Heckerling 2016
50th Annual Philip E. Heckerling
Institute on Estate Planning
January 11-15, 2016
Reports No. 11
Heckerling 2016
University of Miami School of Law Center for Continuing Legal Education
Orlando World Center Marriott Resort and Convention Center
Orlando, Florida
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Heckerling 2016 – Report No. 11
As we have done for the last nineteen years, and again with the permission of the
University of Miami School of Law Center for Continuing Legal Education, we will be
posting daily Reports to this list containing highlights of the proceedings of the 50th
Annual Philip E. Heckerling Institute on Estate Planning that is being held on January 1115, 2016 at the Orlando World Center Marriott Resort and Convention Center in Florida.
A complete listing of the proceedings is available at www.law.miami.edu/heckerling and
was published as part of Introduction Part 2.
We also will be posting the full text of each of these Reports on the ABA RPTE Section’s
Web site, as we have since the 2000 Institute. Those Reports can now be found at URL
http://www.americanber.org/groups/real_property_trust_estate/events_cle/heckerling_rep
orts.html.
In Addition, each Report can also be accessed at any time from the ABA-PTL Discussion
List’s Web-based Archive that is now at URL http://mail.americanbar.org/archives/abaptl.html by registered subscribers to that list or by anyone at the List’s public archive at
http://home.ease.lsoft.com/scripts/wa.exe?A0=ABA-PTL-PUB.
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Editor’s Comments: This Report contains Reports on Immigration and Citizenship Law,
The Ethics of Protecting our Planning Clients, Trust design and Redesign, Scrutiny of the
Trustee Selection, Wrap-Up: Practical Planning Strategies for the Future, and the Vendor
Interviews.
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The Prerogatives of Privileges: The Ethics of Protecting
Our Planning Clients (Even From Themselves!)
This session provided practical tips with some discussion on recent developments in
audits and case law related to privileges applicable to estate planning, with a particular
focus on planning with closely-held entities.
Presenter: Stephanie Loomis-Price
Reporter: Herbert L. Braverman
Ms. Loomis-Price is from Houston in the 5th Circuit, so of course she is an expert in
litigation matters pertaining to audits, transfer taxes and estate planning matters. She
came to the Institute "to scare" us and she did so while carefully discussing some of the
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Heckerling 2016
recent developments in the area of "privilege". As she noted, her emphasis was to make
us understand that we should always be anticipating the potential audience for the items
we and others prepare for our clients. The audience might include an IRS agent, its
appeal office, its district counsel, a judge, a jury and, perhaps others (use your
imagination). This whole area becomes even more of a briar patch for many of us
because of the many types of communications that our high tech world now presents to
all of us. With the face-to-face meeting fading quickly from our professional lives, the
problems in this area abound.
Ms. Loomis-Price reviewed the broad summons power of the IRS to seek documents or
testimony from a taxpayer, his/her representatives or a third party, under appropriate
circumstances. See IRC Sec. 7602(a). for some detail. Of course, a summons must have
a legitimate purpose to seek relevant information to that purpose that the IRS does not
already have in its possession and the summons must satisfy the administrative
requirements of the US Code. Such a summons can be directed to the taxpayer, his/her
attorney, accountant, other advisors, doctors, etc., making the summons a very powerful
tool indeed. Of course, the taxpayer could file a motion in Court to quash a summons
and the IRS can file a motion to enforce a summons. So, our presenter wisely points out
that in addition to preparing for litigation virtually from the get-go in almost every matter
you handle, it may also be helpful to have her at your side whenever the audit letter, etc.,
arrives. As always, proper preparation is key.
She then turned to discuss those privileges that may keep documents, etc., from the IRS
summons power. She noted four such privileges for us:
(1) the attorney-client privilege
(2) the attorney work product doctrine
(3) the tax practitioner's privilege
(4) a variety of medical privileges.
The attorney-client privilege allows an individual to seek legal advice from counsel in
confidence and to have a communication that will be open, honest, complete and
protected from disclosure, unless the client chooses to waive this privilege. Ms. LoomisPrice pointed out that the privilege protects the communication, but not necessarily the
underlying facts. The application of the privilege becomes complicated when the
communication has a dual purpose (such as legal and business) or when the
communicators are wearing dual hats (lawyer with a business function), since business
advice is not protected in general. Tax advice, tax opinions, tax return preparation by
attorneys presents a more complicated picture in many cases.
Ms. Loomis-Price spent some time on behavior that amounts to an intentional or
inadvertent "waiver" of a privilege. Think about Sec. 2036 cases, where the decedent is
dead, but all the information is in your files (right)...
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Heckerling 2016
She then discussed the work product doctrine, which is a doctrine related to litigation
matters. See Fed. R. Civ. P. 26(b)(3)(A)(B) for a brief definition of the doctrine. The
doctrine may also protect the efforts of some non-lawyers working under the direction of
an attorney preparing for litigation. One of the key questions is when did you start
preparing for litigation; work done before that date and time probably will not be
protected by this doctrine; furthermore, the doctrine is not universal. Work product may
generate "facts" that will be discoverable by the Service, if the Service can show
"substantial need" which like beauty is largely in the eye of the beholder.
Ms. Loomis-Price spent some time on the physician-patient privilege, which is largely a
state law, not a federal law, issue. It is recognized in some form in most states and may
be helpful, particularly where mental conditions are in dispute.
The tax practitioner privilege is similar to the attorney-client privilege, but only applies in
non-criminal matters, an important distinction. See IRC Sec. 7525(a)(1) enacted in 1998
for more detail and there is quite a bit to consider here.
Finally, Ms. Loomis-Price discussed the areas of hiring appraisers and doing so in a
manner that will allow for the best protection for the appraisal process and its results as
well as the so-called Kovel accountant. The latter relates to the many cases where an
attorney needs the assistance of an accountant in a matter that is headed toward
litigation. Doing the hiring and conducting the work in a proper manner will protect the
work for the attorney from disclosure. See US -v- Kovel, 296 F 2d 918 (1961) and other
cases citing this issue.
In closing, Ms. Loomis-Price reminded us that the party asserting a privilege has the
burden of proof that the privilege applies to the matter in question.
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Session I-A: Make, Remake and Remodel—Trust
Design and Redesign to Minimize Taxes and Maximize
Family Wealth
Robert A. Romanoff u Suzanne L. Shier
Trust design and the modification of existing trusts can at once accomplish significant tax
savings, preserve family wealth and accomplish a client’s nontax wealth planning goals.
This presentation focused on the intersection of income tax, gift and estate tax, and nontax objectives in drafting trusts and crafting strategies to modify existing trusts.
Presenters: Robert A. Romanoff and Suzanne L. Shier
Reporter: Herbert L. Braverman
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This special session is a complement to the general session presented by Mr. Romanoff
earlier in the Institute and reported fully in these reports. One must combine the two to
get the full value of the information presented.
In general, the point is that our estate plans are being drawn to last over longer periods of
time, unlimited by the elimination of the rule against perpetuities and the ever increasing
length of our lives and the lives of our family members. All of this in a legal, financial,
tax, social and political world that changes more quickly and often more radically than
ever before. The planner must be "decisively flexible" to help a client and his/her family
cope with this fast changing world; that is the point of the presentation and the materials
provided, which I certainly recommend to all.
The presenters discuss making, remaking and remodeling trusts for our clients in a great
variety of ways; just to mention a few of the areas covered--grantor or non-grantor trust
and switching from one to the other when appropriate, income tax emphasis or estate tax
focus, domestic or foreign trusts (global families in more than one country), defective
trusts and corrective actions, trust location (situs issues, governing law, domicile), trust
protectors, powers of appointment, trustee and other fiduciary liability, decanting,
reformation, virtual representation, disclaimers, etc.
Creating the proper plan and plan documents for today is important, of course. But, these
presenters brought to mind the need for flexibility, continuous monitoring and
unrelenting willingness to change plan details to fit the ever changing situation in which
the plan documents will have to be administered over increasingly long periods of time.
Consider their closing words:
"Consider the years 1651, 2016 and 2381. A 365-year term dynasty trust created in 1651
would terminate in 2016. A 365-year term dynasty trust created in 2016 will terminate in
2381. In 1651, Medfield, Massachusetts was founded with 13 households and the West
India Company founded what is now New Castle, Delaware. Isaac Newton was on his
way to inventing the reflecting telescope. Who in 1651 could possibly have anticipated
telephones, computers, internet, social media, airplanes, horseless carriages (now
commonly known as cars), let alone driverless cars, or even electricity? How can clients
or practitioners possibly anticipate what the world of the beneficiaries of a dynasty trust
will be like in the 24th century? What will be their need or in their best interests in 365
years?
In our world of routine disruption, trust design that is intentionally and decisively flexible
is essential. As has been discussed in these materials, key areas to consider in the design
or redesign of a trust include flexibility with respect to federal and state income taxation,
gift, estate, and generation transfer skipping taxation, investment authorization and the
inclusion and exclusion of beneficiaries. Trusts that are mobile and fiduciaries that are
given discretion may most effectively navigate the changes in taxation, families and
culture that are certain to come."
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Surely, you should obtain these materials--both the general session and this special
session--for your own good.
