July 23-25, 2012 Aria Resort & Casino Las Vegas, NV CPE · July 23-25, 2012 Aria Resort & Casino Las Vegas, NV ... CPE, CLE & CFP Credits ... • Common mistakes made on the 709

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Advanced Estate PlanningConference July 23-25, 2012Aria Resort & CasinoLas Vegas, NV

Pre-Conference Value-Added WorkshopsSunday, July 22nd

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focused in-depth sessions cover the key challenges and issues facing estate planning professionals in this election year• Handling portability election if Form 706 filing

deadline was missed • Structuring estate plans if Congress fails

to extend the current estate, gift and GST tax rules expiring in 2012

• If new legislation is enacted in 2013, how will it affect estates, gifts, and IRAs?

CPE, CLE & CFP

Credits Available!

Jonathan blattmachr Principal, Eagle River Advisors

robert s. Keebler CPA, MST, AEP®, Partner, Keebler & Associates

Keynote speakers include:

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Renowned Speakers. expert opinions.

Hear the latest from estate planning industry leaders, including Bob Keebler, Tom Austin, Jere Doyle, Jim Hogan, Dan Daniels, Jonathan Blattmachr, and Elizabeth Schurig.

With the 2012 elections just a few months away, there are a lot of unanswered questions about the status of 2010 tax rules on estates and gifts. Will Congress extend current tax provisions, or will it enact new legislation? Either way, uncertainty abounds: your clients will want to know how these issues benefit them now or how it impacts their goals for long-term financial planning. Being able to competently address these issues and offer strategic options in ways that are tax efficient is key to gaining their confidence and measuring success.

The experts at the 2012 aiCpa Advanced estate planning Conference will answer those questions and more as they provide the most sophisticated, technical training on all current aspects of estate, gift and trust planning. This premier event will deliver the expertise, hands-on training and up-to-the minute information practitioners have come to expect. Interactive sessions, classroom discussions, and case studies provide the latest material with in-depth coverage on all the issues that impact estate planning. A broad choice of up to four concurrent sessions, on a wide range of topics, helps ensure you get the answers to problems frequently encountered, and the resources to confidently act as your clients’ most trusted financial advisor.

get a head start at the Pre-Conference WorkshopsEnhance your learning with the fundamental training classes during Sunday’s pre-conference workshops, and then take advantage of the advanced technical training during the rest of the week.

Who Should AttendCPAs, financial planners, attorneys, insurance agents and tax advisors with a fundamental knowledge of estate planning.

Current Developments: Current Cases and Rulings

Update on Portability Issues: IRS Regulations & Guidance

Estate Planning for Unmarried, Remarried & Same Sex Couples

Charitable Gift Planning Lifetime Gifting Strategies

Hot Topics

Leading experts provide key strategies, insights and perspectives on today’s tax legislation affecting estate plans.

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PRE-CoNfERENCE SuNdAY, JulY 22 / VAluE-AddEd WoRkShoPS

12:30 pm - 6:30 pm registration & Message Center open1:30 pm - 3:10 pm Value-added Workshops (additional fee) 101 Fundamentals of estate Planning T

P. Thomas Austin, CPA, Ziegler Metzger LLP, Cleveland, OHThis workshop is for general practitioners who do not specialize in estate planning and those wishing for a refresher of the “basics.” Gain an overview of this field, reviewing and examining:• Significant gift tax and estate tax fundamentals• Principal elements of estate planning

102 Fundamentals of Updated Form 706 TLaura Peebles, CPA/PFS, Deloitte Tax LLP, Washington DCWith fewer estate tax returns being filed, and the IRS hiring more auditors, 706s have a higher audit risk than ever. Hear the co-author of the BNA Portfolio on estate tax returns discuss how to present your client’s information. Topics will include:• Effect of portability • Limitations on deductions • Elections

3:30 pm - 5:10 pm Value-added Workshops (additional fee) 103 Fundamentals of Generation Skipping Tax T

Dan Daniels, J.D., Partner, Wiggin and Dana LLP, Greenwich, CTIn this popular workshop, Dan will provide an easy-to-understand basic overview of the complicated generation skipping transfer tax. Topics covered include: • The three types of GST transfers • Determining a trust’s “inclusion ratio” • Planning to use the generation skipping exemption • Common mistakes made on the 709

104 entities Used by Taxpayers in estate Planning TGary Zwick, CPA, J.D., LL.M., Partner, Walter & Haverfield LLP, Cleveland, OHThis workshop will present the fundamentals of typical entities used by taxpayers in planning their estates. The discussion will cover tax and non-tax aspects of the use, formation and taxation of various entities including Partnerships, limited liability companies, S corporations, C corporations, charitable entities, as well as ancillary issues such as owners of these entities.

