatically allocated if the taxpayer does not elect out of the complex automatic allocation rules.  While most taxpayers are now exempted from GST tax (until the scheduled reversion in 2026), even the use of the increased GST exemption can be complicated.  Learn about some basics and practical tips, as well as some common misconceptions, that advisers should know about in the allocation of GST exemption. 

Steven M. Bonneau, Northern Trust, Chicago

Carol A. Harrington, McDermott Will & Emery LLP, Chicago

Family Business Succession Planning

Understand best practices for planning for the transition of a business through sale or transfer to the next generation, including how to most effectively deal with family members in and out of the business.  Learn more about buy-sell agreements, valuation issues, and estate tax planning as they affect succession planning.

Beth K. Flowers, Mathis, Marifian & Richter, LTD., Belleville
Patrick B. Mathis, Mathis, Marifian & Richter, LTD., Belleville

Natalie M. Perry, Rathje Woodward LLC, Wheaton

10:55

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11:15

BREAK - Please take time to visit with the Program Sponsors

BREAK - Please take time to visit with the Program Sponsors

11:15

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12:15

Drafting, Understanding and Enforcing Trustee Compensation

Explore the scope of a trustee’s role and compensation, including the foundational legal standards governing trustee compensation.  In particular, examine the boundaries in enforcing compensation standards, state law variations, tips for drafting, and unique legal and practical issues that may arise in the course of a trust’s administration.   

Erica E. Lord, Northern Trust, Chicago

Stacy E. Singer, Northern Trust, Chicago

Effectively Employing the Tools Provided by a Decedent: Ever-Expanding No Contest Clauses and the Growing Use of Arbitration Clauses

Learn why a greater frequency of estate plans are including mandatory arbitration provisions that require fiduciaries and beneficiaries to submit all disputes to arbitration, as well as how to best handle those provisions.  Understand why no-contest clauses are more frequently being included and expanded to limit even further the beneficiaries’ ability to challenge estate planning documents.

Christopher S. Hopkins, Perkins Coie LLP, Chicago

Ray J. Koenig III, Clark Hill PLC, Chicago

12:15

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1:30

NETWORKING LUNCH PROVIDED

NETWORKING LUNCH PROVIDED

1:30

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2:30

Estate Planning with the Increased Federal Exemption (Formulas; Basis; and Use of Federal, State and GST Exemptions) and Building in Flexibility to Maximize Basis Step Up

Learn more about how the Tax Cuts & Jobs Act will affect your estate planning practice.  Topics discussed will include: estate planning with the increased federal exemption (and possible sunset); changes you should make to your planning and documents (formulas, basis, use of federal, state and GST exemptions); building in flexibility to maximize basis step up; using powers of appointment to cause inclusion; and gifting.

David A. Handler, Kirkland & Ellis LLP, Chicago

That’s Not What Mom or Dad Wanted: The Changing Role of Settlor Intent in Estate Planning

The trends toward longer-term trusts, trust modification and the rise in trust & estate litigation have recently caused state legislatures and courts to reexamine the role of settlor intent.  Better understand this changing area of the law and the different viewpoints representing traditional, modern and fiduciary considerations and obtain practical drafting and administration suggestions to address and effectuate the trust creator’s goals.

David C. Blickenstaff, Schiff Hardin LLP, Chicago

Benetta Park Jenson, J.P. Morgan, Chicago

Pamela Lucina, Northern Trust, Chicago

2:30

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2:40

Transition

Transition

2:40

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3:40

New and Used Family Limited Partnerships--Where Are We At and What Should We Be Doing?

Review key cases, analyze developments in the last 5 to 10 years, and understand (going forward) the creation, operation, and dissolution of family limited partnerships.  Implied agreement cases, Strangi II control cases, bona fide sales exceptions under Bongard, and possible implications related to the Estate of Powell will be covered.

Stephen A. Frost, Huck Bouma P.C., Wheaton

Jason S. Ornduff, Harrison & Held, LLP, Chicago

How Do I Give Thee? Let Me Count the Ways: Public Charities, Donor Advised Funds, Community Foundations, Private Foundations, 501(c)(4) Organizations, L3Cs, Benefit Corporations, B-Corps and Charitable LLCs

Understand the countless strategies that advisors can recommend to their clients to effectuate charitable giving. In addition to the traditional entities like public charities and private foundations, a number of new charitable vehicles that have gained popularity over the last decade will be discussed.

Jonathan W. Michael, Dykema Gossett PLLC, Chicago

Kevin M. Noonan, Much Shelist, PC, Chicago

3:40

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3:50

Transition

Transition

3:50

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4:50

The Good, the Bad, and the Ugly, but Mostly the Bad and Ugly: Difficult Trust & Estates Clients and How to Deal With Them
(1.0 Professional Responsibility Credit)

As estate planning practitioners, we deal with clients who are perfect, perfectly horrible, or somewhere in between.  A lively panel will discuss how to deal with the difficult legal, ethical, and practical issues that face those of us who work in the field of death and taxes.

Theodore E. Froum, Froum Law Group, LLC, Evanston and Chicago, Panel Moderator

Ben A. Neiburger, Generation Law Ltd., Elmhurst

Fredrick B. Weber, Northern Trust, Chicago

Lauren J. Wolven, Levenfeld

Pearlstein LLC, Chicago

Alexa: Prepare My Will! Understanding a Potpourri of Technological Frontiers Affecting the Estate Planning Practice: Unusual Assets (Cryptocurrency & Bitcoin), Electronic Wills and Other Advancements
(1.0 Professional Responsibility Credit)

Learn about the latest developments involving unusual assets such as cryptocurrency:  how clients can own, titling issues, transfer issues for gifting and at death, and cybersecurity concerns. Understand electronic wills, including the work of the Uniform Law Commission Drafting Committee on Electronic Wills, as well as issues related to remote witnessing, remote notarization, and custody of electronic documents.

Robert K. Kirkland, Kirkland Woods & Martinsen LLP, Liberty, MO

Susan D. Snyder, Northern Trust, Chicago 

4:50

Adjourn Program

Adjourn Program