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A Deeper Scrutiny of the Trustee Selection Minefield
This session explored the tax and non-tax factors that should be considered in order to
avoid adverse surprises in making fiduciary appointments. Don’t blame the IRS (or
others) if you aren’t paying enough attention to avoid the dangers!
Presenters: Mark R. Parthemer and Edward F. Koren
Reporter: Herbert L. Braverman
This special section uses the same materials used by Mr. Parthemer in his general
presentation earlier in the Institute, a session that has been fully reported at this time. I
hesitate, of course, to cover the same material, which was largely repeated (and in some
portions expanded) in the special session. Please see that report.
In general, the presenters discussed the many non-tax factors in trustee selection,
including for example legal capacity, situs selection issues, allocation powers, trust
protectors, self-dealing transactions, permanence, fees, accounting, judgment,
impartiality, sophistication, corporate qualifications, etc. Then, the presenters turned to
donor and beneficiary tax factors in a wide variety of circumstances, all documented
quite well in 200 pages of material that are recommended to your attention.
For this purpose, I am setting forth for your consideration a list of 20 "Things you have to
know about selecting Trustees and structuring the powers of Trustees" as suggested by
Bessemer Trust:
1. Probe the appropriate selection of trustees for non-tax factors in our role as
counselor.
2. Plan whether or not the transfer to the trust should be a completed gift (or not).
3. If the goal is to keep the asset out of the donor's estate, do not allow the donor
to be a beneficiary, unless the trust is in a "self-settled trust" jurisdiction.
4. Be careful with having the donor serve as trustee if the donor has powers over
distributions.
5. If the trustee's powers over distributions are not limited by a fixed
determinable standard, prohibit any possibility of the donor becoming trustee or
co-trustee.
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6. The donor can serve as trustee if there is a determinable external standard on
distributions.
7. The donor can have administrative powers as trustee as long as the powers are
subject to court control and fiduciary duties.
8. Do not give the donor-trustee either of two prohibited powers.
9. The donor can have broad trustee appointment and removal powers.
10. Avoid having foreign persons as 1/2 or more of the trustees.
11. Avoid or trigger the grantor trust rules, as desired.
12. If the beneficiary is trustee, use an ascertainable standard on distributions to
OTHER beneficiaries.
13. Limit the beneficiary from serving as trustee if distributions to the beneficiary
are not limited by an ascertainable standard.
14. The beneficiary can be given the authority as trustee to make distributions to
him or herself if there is an ascertainable standard on distributions.
15. Restrict the trustee from making distributions that would satisfy the trustee's
legal support obligations.
16. The beneficiary may have broad powers to appoint and to remove trustees
(like the donor).
17. Having a beneficiary as sole trustee MAY result in grantor trust treatment as
to the beneficiary (income tax issue).
18. Determine if the appointment of a trustee in another state will avoid or cause
state income taxation on undistributed trust income and gains.
19. Use a savings clause.
20. Be wary of having a beneficiary as trustee with the authority to make
distributions if there are any creditor concerns for the beneficiary.
Mr. Koren did not necessarily endorse all of the numbered ideas set forth above.
===============================================================
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Special Session III-E: Immigration and Citizenship Law
and Related Tax Issues for Estate Planners
Presenters: M. Read Moore, Michelle B. Graham, and Steve Trow
Reporter: Kimon P. Karas
This presentation included a discussion of interrelating immigration considerations as
well as an overview of U.S. tax issues. For a more complete summary of tax issues see
the discussion of the Wednesday, January 13, 2016, Fundamentals Program of Basic
Estate Planning for Non-U.S.
Persons and U.S. Persons with Foreign Connections.
The presentation commenced with a general overview of the immigration rules. General
rule in order to avoid becoming subject to one’s worldwide income is to avoid obtaining
a green card. An individual with a green card is considered a resident alien and as such
like a U.S. citizen is subject to U.S. income tax on worldwide income. One can avoid
attaining resident alien status by staying below the ‘substantial presence’ threshold.
The presenters discussed the various visa categories. Canadian citizens enjoy special
privileges and do not need a visa if they don’t work in the U.S. and don’t stay in the U.S.
for more than 6 months on a single visit and don’t stay in the U.S more than 6 months in
the aggregate every 12 months. Visa waver program applies to citizens of approximately
38 countries by applying for a travel authorization for 90 days provided the person does
not work in U.S.
There is the TN visa under NAFTA for Canadian and Mexican citizens to enter the U.S.
for employment in certain professional occupations. L-1 visa is used to transfer
employees within multinational companies and between affiliated companies. E-1 and E2 visas are available for treaty traders and treaty investors-for executives and
entrepreneurs. An E-1 visa, is available for a citizen of a treaty country or his employer
must be engaged in a substantial volume of trade which is principally (51% or more)
between the U.S. and the treaty country. For an E-2 visa the applicant or his employer
must have made, or be in the process of making, a substantial equity investment in a U.S.
business. H-1 visa is available to applicants who have at least a bachelor’s degree (or
equivalent work experience) and will work in an occupation where that degree is the
normal minimum requirement for employment. O-1 visa is available to those with
extraordinary ability-athletes, entertainers. J-1 visa is available for trainees, physicians
pursuing graduate medical education or training, professors and scholars.
In addition to a green card holder a resident alien also is one who meets the substantial
presence test-one who is physically present in the U.S. for 183 days or more in such year.
There is a 3- year lookback. There are exceptions. The closer connection exception, a
person who is in U.S. for current year less than 183 days but with the lookback meets the
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e183 day equivalent, is treated as a non-resident alien if the person establishes that for the
current year his ‘tax home’ is in a foreign country and he has a closer connection with
than country rather than the U.S. The individual may qualify for an exception under a
treaty or may be an exempt individual, foreign government official, a teacher or trainee
under a J or Q visa, a student under an F, J, M, or Q visa, or a professional athlete under
an O visa. There is an absolute safe harbor of 120 days.
There is also a medical exclusion for an individual who enters the U.S. but after becomes
ill and exceeds the time limit; note this person cannot qualify for this exclusion if he
comes to the U.S. ill seeking treatment. If a person is not deemed a resident alien, rather
than being taxed on their worldwide income are taxed just on U.S. source income.
For foreign person who plan to become U.S. citizens should consider preimmigration
planning.
Consider accelerating income in home jurisdiction; if there are losses wait until entering
the U.S. Consider making gifts prior to entering the U.S. and creation of trusts before
entering the U.S.
A person obtains U.S. citizenship in a variety of ways: i) A person born in the U.S. is
automatically a U.S. citizen; however watch if child is born in U.S. to foreign diplomats;
ii) a child born outside of the U.S. to parents one or both of whom is a U.S. citizen; iii)
naturalization; or iv) derivative for a child born outside of the U.S. automatically
becomes a U.S. citizen.
The panel then addressed concerns and considerations of U.S. persons not compliant with
U.S. tax filing. The taxpayer has several options. One is doing nothing-not
recommended. A quiet disclosure, by filing amended tax returns and paying the requisite
taxes. Participating in the Offshore Voluntary Disclosure Program (OVDP), an IRS
program enabling a taxpayer to become compliant, avoid substantial civil penalties and
generally eliminate the risk of criminal prosecution for tax noncompliance and failing to
file FBARs. Alternatively a streamlined filing compliance procedure is available to
certain individual taxpayers who can certify that their failure to report financial assets and
pay all tax due in respect of those assets did not result from willful conduct on their part.
The panel then concluded by discussing expatriation. A person repatriates by renouncing
U.S. citizenship. Prior to expatriating a person must confirm they have residence in
another jurisdiction, i.e. by expatriating a person does not want to end up where they
become stateless. Expatriation is irrevocable once approved. A child of an expatriate
does not lose citizenship if the child is under the age of 18. Once a person becomes an
expatriate they are now an alien and will require a visa to reenter the U.S. Under the
Reed Amendment which to date has not withstood challenge, a person who is a former
U.S. citizen who official renounces citizenship as determined by the Attorney General for
the purpose of avoiding taxation by the U.S. is ineligible to obtain any U.S. visa or be
admitted to the U.S.
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A person who expatriates is also subject to an exit tax. In effect an estate tax. The
person is subject to an income tax based on as if the person sold all of his assets at the
time of expatriation. Further if the person makes transfers back to children in the U.S. by
gift or through estate there is then an inheritance tax. Caution, the exit tax can apply to a
green card holder.
===============================================================
Wrap-Up: Practical Planning Strategies for the Future
This wrap-up presentation, reviewed several of the key planning strategies covered
during the week, and explained why and how some of them will remain viable strategies
for the future. It also explained why the future is nearer than ever before, and offered
practical suggestions for how practitioners can prepare and thrive despite the uncertainty
the future presents. The discussion included ideas on how estate planning will become
increasingly dependent upon investment strategies and results, and explain why planning
will be more predictable with greater investment certainty. This session also presented
alternative ideas for structuring an estate planning practice should the future turn out to
be different than forecasted.
Presenters: Jonathan G. Blattmachr and Martin M. Shenkman
Reporter: Kimon P. Karas
This presentation was the final wrap up session. Jonathan discussed after Natalie’s
presentation on qualified plans and IRAs for the right circumstance a client may want to
consider private placement life insurance instead of accumulating significant wealth
through qualified plan alternatives.