5:15 pm - 6:15 pm Value-added Workshop (complimentary) 105 aiCPa Town Hall SKa

Clark Blackman, CPA/PFS, CFA, CFP, CIMA, AIF, President, Alpha Wealth Strategies, LLC, Kingwood, TXThis interactive roundtable format will discuss current events, issues and developments in estate planning. The open forum lets attendees share feedback with the AICPA and have a voice in future benefits and initiatives. It’s a unique opportunity to network and exchange ideas with peers, members of the committees that focus on estate planning, as well as staff.

Topics and speakers are subject to change

Select One Concurrent Workshop

Select One Concurrent Workshop

a-aCCounting sKa-speCialized KnoWledge & appliCation t-taxFIELDS OF STUDYIcOn KEY

Virtual session* available to be streamed live via the Web direct to your office for those not attending the live conference. *Selected sessions are subject to change.

Aria Resort & CasinoRelax and recharge at this one-of-a kind hotel and casino. Aria’s tower is uniquely designed to deliver corner-window views from every room – showcasing spectacular city or mountain views. Resort amenities include fine dining, three stunning pools, a multi-level spa, and an 1,800 seat theater.


Conference AgendaMAIN CoNfERENCE MoNdAY, JulY 23 / dAY oNE

7:00 am - 5:30 pm registration & Message Center open7:00 am - 8:00 am Continental breakfast8:00 am - 8:10 am Welcome remarks

P. Thomas Austin, Conference Chair8:10 am - 9:50 am general session 1 Recent legislative Case law, and Regulatory developments in Wealth Transfer Planning T

Dennis Belcher, J.D., Partner, McGuireWoods LLP, Richmond, VADennis will review recent developments affecting an estate planning and administration practice, and will cover: • Legislative proposals • Case law • Regulatory developments

9:50 am - 10:20 am refreshment break in the exhibit hall10:20 am - 11:35 am general session 2 Update on iRS Regulations and Guidance T

James Hogan, CPA, BBA, MBA, J.D., Chief Counsel, Branch Chief, Internal Revenue Service, Washington, DCFrances Schafer, Attorney, Managing Director, Grant Thornton LLP, Washington, D.C.F. Gordon Spoor, CPA, PFS, CGMA, Senior Shareholder, Spoor & Associates, P.A., St. Petersburg, FLThis session focuses on recently issued guidance and other issues currently being considered by the IRS. The highlight will be comments provided by James Hogan, who is in charge of the IRS Estate and Gift Tax branch. Topics include: • Portability of the deceased spousal unused exemption amount • Proposed regulations on the use of the alternate valuation date for

valuing estate assets • Rev. Rul. 2011-28 – estate tax consequences of substitution power if trust

owns life insurance policies • Rev. Proc. 2011-48 – procedures for estates to file protective claims for refund • Project on tax issues arising from decanting of trusts

11:40 am - 12:30 pm general session 3 Portability issues T

Robert Keebler, CPA, MST, AEP® (Distinguished), Keebler & Associates, LLP, Green Bay, WI

An interesting provision within the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Tax Relief Act) allows an executor of an estate of a married decedent the option to transfer any unused estate tax exemption amount to the surviving spouse. Thus, for example, if the decedent used only $3 million of his $5 million estate tax exemption amount, the estate could elect to have the remaining $2 million pass to the surviving spouse, giving the surviving spouse a $7 million total estate tax exemption amount. Although this portability provision seems simple on the surface, it introduces important planning considerations and traps for the unwary. This session will cover: • Key estate, gift and GST provisions of the 2010 Tax Relief Act• In-depth analysis of the new portability rules• Illustrations of how the portability rules work• Discussion about how portability will affect different types of clients• Other estate planning opportunities in 2012

12:30 pm - 1:30 pm luncheon

Robert is a partner with Keebler & Associates, LLP and a 2007 recipient of the prestigious Accredited Estate Planner (Distinguished) award from the National Association of Estate Planners & Councils. He has been named by CPA Magazine as one of the “Top 100 Most Influential Practitioners in the United States” and one of the “Top 40 Tax Advisors to Know During a Recession”. His practice includes family wealth transfer and preservation planning, charitable giving, retirement distribution planning, and estate administration.


