Estate

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At this writing, the House, but not the Senate, has addressed the looming demise of the estate tax in 2010 (but just for that year) by voting to make permanent the $3.5 million estate tax exemption and 45% rate. If the Senate does not act before the close of 2009, and Congress attempts to retroactively reinstate the estate tax and generation-skipping transfer tax in 2010, this seemingly will guarantee constitutional challenges that will keep courts busy for the foreseeable future. If repeal holds for 2010, then 2011 will dawn with a $1 million exemption and a top rate of 55%. This session will attempt to address this uncertainty by suggesting different approaches in planning, as well as various bills that address estate tax permanency, maximum estate tax rates, and "portability" - or the surviving spouse's ability to use what remains of the deceased spouse's exemption.

Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Group, LLC
Recommended CLE/CPE Hours: 1.75 - 2.0
Important Note: Your State Bar or Accounting Board will make the final determination with respect to continuing education credit. If you are applying for CLE credit in Texas you must register 20 days before the event date or you will not be able to obtain CLE credit.
Advance Preparation: Print and review course materials
Course Code: 093920
Recording Fee: $299 (Please click here for details)
NASBA Sponsor Number: 109004

 

Featured Speakers for Estate Tax Legislation - 2010 Is Here: What Now? Live Webcast:


Proposed Agenda (click here to view more)
SEGMENT 1:


Ronni G. Davidowitz, Chair, New York Trusts & Estates Department,
Katten Muchin Rosenman LLP

1. Background-Economic Growth and Tax Relief Reconciliation Act of 2001 ("EGTRRA")
2. Summary of 2010 Laws
    - estate and gift tax
    - generation skipping transfer tax
    - carryover basis
    - reporting requirements
    - 2511(c) concerns and Notice 2010-19
    - Impact on existing QDOTS
3. Summary of 2011 laws as currently exist
    - return of estate and GST taxes
    - gift taxes
    - elimination of carryover basis for decedents dying after 2010
    - state death tax credit
    - resurrection of QDOTS
    - other rules impacted

SEGMENT 2:


Beth Shapiro Kaufman, Member,
Caplin & Drysdale

The Problems Created by EGTRRA for 2010 and Beyond
1. Explanation of the sunset provisions
    What does it mean that the taxes do not apply in 2010?
    What does it mean that after 2010 the law shall be applied and administered as if the provisions of
    EGTRRA "had never been enacted?"
2. Problems for those dying in 2010
    How to interpret formula clauses
3. Problems with the gift tax
    How will the credit for gift tax paid during 2010 (and other years) work for decedents dying in 2011
    and thereafter?
4. Issues for generation Skipping Trusts created in 2010
    Only the direct skip seems safe
    Can a transferor allocate exemption in 2010?
    Does the moved down rule apply in 2010?
    Can you make a reverse QTIP election in 2010?
    Does a trust created in 2010 have a "transferor?"
5. GST Issues in General
    Do people who allocated $3.5 million of GST exemption still have it?
    What happens to relief granted under EGTRRA (e.g. 9100 relief and qualified severances)?
6. Income tax issues
    What happens to carry over basis after 2010?
7. State law issues
    Will state law reformations be respected?

SEGMENT 3:


Blanche Lark Christerson, Deutsche Bank Private Wealth Management,
Managing Director

The Estate Tax Scenario
- To the surprise of many, 2010 dawned with the temporary repeal of the estate tax, generation-
  skipping transfer tax (GST) and "basis adjustment rules"
- If Congress fails to act, 2011 will dawn with a revitalized estate tax and GST, $1 million estate tax
  exclusion and top rate of 55%
- If Congress does act this year, what might it do?
- Retroactive reinstatement of 2009 regime?
- Prospective reinstatement of 2009 regime?
- A hybrid, that would allow executors for 2010 decedents to choose between 2009 regime and 2010
  modified carryover basis regime?
- What are some of the other possibilities for estate tax legislation, and the potential constitutional
  issues with retroactivity?





Katten Muchin Rosenman LLP
Ronni G. Davidowitz
Chair, New York Trusts & Estates Department
speaker bio »»

Caplin & Drysdale
Beth Shapiro Kaufman
Member
speaker bio »»

Deutsche Bank Private Wealth Management
Blanche Lark Christerson
Managing Director
speaker bio »»

Who Should Attend?

- CPAs
- Accountants
- Enrolled Agents
- Tax Lawyers
- Estates and Trusts practicing Attorneys
- Tax Consultants

Why Attend?

This is a must attend event to anyone interested in understanding the latest updates on Estate Tax Legislation.
- New guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A

Registration Information:                                                                                                                                    


 

 

 

 


Estate Tax Legislation - 2010 Is Here: What Now?
Speaker Firms:







 

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Important Note: Your State Bar or Accounting Board will make the final determination with respect to continuing education credit. If you are applying for CLE credit in Texas you must register 20 days before the event date or you will not be able to obtain CLE credit.

Attention New York Attorneys:

This program is approved for CLE credit under New York’s Approved Jurisdiction policy. The Knowledge Group, LLC is an approved sponsor in the state of California, a New York Approved Jurisdiction. This program fulfills the non-traditional format requirement of exceeding 60 minutes in length. Please note only experienced attorneys (more than 2 years) are eligible to receive CLE credit via non-traditional format learning platforms. The Knowledge Group will verify attendance during the webcast via secret words (3 per credit hour) and by auditing attendees log in and log out records. All verification instructions will be provided during the webcast. Once attendance verification requirements have been completed, the attendee will be issued a certificate of attendance be The Knowledge Group for the course with the recommended number of credit hours. The Certificate of Attendance is normally sent via email in 24 hours or less.

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