The presenters commenced the program with citing some statistics from a recent Trusts
and Estates luncheon reporting on responses to surveys. The theme of the presentation
was for planners to consider alternatives in planning. Whereas in the past estate planning
was primarily driven by estate tax planning considerations and techniques. Interesting in
the survey post ATRA 43% of the respondents mentioned nothing has changed in the
delivery of estate planning services to clients. In the same survey 67% of the clients who
responded stated their goal was to avoid probate. In light of the increased exemptions and
client’s longevity, transfer of wealth may not be the driving force in current estate
planning needs for clients. In the same survey other considerations were: 65% concerned
about avoiding discord among beneficiaries; 38% preventing heirs from mismanagement
of assets; the balance concerned about asset protection. Interesting observation tax
considerations were not identified as a concern.
Baby boomers report 2 issues that are facing them are: do they have sufficient cash flow
for their remaining life and suffering from Alzheimer’s or some form of dementia as they
age affecting their ability to maintain and control their finances as well as their wellbeing.
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The panelists discussed that planning needs to start early on. Waiting until the client has
reached their 70s or 80s just may be too late. Statistics were cited that the age for peak
financial decision making is age 50; that by age 60 decision making ability begins to
decline and significantly impacted by age 80. Alzheimer’s strikes at a 47% rate for those
over 85. In addressing longevity planning the panelists also referred to statistics relating
to lapse rates with long term care insurance. In a recent study the authors identified 3
primary categories for lapsing coverage:
1.
Strategic lapse, determination policy no longer needed;
2.
Financial burden, cannot afford to maintain policy
3.
Cognitive decline, individuals who lapse policy because of cognitive
challenges—most likely the persons who most need the coverage, yet lapse it.
Lapse rates for long term care insurance are quite low, mere 1-2% per year. However
considering such a policy may be in force for 30+ years the lapse rate is significant. Moe
than 1/3 of all long term policies will lapse. Men age 65 have a 32% probability of lapse
and women age 65 have a 38$ probability of lapse.
The panelists discussed the need to incorporate and address longevity issues in estate
planning documents. For example in one’s revocable trust focus not just on the transfer
of assets but the care of the grantor in the event of a disability or incapacity. That can be
a slow process that just does not happen overnight. The client and even family members
are not sensitive to the declining health or thought processes of the individual. Consider
adding provisions for visits by a care manager; corporate fiduciary; trust protector;
adding language to the trust that it can be amended by the grantor together with another
person to protect grantor from undue influence from outside parties, family or otherwise.
In drafting powers of attorney, for example, consider whether it is appropriate to have gift
language. The client’s wealth may be such that having any gift language just may not be
in client’s interest. Giving assets away may not be in the client’s best interest but rather
protecting and maintain the assets the client has to live out his life. Powers of attorney
are probably the most common form of elder financial abuse. Consider an economic
modeling even for wealthy clients as part of a gift giving program or strategy.
Next the panelists discussed the goal of family harmony. Critical to that is making all the
family a part of the decision making process. Too often the plan becomes a ‘surprise’ to
the heirs. Consider whether mediation/arbitration should be the dispute mechanism.
Only Florida currently allows for arbitration. Jonathan mentioned he has used a concept
of a conditional inheritance, where as part of the gift/disposition to a beneficiary it is
conditioned upon the beneficiary agreeing to mediation/arbitration as a condition to the
gift.
Referring to the Mikel recent Crummey case, the panelists discussed probing clients for
the importance of religious considerations in one’s documents. Mikel included a
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religious dispute resolution mechanism in their documents. Religion is often of primary
importance to clients but barely broached in the estate planning context. With taxes not
being the primary motivation for estate planning personal considerations, including
religion, should grow in importance as part of the planning process. In that regard the
outline contained various religious arbitration clauses: Christian, Jewish, Buddhist,
Islamic, and Ba’hai’ as examples.
The topic next discussed was basis considerations. Three scenarios were
presented.
1.
Irrevocable trust. There may be circumstances where grantor wants to get
assets back into estate. Suggestion is to give the trustee a power that permits
trustee to grant right to the grantor to cause estate inclusion over entire trust or
even asset by asset. See RR 84-179.
2.
Community property. If one does not reside in a community property
state considering opting in by creating either an Alaska or Tennessee trust.
Panelists understand other states are considering this concept.
3.
Grantor trust. Any transfer of property should be to a grantor trust.
Allows the grantor the opportunity to purchase low basis assets from the trust.
The purchase should not be for a note. If there is a need for liquidity to purchase
the assets go to an outside independent source for the loan. Jonathan suggested
that on death even though the assets are not includable in the grantor’s estate,
basis adjustment (step up for appreciated assets) at death should be available to
the trust assets.
As part of the basis discussion the panelists posited whether one can grant a general
power of appointment in a power of attorney. Is it possible to intentionally cause the
agent to hold a general power of appointment over the principal’s assets. The panelists
concluded the presentation with another consideration using a healthcare power of
attorney or general power of attorney to change to principal’s domicile.
The Institute concluded with Tina announcing a record attendance at this year’s Institute
of 3,110 attendees.
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Heckerling Vendor Interviews 2016
By: D. W. Craig Dreyer
Insuring a Better World Fund
Insuring a Better World Fund (IABWF) allows donors to make charitable gifts of
unneeded, unwanted, or unaffordable life insurance policies to charities of their choice. It
allows clients to make a significant gift to charity, while alleviating the clients financial
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rights reserved. This information or any portion thereof may not be copied or disseminated in any form or by any means or stored in
an electronic database or retrieval system without the express written consent of the American Bar Association.
Heckerling 2016
burden of paying for premiums, while giving them the satisfaction of making a difference
for the charity of their choice. For more information, please visit their website at
www.IABWF.org or by phone at (312) 819-0790.
Interactive Legal Suite
Interactive Legal Suite has three separate packages drafting packages. Wealth Transfer
Planning, Elder Law Planning and Essential estate planning. In the past year Wealth
Transfer Planning has updated their documents to create a new Split Purchase Annuity
Trust. They have also added automated beneficiary designation forms for retirement
accounts and added a gun trust.
The document assembly systems provide documents for 50 states and the District of
Columbia. The full Wealth Transfer Planning package includes options such as an FLP,
FLLC, and Grantor Trusts. Purchasing one license gives you access to multiple state
versions in the Wealth Transfer Planning module. In addition, for this year they have
updated their program to have multiple document processing and assembly. Pricing is
available by contacting them and they have a Heckerling discount. Further information
on Interactive Legal can be found at www.interactivelegal.com or by calling (321) 2520100. International Wealth Tax Advisors International Wealth Tax Advisors assists
clients and advisors with cross border tax services. They handle matters including:
foreign trusts and estates, pre-immigration and expatriation planning, investment by nonus person in U.S. real property, offshore voluntary disclosures, FACTA compliance, and
inbound corporate tax services. For more information, please visit www.iwtas.com or
contact them at (212) 256-1142.
Key National Trust Company
Key National Trust Company is a subsidiary of Key Bank, NA. It provides trust services
for wealthy clients and those seeking asset protection, tax savings, and flexibility using
Delaware’s favorable laws. For more information, please contact Isabel A. Pryor, CFTA,
MBA at (302) 574-4702. Lackner Group 6 in 1 Estate and Trust Administration Lackner
Group 6 in 1 allows a user to produce a US Estate Tax Return, Inventory, U.S. Fiduciary
Income Tax Return, State Fiduciary Income Tax Return, State Inheritance/Estate Tax,
Account (Trustee’s and Executors) and Inventory with one set of data entry. In addition,
the system can prepare Form 709s. It also supports probate forms for CT, DE, NJ, NY,
MA, IL, IN, OH, VA, WI, PA, and NC with a generic model as well. It also includes
DecoupleCruncher in order to perform estate tax calculations in multiple states.
New this year they have implemented modernized e-file for fiduciary income tax returns.
Federal, NJ, NY and PA are all included. OH is also being added to the state fiduciary
returns this year. They have also implemented the new form 8971 to report basis to
beneficiaries for Form 706s after February 29, 2016 and updated Decouple Cruncher with
changes in state estate taxes.
They offer a Heckerling discount. They also offer portions of the 6-1 system individually.
You can obtain more information at www.lacknergroup.com or call 1-800-709-1041.
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rights reserved. This information or any portion thereof may not be copied or disseminated in any form or by any means or stored in
an electronic database or retrieval system without the express written consent of the American Bar Association.
Heckerling 2016
Law Finance Group
Law Finance Group provides capital that is needed to sustain litigation. They focus on
post judgement appeals, settled cases, and trust and estate disputes. For more
information, please contact them at (415) 446-2300 or visit them at
www.lawfinance.com.