1:30 pm- 2:20 pm general session 4 advanced Generation Skipping Tax issues T

Dan Daniels, J.D., Partner, Wiggin and Dana LLP, Greenwich, CTTopics covered at this popular session include:• GST planning opportunities to seize while 2010 TRA is still in effect• Defensive GST measures in light of TRA 2012’s expiration• What planning steps remain after TRA 2012’s expiration• The automatic allocation rules, including opting in and opting out • Common 709 errors to avoid

2:30 pm - 3:45 pm Concurrent sessions 5 income Tax and estate Trust administration for large iRas Part i T

Robert Keebler, CPA, MST, AEP® (Distinguished), Keebler & Associates, LLP, Green Bay, WIBarry Picker, CPA/PFS, CFP, Shareholder, Picker & Auerbach, CPAs, P.C., Brooklyn, NYDealing with an estate or trust from an income tax standpoint can be tricky enough in and of itself. Unfortunately, estates and trusts become exponentially more complicated when an IRA (or other qualified retirement plan) is involved. Nevertheless, with a decent understanding of the core tax rules, one should be able to navigate the troubled waters of post-mortem IRA distribution planning. This session will cover:• Understanding and identifying “qualified designated beneficiaries” • Understanding when the “required beginning date” (RBD) starts for

spousal beneficiaries and non-spousal beneficiaries• Calculating required minimum distributions (RMDs) for spousal beneficiaries

and non-spousal beneficiaries• Understanding the “inherited IRA” concept and its benefits

6 international information Reporting for U.S. Persons TKaren Brodsky, CPA, J.D., LL.M., Partner, Deloitte Tax LLP, New York, NYThis workshop will discuss various international information reporting requirements for U.S. persons holding non-U.S. assets and/or earning non-U.S. income. Topics will include: • Review of international informational reporting obligations• Reporting obligations with respect to foreign corporations, partnerships,

and disregarded entities• Reporting obligations with respect to foreign trusts• FBARs• New Form 8938• The current status of voluntary disclosure

7 Fiduciary accounting Update aGordon Spoor, CPA, PFS, CGMA, Senior Shareholder, Spoor & Associates, P.A., St. Petersburg, FLTrusts are becoming more commonplace in estate planning. With the advent of the revised Uniform Principal & Income Act and the IRS’s response to it, practitioners providing services to trustees need to be familiar with the changes that have taken place.• The new accrual rules – accrued doesn’t always mean accrued• Handling receipts from retirement accounts in light of IRS Rev. Rul. 2006-26• Interests in pass-through entities and the special problems presented• The impact of the IRS victory in Knight v. Commissioner on trust taxation

in light of the new “more likely than not” preparer penalty standard.This session will explore the unique relationship between fiduciary accounting income and federal income tax laws. Income isn’t always “income” and “simple trusts” aren’t!

Select One Concurrent Session


Conference Agenda2:30 pm - 3:45 pm 8 dealing with the Common issues arising from the Formation and Management of Family limited Partnerships and limited liability Companies T

Harmon Brown, J.D., LL.M., Taxation, Attorney, Schiff Hardin LLP, Chicago, ILRobert Pluth, CPA, J.D., Partner in Charge of Tax Group, Schiff Hardin LLP, Chicago, ILThere are many complicated issues that arise in the formation and ongoing management of limited liability companies (LLCs) and limited partnerships (LPs). This session will focus on the important issues to be addressed upon the formation of these entities, including tax and record-keeping matters. It will also focus on the management issues of these entities and special issues that arise, including:• Tax issues related to distributions of assets to the partners/members• Allocation issues in terminating the interest of a partner/member• Transfers of interests where the entity debt exceeds the basis of a partner/member• Contributions of assets to the entity after formation• Problems associated with the failure to pay a preferred return• Dealing with built-in gains, and reducing risks of successful IRS challenges

3:45 pm - 4:15 pm refreshment break in the exhibit hall4:15 pm - 5:25 pm Concurrent sessions 9 income Tax and estate Trust administration for large iRas Part ii T

