Monday, September 11, 2023
Virtual Conference via Live Webcast
Program Moderator: Fredrick B. Weber, ArentFox Schiff, Chicago&
8:00 – 8:50 Log in to the webcast via your account at www.iicle.com
8:50 – 9:00 Welcoming Announcements
9:00 – 9:45 Tell Me Everything…Post-Death Information Gathering, Marshaling Assets, Settling Liabilities and Unraveling the Decedent’s Life Without Holding a Séance
Sifting through a decedent’s life story can feel like a daunting task. However, one of the primary roles in an estate administration is untangling those threads to locate assets, titling, and gifting. Without the help of the decedent, it may feel a bit like paranormal magic. More often, it is sifting through the dusty paperwork in the closet and combing through the drawers. We will cover practical issues such as how to identify and locate the most pertinent documents, marshal and value assets, and identify liabilities and issues with resolving debts.
Tabitha Edmonson, Calamos Wealth Management, Chicago
Adam Novak, Driehaus Trust Company, Chicago
9:45 – 10:30 “Death is Not the End. There Remains Litigation Over the Estate.” Post-Death Claims and Contested Matters. Is This the Afterlife?
Whether it is disgruntled family members or lingering creditors, many unresolved challenges may interrupt the timely completion of administration. Illinois law provides tools that can assist in the ultimate resolution of conflicts, including judicial intervention, settlement agreements, removal of fiduciaries, and document modification among many others. We will discuss how to respond to and how to resolve disputes.
Elizabeth A. McKillip, Levin Schreder & Carey, Ltd., Lisle and Chicago&
10:30 – 10:45 Break
10:45 – 11:45 Who You Gonna Call? Communication with Beneficiaries and other Interested Parties in Post-Death Administration
(1.0 Professional Responsibility)
Communication with clients not only helps to avoid malpractice complaints, but it is an essential element of estate administration. Few individuals are well versed in what it takes to administer an estate and therefore maintaining open lines of communication ensures the process goes smoothly and your clients better understand duties and critical timeframes.
Fredrick B. Weber, ArentFox Schiff, Chicago&
11:45 – 12:30 There are No Guarantees in Life Except Death and Taxes: An Overview of Post-Death Tax Liability
The post-death tax landscape can be thorny. This presentation will provide a broad overview of personal income tax, fiduciary income tax, and estate and GST transfer tax and how each of these taxes are related.
Maribeth G. Berlin, Levenfeld Pearlstein, LLC, Chicago
Grant R. Hendricks, Levenfeld Pearlstein, LLC, Chicago
12:30 – 1:15 Lunch break
1:15 – 2:00 It’s the Tangible Personal Property, Stupid! How to Mitigate the Risks of Costly Fights Over “Stuff” Post-Death
Antiques, art, jewelry, and other family heirlooms are often the source of the most anxiety and carry the greatest potential for conflict following a death in the family. In many cases, the financial value of the “stuff” is modest relative to other assets that comprise a typical estate or trust. Mitigating the risks of fights over stuff also goes beyond the standard language that is often written into estate plan documents to dispose of tangible personal property at death. This presentation will examine a few of the ways in which planners can help their clients reduce the risk of destructive and costly fights over stuff long before their clients actually die.
Louise Barrett, Northern Trust, Chicago
2:00 – 2:45 Real Property, Closely Held Business Interests and Special Assets
Real property, closely-held business interests and the evolving class of “special assets” often involve unique post-death administration issues. For example, statutory and common-law property laws governing real property may result in unintended ownership rights after death. In addition, the transfer of closely-held business interests down a family line challenge family members to address legal and operations concerns related to ownership and control of what is often the “bread winning” element of a family’s wealth. Lastly, ownership issues related to special assets (such as cryptocurrency and other digital assets) continue to emerge as decedents’ estates become the recipients of these assets. This presentation will explore the unique nature of each of these asset classes, the challenges related to the transfer of ownership of these assets at death, and best practices in administering these assets post-death.
Christopher Floss, ArentFox Schiff, LLP., Lake Forest
2:45 – 3:00 Break
3:00– 3:45 Completing the Picture: A Discussion of Assets that Pass Outside of the Estate Plan
Understand the post-death administration of transfer-on-death assets, life insurance, retirement plan assets, and JTWROS assets with a focus on situations complicating the administration and transfer of these assets.
Hallie Ritzu, Olive Avenue LLC, Chicago
Jane Zhao, McDermott Will & Emery, Chicago
3:45 – 4:30 Distributions, Funding and Completion of Post-Death Administration
Get tips for efficiently and effectively wrapping up post-death administration. Distributions, funding and more will be demystified.
Michael T. Wycklendt, Reed Smith LLP, Chicago
& = IICLE® Publications Author