Lawgic, LLC
Lawgic is an estate planning drafting program which has specific drafting software for a
large number of states as well as a state neutral version. An Illinois state specific version
is slated for release in the 1st quarter of this year and they are still working on many
others. Last year the updated all titles for changes in federal and state law. Florida also
received substantial updates to their Advance Directives due to the new law effective in
October. New forms were added with increased options and these changes were also
expanded to other state versions. Many steps were taken to enhance customization
capability, expand user interface (allowing users to change the display and enhance its
search features, and to provide for automatic updating of titles). Lawgic offers free
training and support. Most state specific versions can be purchased for $1,900 per year
and pricing is available on their website. They also provide a Heckerling discount. They
also work with affiliates to offer additional services through Estate Works, Crummey
Service and My Persona Data Safe. More information can found on the Lawgic website
at www.lawgic.com or by calling (877) 252-9442.
Legal Aggregation Technologies
Legal and Financial Aggregation is a tool for professional advisors to work from a
common set of information to provide the best advice for clients. It assists advisors with
complex and ever-changing client information without significant time and effort. The
software maintains on a single screen, an accurate and complete set of information for all
advisors to share and also includes: Legal documents, tax returns and financial
information. Electronic documents are encrypted and stored securely in folders linked to
the respective family member or line item on the net worth statement to which they
apply. For more information, please visit them at www.legalaggregationtechnologies.com
or by telephone at (636) 377-0369.
Leslie Hindman Auctioneers
Leslie Hindman Auctioneers is a fine art auctioneer company with global outreach. They
also provide auction appraisals estimates to potential clients. For more information,
please visit them at www.lesliehindman.com or contact them at (312) 280-1212.
Lexis Nexis
Lexis Nexis is a broad provider of legal research and tools for the estate planning
professional. They over a voluminous amount of online resources, text resources, and
drafting programs. New for this year is the expansion of the LexisNexis Advance
platform to their tax libraries. It evolves legal research into more of an amazon themed
search process, and away from the old terms and connectors searches of the past. For
more information, please visit them at www.LexisNexis.com or by telephone at (888)
AT-LEXIS.
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rights reserved. This information or any portion thereof may not be copied or disseminated in any form or by any means or stored in
an electronic database or retrieval system without the express written consent of the American Bar Association.
Heckerling 2016
Life Audit Professionals
Life audit professionals is an insurance agency that works with estate planning attorneys,
CPAs, wealth advisors and charities to confirm that your clients’ life insurance portfolio
matches their estate planning goals in order to provide a team consensus on maximizing
the service provided to client. They differentiate themselves with highly educated about
life insurance matters and appropriate tax law. They can be contacted (844) 543-3283 or
online at www.mylifeaudit.com.
Life Insurance Settlements
Life Insurance Settlements is a company that provides life settlements for life insurance
products including term, universal, Variable, Joint Survivor, Whole, Group, and Key man
insurance products. The company reviews policies of all values beginning at face values
of 100,000 and up. They can be contacted at 1-866-326-Life or at
www.lisettlements.com.
Lighthouse Trust
Lighthouse Trust is a company that specializes in asset protection, captive insurance, and
wealth management. They have business entities in various popular offshore
jurisdictions including Nevis, Belize, and Switzerland. You can get more information at
www.lighthouse-trust.com or contact them at (858) 848-7878.
Lombard International
Lombard International has been partnering with the advisors of high net worth
individuals and institutions on addressing clients complex financial needs on a global
basis with life insurance products including private placement life insurance and private
placement variable annuities. For more information, please visit them at
www.lombardinternational.com or
contact them at (484) 530-4800.
MilleaBros
MilleaBros is an auction and appraisal company. They have extensive experience in
antiques and collectibles. For more information, please visit them at
www.milleabros.com or call them at (973) 377-1500.
MPI
MPI is a business valuation and advisory firm providing valuations for a variety of tax,
financial reporting and other business applications, as well as corporate advisory services
to business owners and their representatives. They often service the following areas: gift
and estate tax, ESOPS, income tax, 409A valuations, expert testimony, blockage
discounts, restricted and preferred stock, buy sell agreements, charitable contributions,
and marital dissolutions. For more information, please visit www.mpival.com or contact
them at (609) 924-4200.
NFP
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rights reserved. This information or any portion thereof may not be copied or disseminated in any form or by any means or stored in
an electronic database or retrieval system without the express written consent of the American Bar Association.
Heckerling 2016
NFP Corp, is an insurance broker and consultant that provides employee benefits,
property & casualty, retirement, and individual insurance and wealth management
solutions through licensed subsidiaries and affiliates. For more information, you can visit
them at www.nfp.com or contact them at (844) ASK-NFP1.
National Philanthropic Trust
National Philanthropic Trust is the largest independent provider of donor advised funds.
They can assist advisors with their clients’ charitable desires while taking care of all the
paperwork. They can also assist clients with setting up and running Type I supporting
organizations to achieve their charitable goals. They can be visited at nptrust.org or
contacted at (888) 878-7900.
The National Underwriter Company
The National Underwriter Company provides tax, insurance, and financial planning
information for professionals through various reference materials. For more information,
you can visit them at www.nationalunderwirter.com or by telephone at (800) 543-0874.
Neuberger Berman
Neuberger Berman is a private, independent, employee owned investment manager. The
firm manages equities, fixed income, private equity and hedge fund portfolios for
institutions and advisors worldwide. For more information, please visit them at
www.nb.com or reach them by telephone at (800) 223-6448.
Nixon Peabody Financial Services
Nixon Peabody Financial Services offer clients full-service fiduciary management
without having to establish, support and staff “back-office” financial operations. They
can be visited at www.Nixonpeabody.com or contacted at (617) 345-6115.
Northern Trust Company
Northern Trust offers investment management, asset and fund administration, fiduciary
and banking solutions to corporations, institutions and affluent individuals. Northern
Trust also provides information to professionals through their wealth advisor portal.
Here you can sign up for newsletter and they even provide sample estate planning forms
at no cost through this website. For more information, please go to the Northern Trust
Website at https://www.northerntrust.com/wealth-management/united-states/wealthadvisor. O’Toole-Ewald Art Associates Inc. O’Toole-Ewald Art Associates Inc. is a
leading authority on decorative and fine art. They provide appraisals and valuations,
litigation support, business valuations, and special services which includes art leasing,
collections management, and mediation services. For more information, please visit them
at www.otole-ewlad.com or contact them at (212) 989-5151.
OC Consulting Group
OC Consulting Group is a fee-based life insurance consulting practice which is brought
in by and works closely with estate planners, attorneys, CPAs, trustees, non-profits and
high end financial and insurance advisors to bring expert, third party insurance
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16
rights reserved. This information or any portion thereof may not be copied or disseminated in any form or by any means or stored in
an electronic database or retrieval system without the express written consent of the American Bar Association.
Heckerling 2016
information to the table. For more information, please visit them at www.oc-lic.com or
contact them at (616) 456-1000.
Pall Mall Art Advisors
Pall Mall Art Advisors provides specialist guidance to insurance brokers, law firms,
banks, accountants, wealth managers, institutions and private customers. They assist
with valuations, acquisitions, insurance, collection management, advisory and other art
and tangible personal property related issues. For more information, please visit
www.pallmallartadvisors.com or call them at (610) 254-8400. Parasec Parasec is a global
document filing and retrieval service. They handle the following matters: Corporate
Research, Formations, Mergers, Acquisitions and Dissolutions; Corporate and LLC Kits;
Business Licensing Compliance/Gap Analysis; Nationwide Registered Agent for Service
of Process; Commercial & Residential Real Estate; UCC Typing, Filing & Tracking;
County Records Filings & Retrievals; Court Records Filings & Retrievals; Investigation
& Litigation Research; Intellectual Property; and Apostilles, Legalizations,
Authentications and Translations. For more information, please visit www.parasec.com
or contact them at (800) 533-7272.
Pluris Valuation Advisors
Pluris valuation advisors specializes in Pluris in real estate and business valuations and
illiquid, complex, and distressed securities. Securities covered include auction-rate
securities, structured products, derivatives, investment fund LP or GP interests, PIPEs,
restricted securities, distressed debt, bankruptcy claims, intangibles, operating businesses,
and asset holding entities. For more information, please visit them at www.pluris.com or
call them at (212) 248-4500. The Presser Law Firm, P.A. The Presser Law Firm P.A.
specializes in asset protection. They work with clients and other attorneys to assist with
the implement of various asset protection strategies from how to title assets to more
exotic offshore asset protection devices. They can be contacted at (561) 953-1940 or by
visiting their website at www.AssetProtectionAttorneys.com. The Private Client Reserve
of U.S. Bank
The Private Client Reserve of U.S. Bank serves individuals and families with complex
financial interests and needs. They provide holistic wealth management services to
clients, and specialize in advising business owners, corporate executives, and
professional service principals and partners. You can visit them at
www.reserve.usbank.com. Rago Arts & Auction Center Rago is an auction house that
serves sellers and buyers internationally. They also sell artwork privately, offer insurance,
valuations, and appraisals for personal property; estate services from appraisal to auction
and clean out; and exhibitions and lectures in house and online. Rago is based in New
Jersey, midway between Philadelphia and New York City. You can visit them at
www.ragoarts.com or contact them directly at (609) 397-9374.