Robert Keebler, CPA, MST, AEP® (Distinguished), Keebler & Associates, LLP, Green Bay, WIBarry Picker, CPA/PFS, CFP, Shareholder, Picker & Auerbach, CPAs, P.C., Brooklyn, NYOnce a tax planner understands the general post-mortem tax rules for IRAs and other qualified retirement plans, the next step is to determine ways to protect, preserve and increase assets for the current and future beneficiaries. This session will cover: • Calculating the IRC Section 691(c) deduction • Naming trusts as beneficiaries of IRAs • Using disclaimers to preserve the IRA “stretch-out” period • Understanding the separate share rule

10 introduction to Trusts TMissia Vaselaney, J.D., CPA (inactive), Partner, Taft Stettinius & Hollister LLP, Cleveland, OHTopics covered will include:• The basic trust terms from A to Z• Understanding which trusts are revocable and which are irrevocable• Determining who can serve as trustee of different types of trusts

11 estate Planning For S Corporation Shareholders TSteven Brown, CPA, RubinBrown LLP, St. Louis, MOJere Doyle, J.D., LL.M. (Tax Law), LL.M. (Banking Law), Senior Vice President, BNY Mellon Private Wealth Management, Boston, MAThis session will address the implementation of estate planning strategies for S corporations, including:• Planning techniques and current issues in the S corporation area • ESBTs, QSSTs, and grantor trusts• Current update of S corporations • Estate administration for S corporation shareholders


Select One Concurrent Session (continued)

The American Institute of Certified Public Accountants has established the P. Thomas Austin Personal Financial Planning Division Scholarship in honor of the CPA who has chaired the Advanced Estate Planning Conference for three decades. The scholarship will cover the registration fee and travel expenses of an emerging CPA

to attend the 2012 Advanced Estate Planning Conference, including the pre-conference session #101, “Fundamentals of Estate Planning,” with P. Thomas Austin. In addition, there will be networking opportunities with seasoned estate planners throughout the conference. For more information about this scholarship and to access an online application, go to cpa2biz.com/est or send an email to [email protected]. Applications must be received by May 31, 2012.

p. thomas austin personal financial planning division scholarship


4:15 pm - 5:25 pm 12 Unraveling FlPs THarmon Brown, J.D., LLM., Taxation, Attorney, Schiff Hardin LLP, Chicago, ILRobert Pluth, CPA, J.D., Partner in Charge of Tax Group, Schiff Hardin LLP, Chicago, ILMuch attention has been given to the formation of limited liability companies (LLCs) and limited partnerships (LPs), and the benefits of doing so – e.g., retention of control by senior family members, ease of gifting, engaging younger family members in the business, and investment activities and valuation discounts. What has not received as much attention is the endgame for LLCs and LPs. These entities may terminate in whole or in part due to a number of circumstances, including: • The death of senior family members• Concerns about potential attacks by the IRS or other taxing authorities

on the creation or operation of the entity• The desire of one or more family members to disengageTerminating an LLC or LP poses a number of complex (and often counterintuitive) income tax issues that may be ignored or overlooked, particularly if the expertise of the advisor is more concentrated on estate planning than income taxation. This session explores the income tax issues and pitfalls that may arise in connection with a complete or partial liquidation of an LLC or LP.

5:30 pm - 6:30 pm networking reception

MAIN CoNfERENCE TuESdAY, JulY 24 / dAY TWo

7:00 am - 5:30 pm registration & Message Center open6:45 am - 8:00 am Continental breakfast in exhibit hall7:00 am - 7:50 am early riser sessions 13 Hollywood’s Take on estate Planning SKa

Missia Vaselaney, J.D., CPA (inactive), Partner, Taft Stettinius & Hollister LLP, Cleveland, OHSession highlights include:• An evaluation of Hollywood’s portrayal of estate planners, and estate and

probate matters• An evaluation of Hollywood’s effect on popular culture and client expectations• Advice on how estate planners can use movies to illustrate estate planning

concepts to clients and move the process forward 14 Mysteries of the Blinking Trust T

Laura Peebles, CPA/PFS, Deloitte Tax LLP, Washington DCWhat happens when a grantor trust becomes non-grantor, or vice versa? Find out what we do know, and discuss what we don’t know.

15 FlP Q&a THarmon Brown, J.D., LL.M., Taxation, Attorney, Schiff Hardin LLP, Chicago, ILRobert Pluth, CPA, J.D., Partner in Charge of Tax Group, Schiff Hardin LLP, Chicago, ILHere is your opportunity to ask follow-up questions of the presenters in connection with the two substantive sessions (#8 and #12) they have already presented. There will also be additional discussion of current litigation and audit trends concerning family LLCs and LPs.

