SOP2404. Current Developments Affecting Estate and Related Planning

NEW DEVELOPMENTS AFFECTING ESTATE AND RELATED PLANNING HAVE BEEN ISSUED AT A FURIOUS PACE THAT HAS MADE ABSORBING THE CHANGES INTO PRACTICE CHALLENGING, IF NOT IMPOSSIBLE. THIS SESSION WILL REVIEW A FEW OF THE MANY RECENT DEVELOPMENTS AND HOW THEY AFFECT ESTATE AND RELATED PLANNING. THE FTC BAN ON NON-COMPETE AGREEMENTS MAY DEVASTATE SUCCESSION PLANNING FOR MANY CLOSELY HELD AND FAMILY BUSINESSES. THE SUPREME COURT’S DECISION IN CONNELLY REQUIRES THAT EVERY INSURANCE-FUNDED REDEMPTION BUYOUT ARRANGEMENT BE REVISITED, AND INSURANCE LLCS MAY NOT SOLVE THE ISSUES. THE SUPREME COURT’S DECISION IN LOPER HAS CHANGED THE DYNAMIC OF INTERPRETING TREASURY REGULATIONS, AND PRACTITIONERS SHOULD EVALUATE WHEN FILING PROTECTIVE CLAIMS FOR REFUNDS ARE APPROPRIATE. MEANWHILE, PROPOSED REGULATIONS ON TRANSACTIONS WITH FOREIGN TRUSTS AND THE RECEIPT OF LARGE FOREIGN GIFTS PROVIDE RULES RE-CHARACTERIZING OF CERTAIN TRANSACTIONS THAT MAY RESULT IN ADDITIONAL TAXATION AND IMPOSES NEW INFORMATION REPORTING REQUIREMENTS. The Corporate Transparency Act and recent state bar opinions on UPL must be addressed. The decisions and steps required are especially complex for clients with trust-owned entities that are reporting companies. What new drafting techniques may affect income tax advice and compliance for non-grantor trusts? Estate and trust compliance and planning is more litigious than ever. Today’s malpractice environment is worrisome. What can practitioners do? Trust modification or change by any means may be under attack by the IRS based on a recent CCA. Is the day of easy decanting ending? Formalities count – the Connelly, Sorensen, Levine and Smaldino cases drive this point home. Practitioners need to guide clients to focus on proper administration of plan details. And more……

Learning Objectives:

• Analyze how several recent Supreme Court cases may affect practitioners in daily estate planning practice.
• Identify practical lessons key cases over the past several years teach about the often-ignored issues of proper administration of trusts and plans and the unique role the CPA can serve.