RBC Trust Company (Delaware Limited)
RBC Trust Company provides complete personal trust and custody services through
partnerships with professional advisors throughout the country. They specialize in
Delaware trusts. They can be visited at www.rbctrust.com or by telephone at (800) 441Published by the American Bar Association Section of Real Property, Trust and Estate Law ©2016. Reproduced with permission. All
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rights reserved. This information or any portion thereof may not be copied or disseminated in any form or by any means or stored in
an electronic database or retrieval system without the express written consent of the American Bar Association.
Heckerling 2016
7698. Regions Bank Private Wealth Management Regions Bank Private Wealth
Management provides private wealth management customized to a client’s specific needs
and goals. For more information, please visit them at www.regions.com/wealthinsights.
Right at Home Right at Home is a senior in home care organization that operates through
individually owned and operated independent care franchisees. The assist with the home
care of the elderly and also with transitioning clients back to their home after hospital
visits. You can visit them at www.rightathome.net or call them at (877) 697-7537.
===============================================================
Heckerling Vendor Interviews 2016
By: Beth Anderson
ABA – Section of Real Property, Trust and Estate Law – booth 225 www.americanbar.org/groups/real_property_trust_estate.html
The ABA booth provided copies of the whitepaper titled “Expatriation and the New
Section 2801 Proposed Regulations” that was mentioned during Recent Developments
presentation. In addition, the ABA carries a number of publications in its booth that are
available for sale at 20% discount through January 31, 2016.
Advantage Insurance – Silver Sponsor – booth 222 - www.aih.com.ky
Advantage Insurance works with advisors in the wealth planning community to find
insurance solutions for advisors’ clients, whether onshore or offshore. Insurance plans are
customized to fit any wealth management strategy, whether it’s life insurance, business
insurance, captive insurance, etc. A “to-the-trade” service provider, they specialize in
insurance service, and do not custody or manage the advisor’s client’s money.
Alaska Trust Company – booth 425 - www.alaskatrust.com
Alaska Trust Company provides comprehensive trust and investment services, and works
with advisors and their clients throughout the nation who want to take advantage of
Alaska’s trust laws. Its website provides many resources including sample forms and
provisions and articles discussing the benefits of Alaska trust law.
American Academy of Attorney-CPAs – booth 209 - www.attorney-cpa.com The
American Academy of Attorney-CPAs will be launching a new website in Spring of
2016. The AAA-CPAs specializes in protecting the rights of professionals who have
qualified to practice as both an attorney and a CPA. Memberships cost $130 for the first
year, and $260 per year thereafter. Affiliate, government, student and educator
memberships are also available at various prices but all new memberships are discounted
by 50%.
American Society of Appraisers – booth 206 - www.appraisers.org
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rights reserved. This information or any portion thereof may not be copied or disseminated in any form or by any means or stored in
an electronic database or retrieval system without the express written consent of the American Bar Association.
Heckerling 2016
American Society of Appraisers is an organization for appraisers, claiming to require the
highest qualifications for their appraisers. They offer the Accredited Senior Appraiser
credential. Members of the ASA go through testing, reaccreditation, and continuing
education. Members are required to have a minimum of 2.5 years of experience and are
reaccredited every 5 years. Membership rates vary by discipline (business, personal
property, jewelry, real estate, etc.).
Appraisers & Planners, Inc. – Silver Sponsor – booth 218 www.appraisersandplanners.com
Appraisers & Planners, Inc. promotes itself as one of the country’s largest and oldest
firms specializing almost exclusively in estate and trust work. Appraisers & Planners’
principal office is in New York but it has additional office in Philadelphia and national
coverage through its affiliates.
Ashar Group, LLC – booth 130 - www.ashargroup.com
Ashar Group provides life settlement opportunities and serves as policy valuation experts.
They offer many solutions for unwanted life insurance policies, including policies
implicated in Medicaid planning, expiring term policies, and underfunded universal life
policies, among others. Ashar Group, a full service brokerage firm representing clients
and advisors, has a national footprint. When valuing a policy, they make sure to seek out
the appropriate bids to get the best fair market value.
Atlantic Trust Company, N.A. – booth J-2 - www.atlantictrust.com
Atlantic Trust provides private wealth management for individuals, families, foundations
and endowments. The have robust family offices services, working from a multi-faceted
approach. Atlantic Trust now offers Delaware trust services and has new offices in West
Palm Beach, Florida.
Bankers Trust – Platinum Sponsor – booth B-2 - www.BTCSouthDakota.com
Bankers Trust Company of South Dakota can help your clients take advantage of South
Dakota’s favorable laws, including laws covering asset protection, dynasty trusts,
directed trusts and trust protectors, and decanting. Additionally, they have a dedicated
ESOP Services Team to provide trust and custodial services to ESOP companies
nationwide, whether it is on a transactional or ongoing basis.
Bloomberg BNA – Platinum Sponsor – booth C Over the past year, Bloomberg BNA has
continued to add content and functionality across the spectrum of their services, including
practice tools, news, commentary and journals. Primary sources have been built into its
services. The current 706 forms have been released and the 709 forms are in the works.
The booth was offer complementary copies of the 2016 Federal Tax Guide – a quick
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rights reserved. This information or any portion thereof may not be copied or disseminated in any form or by any means or stored in
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Heckerling 2016
index reference guide for individual and business issues as well as the 2016 BNA
Calendar.
BNY Mellon Wealth Management – Platinum Sponsor – booth E-2 www.bnymellonwealthmanagement.com
BNY Mellon Wealth Management has full-service wealth management offerings for a
broad spectrum of clients, including individuals, family offices, foundations, and other
professionals. They work closely with other advisors to further the client relationship and
ensure comprehensive and well-executed planning.
Bonhams Auctioneers & Appraisers – booth 413 www.bonhams.com
Bonhams is a privately owned British auction house and one of the world's oldest and
largest auctioneers of fine art and antiques. It holds itself out as the only auction house in
the U.S. with actions in New York, Los Angeles and San Francisco. In addition, it has
locations in London, Hong Kong and Sydney. They specialize in a variety of niche
markets including antique and collectible cars.
Braun Co. – booth 403A - www.braunco.com and www.premiereestates.com
Braun Co. and Premiere Estates offer valuations and auctions for unique assets with a
boutique service model. Braun Co. is now providing a market for minority interests in
closely held businesses.
Brentmark Software, Inc. – booth 408 - www.brentmark.com
Brentmark offers popular estate planning popular programs including Estate Planning
Tools, Retirement Plan Analyzer, and Retirement Distributions Planner. It recently
released the 2016 version of the Savings Bond Toolkit which provides for easy
organization and management of a client's savings bond portfolio, and makes retitling
bonds simple with its automatic fill-ins for Forms 1455, 1851, and 4000. Brentmark is
offering a 20% discount for most software products use the code: SHOW. Contact Nicole
Maholtz [email protected] for more information.
Broadspire, A Crawford Company – booth 213 www.broadspirecaremanagement.com
Broadspire Care Management offers solutions for the case of the elderly and individuals
with special needs. They coordinate facility and in-home care, working with their clients
to determine their needs for housing, medication, long-term care, and transitions, and
help find solutions for those who want to age in place, and can evaluate alternative living
arrangements. They also provide medical billing auditing service. CAF America Global
Philanthropic Services – Platinum Sponsor – booth D-2 - www.cafamerica.org
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rights reserved. This information or any portion thereof may not be copied or disseminated in any form or by any means or stored in
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Heckerling 2016
CAF America is an international donor advised fund that makes giving abroad easy,
efficient, and effective. In existence for 21 years, in the past nine years alone, they
granted $500 million across 90 countries through the CAF network. They have a presence
in six continents (they have yet to work with the Antarctic penguins), and are committed
to breaking down borders to international giving. They also offer full global philanthropic
services to complement advisors’ trust and estate services, and promote some unique
solutions for US/UK dual taxpayers.
CFP Board – booth 300 - http://www.cfp.net/
The CFP Board upholds professional standards in personal financial planning. Visit their
website to create an online account with the CFP board, for information about the CFP
designation, and apply to take the examination. The next window to take the CFP
Certification Examination is March 15-19, 2016, and the deadline to register is March 1,
2016.
Charles Schwab Bank – Gold Sponsor – booth 120 - www.schwab.com and
www.schwabcharitable.org
Charles Schwab and its charitable arm, Schwab Charitable, were both present at
Heckerling. The combination of two industries under one roof allows for a seamless
transition as their clients’ needs and donative intent grow over time. Charles Schwab is
truly a one stop shop for trusts, investments and charitable planning. For more
information on the planning opportunities with Schwab Charitable contact Cathleen
Grady ([email protected]) or Kelly Berg ([email protected]).
City National Rochdale – booth 233 - www.cnr.com and www.cnb.com
City National Rochdale is an investment management firm specializing in intelligently
personalized portfolio management for high-net-worth individuals, families, and
foundations and is a wholly owned subsidiary of City National Bank.
Clars Auction Gallery – booth 304 - www.clars.com
Located in the Bay Area, Clars Auction Gallery has monthly three-day auctions of fine
art, antiques, furniture, vehicles, and many other types of assets. They offer several
options to obtain a valuation, including via photos online (subject to revision and limits,
and not for jewelry), at one of their weekly valuation sessions, or at a scheduled meeting
with a specialist.