S1 What every estate Planner needs to Know about Captive insurance

Peter Strauss, Managing Member, The Strauss Law Firm, Hilton Head, SCAs insurance rates continue to skyrocket, an increasing number of businesses are learning to take advantage of captive insurance strategies. Properly structured, captive insurance helps to conserve costs and secure critical protection for potential claims. This session will cover:• An introduction to the fundamental concepts of captive insurance• The $1.2 million tax exemption on premiums paid into a captive and related

tax benefits• Which clients and businesses stand to benefit most from the captive insurance• How to evaluate and implement captive insurance structures for your client• How to structure the ownership of a captive insurance company for estate

planning purposes




Conference Agenda8:00 am - 9:15 am general session 16 estate Planning for Unmarried Couples: detriment or opportunity? T

Joshua S. Rubenstein, J.D., Co-Managing Partner, Katten Muchin Rosenman LLP, New York, NY Many basic estate planning techniques are not available to unmarried couples – whether they are opposite sex couples who decline to marry, or same sex couples who are unable to marry or have their marriage recognized. This session will examine where such couples are discriminated against, how such discrimination can be mitigated, and where special planning opportunities exist.

9:15 am - 10:30 am general session 17 Grantor Trusts: The Good, the Bad, the Ugly and the Unknown T

Jonathan Blattmachr, Attorney, Retired Member of the New York, California and Alaska Bars, Eagle River Advisors, New York, NY

This session will cover the fundamentals and some fine points of grantor trusts in financial and tax planning. It will discuss the fundamental rules that cause a trust to be a grantor trust, including the most efficient ones. It will explore, in detail, how grantor trusts can be used in planning. The Obama Administration proposals that would provide new gift and estate tax rules relating to grantor trusts will also be presented.

10:30 am - 11:00 am refreshment break in the exhibit hall11:00 am - 12:15 pm Concurrent sessions

overview of estate Planning for Spouses and Guests P. Thomas Austin, CPA, Ziegler Metzger LLP, Cleveland, OHComplimentary session for spouses and guests presented by the conference chair. Preregistration is not required.

18 Pre-death iRa Planning TRobert Keebler, CPA, MST, AEP® (Distinguished), Keebler & Associates, LLP, Green Bay, WIDuring retirement, most time and effort relating to IRA planning is focused on maintaining and growing retirement funds. Unfortunately, not enough attention is paid to the tax aspects of IRA planning and the opportunities that are out there which can preserve retirement funds for a longer period of time. Nevertheless, with a decent understanding of the basic IRA rules, one will be able to plan around the key issues and identify opportunities. This session will discuss: • Required minimum distribution (RMD) rules • “Stretch” IRAs• Naming qualified designated beneficiaries • Tactical withdrawals from IRAs to manage tax brackets • Other pre-death IRA planning opportunities: Roth IRA conversions,

IRA-ILIT strategy, IRA annuity strategy 19 CPa’s Review of Wills & Trusts T

Missia Vaselaney, J.D., CPA (inactive), Partner, Taft Stettinius & Hollister LLP, Cleveland, OHGain practical and useful knowledge of estate planning documents as you:• Review actual paragraphs from wills and trusts • Discuss tax and non-tax issues• Obtain a checklist of specific items to address with clients


Jonathan is a retired member of Milbank, Tweed, Hadley & McCloy LLP and of the Alaska, California and New York Bars. He is the author or co-author of five books and over 400 articles on tax and estate planning topics. He is the co-developer of Wealth Transfer Planning, a computer system for lawyers; the Director of Estate Planning for the Alaska Trust Company, and a Director of Eagle River Advisors, a wealth advisory firm in New York City.


11:00 am - 12:15 pm 20 Post-Mortem estate Planning: Tweaking the estate Plan after the Client dies T

Jere Doyle, J.D., LL.M. (Tax Law), LL.M. (Banking Law), Senior Vice President, BNY Mellon Private Wealth Management, Boston, MAThis session will explore some of the many tax elections available to the surviving spouse and the fiduciary after the client dies. Topics discussed will include:• Election of a fiscal year-end for the estate • The Section 645 election to treat a trust as part of an estate• The QTIP election and the use of disclaimers• The Section 754 election to step-up the inside basis of partnership assets• The administration expense election and how it affects the funding of

the marital and exemption trusts• Various other post-mortem tax elections

`` 21 iRS Compliance issues T Steven Brown, CPA, RubinBrown LLP, St. Louis, MO

Teresa Stylianou, J.D., Internal Revenue Service, New York, NYThis session will discuss compliance activities within the gift and estate area, including: • Scope and nature of IRS examinations • Recent developments at the IRS• Impact of recent legislation and current cases • Estate administration

