Promissory Notes – Everybody is Doing Them, But are They Doing Them Correctly? Opportunities to Maximize Related Planning Benefits and Minimize Corresponding Risks

Drafting estate planning instruments for clients whose definition of family is one that is fluid and inclusive is more important than ever. Estate planning attorneys have traditionally been accustomed to drafting provisions that exclude family members but doing so without caution may invite a successful probate challenge or worse. In this interactive workshop participants will learn about: 1. Drafting for clients with chosen family, though their biological family members are alive, and no adoption ever took place 2. Designing provisions for Lawful Permanent Residents who have U.S. citizen children but who otherwise have primarily non-U.S. family. 3. Crafting provisions that address disproportionate gifting and that assist in avoiding probate and probate challenges

Focus on drafting tax apportionment clauses and how the standard clause can have unintended consequences if not discussed with the client. We will review several examples to demonstrate how a standard apportionment clause, or a lack of any direction as to the payment of estate taxes, could impact the ultimate distributions under an estate plan.

The SECURE (“Setting Every Community Up for Retirement Enhancement” or “Sending Everyone Cowering Under Reduced Expectations”) Act brought a sea change in estate planning for retirement benefits. Understand the latest developments (as understood in 2021) with respect to retirement assets and other recent happenings in this area.