Comerica Bank & Trust, N.A. – Silver Sponsor – booth 312 www.comerica.com
Through its trustee alliance group Comerica can serve as administrative trustee of any
domestic trust while allowing the local family investment manager to continue to manage
the trust assets. Visit its website for more information on its services and fees.
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rights reserved. This information or any portion thereof may not be copied or disseminated in any form or by any means or stored in
an electronic database or retrieval system without the express written consent of the American Bar Association.
Heckerling 2016
===============================================================
Heckerling Vendor Interviews 2016
By: Patrick Duffy
Law Finance Group
With Alan Zimmerman and Wendy Walker
Law Finance Group (“LFG”) is a litigation funding company with specialties in appeal
finance, settlement finance, and estate & trust litigation. In the context of estate & trust
litigation financing, LFG coordinates with practitioners and clients to evaluate the legal
merits of each case as well as the range of potential outcomes. On that basis, LFG
provides non-recourse financing services for both legal fees for attorneys and personal
advances for beneficiaries. This model is unique, says Estate Funding Counsel Wendy
Walker, because of the fact-driven analysis approach used by LFG in determining the
cases it takes. LFG’s estate & trust litigation financing, says founder and CEO Alan
Zimmerman, gives beneficiaries the ability to hire the best lawyers and settle their cases
on fair terms. By financing cases on a non-recourse basis, the interests of the
beneficiaries, the attorneys, and LFG are completely aligned. Attorneys will also
appreciate LFG’s “hands-off” approach to the technical aspects of the litigation and the
prompt payment of their fees, which are paid immediately after client approval. To learn
more, visit http://www.lawfinance.com/services/estate-finance/
US Trust
With Michael McCarthy
A Heckerling sponsor for 34 years, US Trust is the well-known fiduciary and private
wealth division of Bank of America. With over 90 locations, US Trust serves thousands
of clients in every state. Each client is assigned a collaborative team consisting of a trust
officer, a wealth strategist, and a private client advisor. Additional team members in
various specialties can be added depending upon the circumstances of each family. The
bank proactively works with clients on more than their finances and takes care to address
sensitive personal matters, including setting up a plan to address the potential for
cognitive decline. While more than 100 associates—most of them attorneys— work in
the Office of the Chief Fiduciary to support the trust officers throughout the country, a
foundational principal of US Trust’s strategy is to closely collaborate with the client’s
existing advisors. Often, says Managing Director Michael McCarthy, US Trust is able
actually increase a client’s interactions with their attorney as a result of the high-touch
approach taken by the bank.
Because of its size and experience, US Trust is able to address the specialized needs of
virtually any client. For example, the bank’s Special Asset Management Group eagerly
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Heckerling 2016
takes on unique (and sometimes troublesome) assets such as timberland, farms, ranches,
oil and gas interests, and closely-held businesses. Clients with charitable interests can
turn to US Trust to manage charitable trusts and the bank is able to act as an agent to
assist with the administration of private foundations. Clients in the LGBT community
can take advantage of the bank’s deep expertise in that area of the law, which McCarthy
urges is still an issue even after the holdings in Windsor and Obergefell. To learn more,
visit http://www.ustrust.com/
Winston Art Group
With Jennifer Jones and Claire Brown
The number eight has everything to do with why Winston Art Group (“Winston”) is the
nation’s largest independent art appraisal and advisory firm. Eight, explains Jennifer
Jones, Director of Winston’s Trusts & Estates group, is considered to be a very lucky
number in the Chinese culture and ensuring that, for example, your collection of Chinese
Jade is the eighth lot in an auction can be the difference between a six figure sale and a
seven figure sale in some cases. An unrelenting focus on details like that are the
differentiator for Winston.
Because Winston does not conduct auctions, it is able render independent advice to
clients looking to buy and sell virtually any type of tangible personal property for a flat
hourly fee. With a deep and experienced talent pool, appraisers at Winston are often
called upon to testify as expert witnesses in high-stakes cases involving valuable artwork
or other tangible personal property. Winston has extensive experience with fiduciaries in
various capacities. Besides providing appraisals for gift and estate tax returns, Winston
often works with Trustees that hold art on an ongoing basis to establish up-to-date values
for the works that are included in annual accountings. For estate planners looking to take
advantage of more exotic planning techniques, Winston has experience rendering
opinions on art leasing rates. Executors can engage Winston as an agent to advise on the
storage and maintenance of fine art before it is liquidated or distributed.
One oft-overlooked aspect of charitable planning for art, says Jones, is ensuring that the
devisee is actually interested in receiving the gift. Administrator’s facing the dilemma of
a disclaimed charitable bequest of art can work with Winston to find an acceptable home
for the work or collection. Her advice to fiduciaries facing the prospect of administering
trusts or estates with significant art collections? Get a good appraisal and get it done
right the first time. To learn more, visit http://winstonartgroup.com/
Vanguard – Flagship Select Services
With Dennis Duffy
Flagship Select Services (“Flagship”) is the ultra-high net worth group within first-time
Heckerling sponsor Vanguard for clients with $10 Million or more invested with the
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Heckerling 2016
brokerage house. Flagship serves more than 15,000 families across the country, with
invested assets ranging between $10 Million to over $1 Billion. The group has recently
moved to a more relationship-centric structure and takes a hands-on approach with these
high end clients. A team of investment advisors meets with and gets to know each client
individually before designing a customized invesment plan. Flagship also reviews estate
planning documents and works with a client’s existing advisors to ensure the estate plan
not only meets the client’s current goals but confers the maximum financial benefit.
Flagship also works with Vanguard National Trust Company, Vanguard’s fiduciary
services arm. While the Trust Company does not engage in probate or death settlement,
it will administer virtually any type of trust and currently oversees more than 17 Billion
in assets. Vanguard, says Dennis Duffy, head of Flagship, is about more than
investments. To learn more, visit https://investor.vanguard.com
Skinner, Inc.
With Emerson Tuttle
Skinner, Inc. (“Skinner”) is an independent auction house based out of Boston,
Massachusetts. It is best known for its sale of Americana, especially folk artwork, but
with more than thirty specialists focusing on twenty distinct specialty areas, Skinner is
equipped to sell virtually any kind of art. Each year, Skinner holds more than sixty
auctions, at least thirty percent of which are held purely online. In addition to auctions,
Skinner also appraises all types of tangible personal property, whether independently or
as part of the sale of the time. The differentiating factor for Skinner, says Director of
Institutional Relations, Emerson Tuttle, is the firm’s reputation for a high level of
experience, expertise and integrity in the art world. Trustees and executors can look to
Skinner for assistance with the fiduciary management of non-traditional tangible personal
property as well, including Americana, folk art, and antique furniture. Skinner maintains
offices in Boston, Massachusetts, Coral Gables, Florida, and New York City. For more
information, visit http://www.skinnerinc.com/
TEAM Risk Management Strategies
With Josh Greenberg
First-time vendor TEAM Risk Management Strategies (“TEAM”) provides employment
solutions to trustees that would otherwise engage in direct employment relationships with
employees of any kind. While the company primarily focuses on in-home caregiver and
other domestic employees, it can assist fiduciaries by serving as the employer of record
for virtually any type of trust employee—from gardener to ranch hand to yacht captain.
The issue, says CEO Josh Greenberg, is that many fiduciaries (and their advisors) do not
realize the intrinsic risks associated with trusts serving as employers. Besides the
administrative difficulties, there is significant hidden liability for taxes, insurance, and
workers compensation. TEAM (the acronym stands for “Trust Employee Administration
and Management”) leverages its size and expertise to minimize those risks and costs for
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rights reserved. This information or any portion thereof may not be copied or disseminated in any form or by any means or stored in
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Heckerling 2016
trustees and trusts. While TEAM historically served corporate trustees—including such
blue bloods as Wells Fargo and Northern Trust—it has recently begun to work with
individual fiduciaries. Employment services are provided for a flat monthly
administrative fee (charged per employee), with the trusts covering salary and all other
costs of employment. For more information, visit http://team-risk.com/
Veralytic
With Barry Flagg
Veralytic provides consumers and their advisors with a patented five star independent
rating system for individual insurance products. The system is unique in that, unlike
traditional ratings systems that focus solely on the insurer, it measures the objective
quality of a given insurance product against the universe of peer group products in
relation to the client’s goals and objectives. While irrevocable life insurance trust
trustees often use the service to document their investment decisions, Veralytic is a
valuable tool for anyone purchasing life insurance and anyone giving advice about
buying a policy. The industry’s practice of using internal projections, says inventor and
President Barry Flagg, has been criticized by leading actuarial authorities as
“fundamentally inappropriate.” Veralytic departs from industry practices by rating across
five separate measurements covering the claims paying ability of the carrier, the cost of
the policy, the stability of pricing representations, the insured’s access to cash value, and
the carrier’s actual historic investment performance. With rising litigation over life
insurance, Flagg cautions that fiduciaries and advisors should be careful to rely on
insurance industry practices that have been criticized by regulators. For more
information, visit http://www.veralytic.com/
Sterling Trustees
Antony Joffe
A fourth year sponsor, Sterling Trustees (“Sterling”) is an independent South Dakota
trust company with more than $2.1 Billion in assets under management. Sterling
leverages the expertise of its eight employees using its patented trust administration
platform, Wealth Hubsm, to serve families living around the globe. In fact, Wealth
Hubsm has been so successfully internally, says president Antony Joffe, that Sterling has
recently begun marketing the system to law firms and other independent trust companies.