12:15 pm - 1:15 pm luncheon1:15 pm - 2:30 pm Concurrent sessions 22 anatomy of Form 1041 T

Jere Doyle, J.D., LL.M. (Tax Law), LL.M. (Banking Law), Senior Vice President, BNY Mellon Private Wealth Management, Boston, MAThis session will help the CPA navigate the preparation of Form 1041, the income tax return for a trust or an estate. It will discuss the calculation of trust accounting income, the calculation of DNI, the calculation of the amount of deductible administration expenses, the calculation of the charitable deduction, the income distribution deduction, as well as explore other mysteries of the Form 1041, and how all this is reported on the Form 1041.

23 Business Succession Part 1 (continued in #27) TDave Johnson, Of Counsel, McDonald Hopkins, Cleveland, OHJulius Giarmarco, J.D., LL.M., Chair, Trusts and Estates Practice Group, Giarmarco, Mullins & Horton, P.C., Troy, MICharles Ratner, J.D., CLU, ChFC, AEP® (Distinguished), National Director of Personal Insurance Counseling, Ernst & Young LLP, Cleveland, OHThis session uses a case study approach to examine critical elements of the business succession plan, including:• The preliminary planning considerations (that are often overlooked)• Ownership and management succession• Executive compensation• Equalization among business and non-business children• Transferring the business and other significant assets• Roles of life insurance in business succession planning• Approaches for paying large premiums

24 CPa Review of life insurance Policies TLee Slavutin, CLU, MD, Principal, Stern Slavutin 2, Inc, New York, NYThis session will cover guidelines for the CPA to review life insurance proposals and policies, including financial strength of the insurer, rational choice of product, monitoring policy performance, premium adequacy and relevant tax issues.




Conference Agenda1:15 pm - 2:30 pm 25 Using a Private Foundation as a Building Block in Your Client’s legacy Plan T

Jeff Saccacio, CPA, PFS, ChFC, TEP, Partner, PricewaterhouseCoopers, LLP, Los Angeles, CALegacy building often has a substantial philanthropic element. While many planning vehicles can be used, a non-operating private foundation is often a key building block in constructing the plan. This session will highlight the many facets in the care and feeding of a “family foundation,” including: • Tax aspects of creating and maintaining the foundation • Using the foundation as a galvanizing force in the responsible

management and deployment of family wealth • Issues confronted in investing foundation assets• Evaluating the foundation’s place in the overall legacy plan

2:30 pm - 3:00 pm refreshment break in the exhibit hall3:00 pm - 4:15 pm Concurrent sessions 26 Just When You Thought it Couldn’t Get More difficult: advanced income Taxation of Trusts and estates T

Jere Doyle, J.D., LL.M. (Tax Law), LL.M. (Banking Law), Senior Vice President, BNY Mellon Private Wealth Management, Boston, MAThis session will take the income taxation of trusts and estates to a new level by discussing:• The application of the passive activity loss rules to trusts and estates• Handling partnerships and S corporations on a fiduciary income tax return• The rules governing the fiduciary income tax charitable deduction• Other selected complex issues

27 Business Succession Part 2 (continuation of #23) TDave Johnson, Of Counsel, McDonald Hopkins, Cleveland, OHJulius Giarmarco, J.D., LL.M., Chair, Trusts and Estates Practice Group, Giarmarco, Mullins & Horton, P.C., Troy, MICharles Ratner, J.D., CLU, ChFC, AEP® (Distinguished), National Director of Personal Insurance Counseling, Ernst & Young LLP, Cleveland, OH

28 domestic asset Protection Planning T Elizabeth Schurig, J.D., Partner, Schurig Jetel Beckett Tackett, Austin, TX

Asset protection vehicles are not a luxury, but something that all clients need to some degree. This two-part presentation will familiarize participants with the various tools of asset protection, both domestic and international. This first part, covering domestic asset protection tools, will discuss:• Statutorily exempt property, such as retirement plans, homestead,

life insurance, and annuities• Spendthrift trusts and gifting• Limited liability entities• Domestic asset protection trustsThe second part of the presentation continues in #36.

29 Tax aspects of Partnership and llC interests in estate administration T

Gary Zwick, CPA, J.D., LL.M., Partner, Walter & Haverfield LLP, Cleveland, OHMany taxpayers use partnerships and limited liability companies in their business and estate planning. When a person dies owning these business interests, the tax and administrative aspects of having these interests in the estate or the revocable trust can get very complex. There are many pitfalls as well as planning opportunities, which will be discussed in this session.




4:25 pm - 5:15 pm Concurrent sessions 30 Roth iRa Conversions & Recharacterizations T

Robert Keebler, CPA, MST, AEP® (Distinguished), Keebler & Associates, LLP, Green Bay, WIScott Sprinkle, CPA/PFS, CFP, Partner, Sprinkle Financial Consultants LLC, Littleton, COWhile many professional advisors know the basic rules of Roth IRAs, they do not understand the economic/tax intricacies associated with them. Unfortunately, the failure to understand the mathematical fundamentals of Roth IRAs can lead to making disastrous decisions. However, with a good working knowledge of the quantitative “forces” which drive Roth IRA conversions, professional advisors will be able to give cogent, straightforward advice to clients. This session will cover: • General concepts • Reasons to convert to a Roth IRA • Taxation of Roth IRA conversions • Taxation of Roth IRA distributions• Mathematics of Roth IRA conversions • Recharacterizations• Estate tax considerations • “Stretch” Roth IRAs • Using insurance to preserve post-death “stretch-out” • Tax-sensitive withdrawal strategies

31 Understanding Community Property estate Planning issues TJames R. Avedisian, CPA, Attorney at Law, Los Altos, CAWhether you work in a community property state or have clients who live/ lived in one, it is important to understand the role of community property in estate planning. Learn about: • Basic community property definitions • Community property assumptions • Commingling • Comparison with other forms of title • ERISA presumptions

32 Common life insurance Tax Traps to avoid TLee Slavutin, CLU, MD, Principal, Stern Slavutin 2, Inc., New York, NYThis session will review common income, gift, estate and GST tax traps that involve life insurance policies, including the “Goodman problem,” phantom income from policy loans, transfer for value, valuation of policies for gift or sale, ILIT errors, and more.

33 The Most Compelling estate Planning opportunities Today: Take These Two and Call Me in 2013 T

Paul Lee, J.D., LL.M., National Managing Director, Bernstein Global Wealth Management, New York, NYWith the “sunset” of the wealth transfer tax provisions of the 2010 Tax Relief Act looming, estate planners have been encouraging clients to act now. Is there a cost to waiting until the end of the this year? Who should act now regardless of tax law changes? How do you build flexibility into the planning you do today in case tax laws change in the future? This presentation discusses the latest research on the most compelling planning opportunities today, including two techniques that remedy the true risk in estate planning today, and a number of “alternative” remedies that are cutting-edge twists on well-trodden methods.


ChairMembers

p. thomas austin, Ziegler Metzger LLP, Cleveland, OH

steering Committee

James r. avedisian, Attorney at Law, Los Altos, CAClark blackman, Alpha Wealth Strategies, LLC, Kingwood, TXsteven J. brown, RubinBrown LLP, St. Louis, MOJeremiah W. doyle, BNY Mellon Private Wealth Management, Boston, MArobert s. Keebler, Keebler & Associates, LLP, Green Bay, WIlaura peebles, Deloitte Tax LLP, Washington, DCMissia h. Vaselaney, Taft Stettinius & Hollister LLP, Cleveland, OH


Conference AgendaMAIN CoNfERENCE WEdNESdAY, JulY 25 / dAY ThREE

7:00 am - 3:00 pm registration & Message Center open6:45 am - 8:00 am Continental breakfast7:00 am - 7:50 am early riser sessions 34 Catchall – Q&a SKa, T

P. Thomas Austin, CPA, Ziegler Metzger LLP, Cleveland, OHCome to this session to get your latest estate planning questions answered and hear from your peers on the latest happenings!

35 iRa Horror Stories (repeated in #41) TEd Slott, CPA, Ed Slott and Company, LLC, Rockville Centre, NYIRA mistakes are rampant and costly! Changing tax laws mean potential tax planning traps, especially when it comes to retirement accounts. Roth conversions and recharacterizations, IRA rollovers, IRA trusts and inherited IRAs top the list of fatal IRA errors made routinely by CPAs and other advisors. Don’t let this happen on your watch. Learn how to help clients navigate the unforgiving and changing tax rules surrounding IRA and plan distributions for 2012 and 2013.