Sterling, which offers no investment advice, is an experienced custodian of nontraditional assets including interests in closely-held businesses, art, private equity, and
hedge funds. Each trust is administered on a fixed-fee basis, which varies depending
upon the size and complexity of the trust. For more information, visit
http://www.sterlingtrustees.com/
Abbot Downing
With Bryan Austin and Lester Law
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Heckerling 2016
Abbot Downing is the ultra-high net worth division of Wells Fargo’s Private Bank
serving families with a net worth of at least $100 Million. While a client’s investable
assets are one factor considered in placing families with the exclusive service, Bryan
Austin, Director of Financial Planning, says that the unique nature of the bank’s clients
means that Abbot Downing has had to focus on much more than that traditional industry
measure. Ultimately, the overall wealth of the family unit is considered—whether it is
concentrated in a portfolio or tied up in a closely-held business.
Clients of Abbot Downing benefit from Wells Fargo’s trust platform, but are privy to the
individualized attention that such families have come to expect. Abbot Downing
mandates a client-to-relationship manager ratio of 15:1 and the average experience of inhouse advisors is twenty-two years. Those advisors actively engages with each client’s
tax, legal, and other advisors says Lester Law, Director of the Naples branch.
Abbot Downing has three hundred employees that serve six hundred families
representing more than $38 Billion in assets. For more information, visit
www.abbotdowning.com
RM Sotheby’s
With Alain Squindo
Formerly RM Auctions, the longtime leader in automotive auctions recently formed a
strategic partnership with the venerable auction house to form RM Sotheby’s (“RM”).
While this is RM’s first time at Heckerling, the firm has more than thirty-five years’
experience in brokering private treaty sales, conducting public auctions, and providing
estate planning and financial services. RM currently holds records for the highest
grossing car auction ever ($172.9 Million in Monterey this past December) and the most
valuable car ever (a 1950s Ferrari track car sold for $28 Million in 2015). RM also
provides restoration services and, in fact, the firm’s restoration division won best of show
in Pebble Beach in 2015. Advisors and fiduciaries can look to RM for expertise in a wide
area of automotive-related areas including transport of fine cars (and collections),
liquidation of collections, and pre-death and post-death planning, restoration and
maintenance of vehicles, and “investment” through 1041 exchanges. COO Alain
Squindo preaches that even in the car business, location matters; choosing the right venue
for the sale of each car in a collection is critical. RM offers an international calendar of
events each year to accommodate virtually every automotive niche. Because of its size,
RM is able to handle every component of the sale of a fine automobile, including
transportation, provenance research, photography, marketing, and auction. Squindo’s
daily driver? A 1966 Ford Mustang. For more information, visit www.rmsothebys.com
The University of Miami Heckerling Estate Planning Graduate Program With
Tina Portuondo
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Heckerling 2016
Before the Heckerling Institute, there was the Heckerling Graduate Program in Estate
planning. Phil Heckerling founded the program and adopted the signature structure that it
maintains today. In the Fall, the University of Miami’s Heckerling Estate Planning
LL.M. program is a traditional academic program with semester-long classes taught by
tenured faculty. In the Spring, though, the program’s students have exclusive access to a
series of sixteen single credit “modules”—one each week—taught by leaders in the field,
most of them practitioners.
Each year the program accepts fifteen to twenty full time applicants who begin a yearlong “deep dive” into the world of estate planning. Each class is different, says Director
Tina Portuondo, but the small size and unique program structure creates close bonds that
last throughout careers. While part-time students are accepted on a limited basis, the best
experience, says Portuondo, is to enroll full time. Working students can actually “split”
the semesters—taking the Fall semester full time while enrolling part-time in the Spring
semester and completing those classes over the course of several years.
Many of the program’s students are fresh out of law school, but many others are
established practitioners looking to hone their estate planning skills. A growing trend
observed by Portuondo is the use of the degree by practitioners to pivot from specialties
like commercial litigation to trusts and estates. One attorney in particular, recalls
Portuondo, was very established before he entered into the LLM program—he was eighty
one. Unlike many other LL.M. programs, the Heckerling Estate Planning Graduate
Program is practice oriented. Students are exposed to a practical curriculum with classes
like Drafting for Estate Planners (taught by Bruce Stone), Generation-Skipping Transfer
Tax (taught by Carlyn McCaffrey), and Valuation (Taught by Ed Koren). In the drafting
class, students are each paired with a different local practitioner who works with them to
develop an actual estate plan using form documents developed by the program. Another
class, called Intro to Probate, focuses on the oft-ignored administrative process that is
central to so many practices.
For more information, visit www.law.miami.edu/academics/llm
===============================================================
Heckerling Vendor Interviews 2016
By: Michelle Mieras
*ComStock Advisors
ComStock Advisors provides business valuation opinions, working predominantly with
closely held companies. They are experienced in consulting and advising on ESOPs for
tax-efficient business transitions, including providing ESOP feasibility studies.
ComStock Advisors serves a national client base from offices in Chicago, Cincinnati, and
Winston-Salem. Visit their website at www.comstockadvisors.com to review articles on
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Heckerling 2016
technical topics, or call 888-232-2201 for more information or to locate a contact in your
region.
*Donlevy-Rosen & Rosen, PA
Donlevy-Rosen & Rosen, PA is a boutique firm focused on providing offshore asset
protection planning. The firm is based in Coral Gables, Florida, but serves clients
nationally and internationally. Their website, www.protectyou.com, contains numerous
articles, videos, white papers and commentary on asset protection. Contact them at 1800-417-7134 to see how they might be able to benefit your clients.
*DonorsTrust
DonorsTrust is a mission-driven organization working directly with donors to ensure that
their intent to support organizations with libertarian goals of limited government,
personal responsibility and free enterprise. Based in Alexandria, VA, they work with
donors across the country. If your clients have libertarian ideals and charitable intent,
visit www.donorstrust.org to see how DonorsTrust might serve your client’s needs.
*EisnerAmper LLP
GOLD SPONSOR
EisnerAmper, one of the largest accounting firms in the US, provides services to a broad
and diverse base of clients, including family offices, closely held companies, and high net
worth families. They pride themselves on forming deep relationships with clients and
their clients’ other advisors. Visit their website, www.eisneramper.com, for substantive
articles on current topics of interest, such as legal and ethical issues of nonprofit board
service, preserving privileges when working with CPAs, and planning for clients with
diminished capacity.
*ElderCounsel
ElderCounsel provides legal technology and education for elder law attorneys. They
provide state-specific information regarding LTC planning, Medicaid, Veterans’ benefits,
special need trusts, and other planning specific to the aging population. ElderCounsel
can help you up to date with legal changes in the elder law arena. Monthly case law and
state of the law updates are free to members. Other special events are available to their
members and to non-members for a fee. Visit their website, www.eldercounsel.com, to
schedule a demonstration.
*Empire Valuation Consultants LLC
SILVER SPONSOR
Empire provides fixed-fee business valuation services throughout the nation. They
continue to expand their markets throughout the US, including in Florida, the MidAtlantic, and San Francisco. They assist with hard to value assets, and support growing
needs in the areas of hedge funds, IRA valuations, ESOPs, and business succession. Visit
their website, www.empireval.com, for additional information and to locate the
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rights reserved. This information or any portion thereof may not be copied or disseminated in any form or by any means or stored in
an electronic database or retrieval system without the express written consent of the American Bar Association.
Heckerling 2016
appropriate contact person in your area. Their website also features a number of
informative brochures and articles, as well as a calendar of upcoming events.
*ESI-APPRAISE
APPRAISE, by Evaluation Services, Inc., provides stock and bond valuations for trusts
and estates. They offer a variety of secure online methods to use APPRAISE. For quick
and easy valuation, use their web-based platform, APRAISE-WEB, and rest assured that
your portfolios will be stored for 10 months for viewing or further alteration. Payment
can be made via credit card as the service is used, and month end invoices are available.
They also offer APPRAISE Plus, which provides historical cost basis with tax allocation
factors, corporate actions and transfer/paying agents. Short on time? ESI offers an
outsourcing solution, performing securities valuations for you. Sample reports are
available on their website, www.appraisenj.com. While you’re there, sign up for their
free monthly newsletter.
*ESOPMarketplace.com
ESOPMarketplace.com provides access to the wide variety of services applicable to
ESOPs from start to finish. The providers each specialize in their respective areas,
ensuring that each need is expertly covered. The website includes educational materials
on ESOPs, serving as a resource for estate and succession planning. Various tools are
available for subscription fees. ESOPmarketplace.com is part of a family of websites
serving businesses with ownership succession. Visit www.ESOPmarketplace.com or
contact Jack Veale at [email protected] for more information, and look for
their new website, suddendeathchecklist.com, coming soon.
*Estate Valuations & Pricing Systems, Inc. (EVP)
Estate Valuations & Pricing Systems, Inc. (“EVP Systems”) offers a suite of products in
their EVP Office, including the popular EstateVal program, providing date of death and
alternative date valuations, CostBasis, to determine original cost basis, CapWatch, for
researching capital changes on millions of issues of stocks and corporate and municipal
bonds, and GiftVal, providing gift valuations for use with the Form 709. EVP Systems
continues to improve their mutual fund daily accruals (mill rates) system and obtains up
to date information from Lipper. As always, the software is free to download at
www.evpsys.com, with charges only incurred as securities are processed. Fees are
always charged at a fixed rate, but discounts are available for monthly volume.
Additional information is available on their website at www.evpsys.com, or call Christina
Ramirez, VP, at 1-818-313-6300.
*EstateGen
EstateGen is an estate planning illustration tool designed specifically for estate planning
attorneys. Unlike other diagramming options available to estate planners, EstateGen is
tailored to estate planning professionals, created with an eye toward providing an
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Heckerling 2016
interactive, easy and intuitive platform for attorneys to visually demonstrate to clients
how their estate plans flow. The drop-and-drag platform makes it simple to change the
visually-appealing diagram to accommodate client demands during the planning process.
EstateGen is offered as a monthly subscription, with tiered pricing to accommodate
various levels of use. New users should mention Heckerling for a limited-time discount.
Visit www.estategen.com for tutorials and introductory information, or email
[email protected] for more information.
*EstateWorks Systems
EstateWorks provides a platform for workflow management, communication, and
collaboration focused on estate planning and administration. Attorneys often depend on
EstateWorks to improve the efficiency, transparency and overall productivity of their
Trust and Estates operations. In addition to functionality that streamlines the day-to-day
work of individual team members while incorporating specific institutional requirements,
EstateWorks provides customizable analysis and reports that enhance the active
management of the overall business. For further information please contact
[email protected].
*Everplans
GOLD SPONSOR
Everplans provides a place to gather important documents, such as wills, healthcare
directives, and life insurance policies, but it is more than a digital lockbox. It has a
lifestyle focus, serving as a central location to store information about the client’s funeral
planning and life and legacy issues, giving clients a place to store and pass along letters
to friends or even family recipes. Everplans is offered on two primary platforms, one
geared toward individuals (www.everplans.com), and the other geared toward professions
such as attorneys, CPAs, insurance agents, and financial advisors
(www.everplans.com/professional) who want to offer Everplans’ services to their clients.
*Exponent Philanthropy
Exponent Philanthropy is celebrating its 20th anniversary of helping to incorporate
philanthropy into estate plans. Exponent Philanthropy works with individual and family
philanthropists to help them achieve greater impact. They assist family foundations to
reduce overhead and serve as an educational resource. Exponent philanthropy provides
programming to philanthropists to educate them on foundation set up, rules and
compliance. They will also work with philanthropists to assess the health of prospective
donee nonprofits, and evaluate the impact of their giving. Visit their website,
www.exponentphilanthropy.org, for a Ten Minute Impact Assessment, as well as
information about upcoming local and regional programs. Annual membership is
$750/year membership, but will be discounted to $650/year for new members who join
by February 29, 2016 and mention Heckerling. Memberships have other benefits, such as
D&O insurance at discounted rates. Advisors interested in being listed in Exponent
Philanthropy’s professional advisors directory for a fee should contact Julie Stofer,
Director of Marketing, at [email protected].
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rights reserved. This information or any portion thereof may not be copied or disseminated in any form or by any means or stored in
an electronic database or retrieval system without the express written consent of the American Bar Association.
Heckerling 2016
*EY
PLATINUM SPONSOR
EY continues to grow its Family Office and Business Advisory services. They recently
acquired a multifamily office, broadening and deepening their expertise in the area. The
services EY provides to these clients include risk review, governance, technology search
and selection, and set up and design (or restructuring, for established organizations).
EY’s family office services are ideal for clients with at least $100MM of wealth, or
$500MM to $1BN revenue. Robert A. “Bobby” Stover, Jr. is the Americas partner in
charge of this group, and may be reached at [email protected] for more information,
or visit www.ey.com.
*Fi-Tek, LLC / FirstState Trust Company
Fi-Tek, LLC provides wealth management software products and business solutions to
providers of financial services and their clients. They support hundreds of banks,
covering the US from Alaska to Florida, and hedge funds globally. HedgeTek offers
solutions for hedge fund managers, keeping up to date with the unique needs of hedge
funds, including book and tax accounting for monetized and unitized funds, and
allocation and reporting tools. Fi-Tek and Rockefeller & Co. recently acquired Rockit
Solutions, significantly enhancing their capabilities in the family office and technology
space. Visit www.fi-tek.com for more information.
*Fidelity Charitable
SILVER SPONSOR
Fidelity Charitable has expanded into the unique asset realm in order to assist with clients
who wish to donate assets other than stock or publicly traded stock (although they
continue to perform those services, as well). Accompanying their ability to accept unique
assets into their funds, they have built out their complex asset team, as well as their
relationship management team. Additionally, Fidelity Charitable has partnered with
other advisors to introduce 5 new non-Fidelity funds, including a socially responsible
investing fund. Visit their newly redeveloped website, www.fidelitycharitable.org, for
more information about these new offerings, and check in after mid-January for updated
numbers on 2015 contributions and donations.
*FMV Opinions, Inc.
GOLD SPONSOR
FMV Opinions specializes in producing expert, defendable valuations of businesses, real
estate and asset holding entities. They have the depth and expertise to defend their
appraisals before the IRS or Tax Court. Their website, www.fmv.com, provides up-todate information, summaries and analysis of Tax Court cases, and articles on items such
as discounting and the current Redstone line of cases. Sign up for FMV alert to stay on
top of recent developments. Contact Miranda McCray at [email protected] for more
information.
*Foundation Source
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Experience the technological strides Foundation Source has implemented over the past
few months at www.foundationsource.com. Their expense and reporting modules have
been revamped. Perhaps even more exciting, Foundation Source has launched FS Forum,
a new client portal allowing their 1300 private foundations and 6600 technology users to
keep up with news from the philanthropic community, access educational information
and whitepapers, and perhaps most importantly, participate in an interactive forum where
they can ask questions, provide commentary, and find opportunities to collaborate with
like-minded users. This forum allows clients to become more involved in the
philanthropic community in a personal way that meets their specific interests. For the
professional advisor, Foundation Source also has a new series on entrepreneurial
philanthropy. Sign up for their monthly newsletter to stay abreast of current
philanthropic topics.
*Gillett Publishing LLC/GEMS – Gillett Estate Management Suite
GEMS provides 706 and 709 return preparation and trust accounting software. GEMS
has already incorporated the requirements of new Form 8971, Information Regarding
Beneficiaries Acquiring Property from a Decedent – the work is done for you! Now, they
are simply waiting for the IRS to issue the final form. Gillett Publishing is offering a
25% discount on new licenses through the end of January. Contact them at
[email protected] to take advantage of this great offer.
*HeirSearch.com
Look for heirs a better way. HeirSearch.com, a division of International Genealogical
Search Inc. (IGS), provides international beneficiary and heir location services. Unlike
other search firms, they do not charge based on a percentage of the estate. HeirSearch
strives to provide education to attorneys, trust officers, financial planners, and anyone
else who needs information about finding beneficiaries and heirs. To see seminars
offered by HeirSearch and for more information, contact Suzanne Simpson, VP Sales &
Marketing, and visit www.heirsearch.com.
*Henley & Partners
GOLD SPONSOR
Henley & Partners focuses on citizenship and residency planning, helping high net worth
and ultra high net worth clients obtain a second citizenship. Second citizenship offers
several benefits, and can include access to the EU and safer travel. They are also able to
assist Americans who are looking for dual citizenship without a residency requirement,
and have a depth of knowledge about countries where this is possible. Visit
www.henleyglobal.com to learn more about how Henley & Partners can assist your
clients.
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===============================================================
On-Site Reporters
Our on-site local reporters who will be present in Orlando in 2016 are Joanne Hindel
Esq., a Vice President with the Fifth Third Bank in Cleveland, Ohio; Kimon Karas Esq.,
an attorney with McCarthy, Lebit, Crystal and Liffman Co. LPA in Cleveland, Ohio;
Craig Dreyer Esq., an attorney with Clark Skatoff, PA in Palm Beach Gardens, Florida;
Herb Braverman Esq., an attorney with Braverman & Associates in Orange Village,
Ohio; Kristin Dittus Esq., a solo attorney in Boulder, Colorado; Michael Sneeringer Esq.,
an attorney with Akermn, LLP in, PA in Naples, Florida, Michell R. Mieras, a Senior
Trust Officer with Bank of the West in Denver, Colorado, Beth Anderson Esq., an
attorney with Wyatt, Trrant & Combs, LLP in Louisville, Kentucky, Bruce A. Tannahill
Esq., a Director of Estate and Business Planning in the Mass Mutual Financial Group in
Phoenix, Arizona, and Patrick DuffyEsq, an attorney the Holland & Knight in Tampa,
Florida.
===============================================================
The editor again in 2016 will be Joseph G. Hodges Jr. Esq., a solo practitioner in Denver,
Colorado. He is also the Chief Moderator of the ABA-PTL discussion list.
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an electronic database or retrieval system without the express written consent of the American Bar Association.