36 international asset Protection Planning TElizabeth Schurig, J.D., Partner, Schurig Jetel Beckett Tackett, Austin, TXThe second part of the two-part presentation (continued from #28) covers international asset protection trusts and will discuss:• The primary differences between domestic and foreign protective trusts• Considerations in choosing a foreign jurisdiction for a protective trust• Implementation steps and different approaches to structuring a

foreign protective trust• U.S. taxation and reporting of foreign trusts

8:00 am - 8:50 am Concurrent sessions 37 The ever-expanding Role of Special needs Trusts: Taking Care of disabled Children and other disabled Family Members T

Mike Gilfix, J.D., Partner, Gilfix & La Poll Associates LLP, Palo Alto, CAWhether you recognize it or not, there is a need for special needs trust planning every day. According to current Center for Disease Control (CDC) data, about 1 in 88 children – at all socioeconomic levels and of all races – are on the “autism disorder spectrum.” An understanding of special needs trusts, along with their tax, public benefits, and management implications is essential. • Can a special needs trust pay for housing? • Can it own a home? • Can it pay for a “companion”? • Can it pay for a trip to Maui? • How does it integrate with tax and GST planning? • Is it an appropriate planning tool if a family is wealthy?

38 The Role of the CPa on the Board of a Private Foundation SKa, T

James R. Avedisian, CPA, Attorney at Law, Los Altos, CAYou are/have been asked to serve on the board of a private foundation. What is that role? Issues you will be faced with include: • Serving as the CFO of the foundation • Preparing a grant-making budget• Watching for self-dealing transactions • Preparing or reviewing the tax returns• Monitoring grants to meet the 5% distribution test• Monitoring grants with regard to the 1% tax on net investment income

39 706 Q&a TLaura Peebles, CPA/PFS, Deloitte Tax LLP, Washington DCPuzzled about how to reflect “portability” on a 706 for the first or second spouse to die? Wondering how the new rules on contingent deductions affect the 706, or how to file a protective claim? Concerned about how to present a family limited partnership? Other questions? Bring them along and join fellow practioners for a lively discussion.




8:00 am - 8:50 am 40 enhancing the value and Flexibility of Trust Solutions T Jeff Saccacio, CPA, PFS, ChFC, TEP, Partner, PricewaterhouseCoopers LLP, Los Angeles, CA

As wealth moves inter-generationally, planning solutions must remain flexible to adapt to the ever-changing landscape. With over 200 years of history, trusts remain a significant planning option for implementing client legacies. This session will focus on key issues when constructing and using trusts, including:• Clauses enhancing a trust’s flexibility and impact • Key document provisions every trustee and advisor should be familiar with • The importance of situs selection

9:00 am - 9:50 am Concurrent sessions 41 iRa Horror Stories (repeat of #35) T

Ed Slott, CPA, Ed Slott and Company, LLC, Rockville Centre, NY 42 Business valuations T

Jerry Love, CPA/ABV, CVA, Managing Member, Jerry Love CPA, LLC, Abilene, TXThis session will discuss fundamentals of business valuation topics and include valuations with unusual characteristics.

43 dynasty Trusts TRichard A. Oshins, Attorney, Oshins & Associates, Las Vegas, NVThis session will discuss how to use a dynasty trust as a multi-generational “process” of insulating the family’s assets from the IRS and other potential claimants, while still providing for control, use and enjoyment of the family wealth. Highlights include: • Why the dynasty trust should be the “centerpiece” for virtually all

family wealth planning • Why inheriting in trust is always better than inheriting outright• Why virtually all trusts should have similar design features• What is the preferred trust design – and it’s not a “traditional” or HEMS trust• How to maximize control and flexibility without IRS and predator exposure• How to maximize tax, creditor and divorce protection

44 What every Tax adviser needs to Know about Hedge Funds SKa, T

Paul Lee, J.D., LL.M., National Managing Director, Bernstein Global Wealth Management, New York, NYIndividuals, corporations, and non-profits are increasingly investing in hedge funds, and need to understand the tax and other risks such investments may carry. They are looking to tax practitioners for advice in this emerging area. This presentation discusses: • How hedge funds are structured • What strategies hedge funds deploy to generate returns• The taxation of financial derivatives• The myriad of income, partnership, international, estate & gift tax considerations• The interplay of the constructive sale & straddle rules• The specific investment risks that are inherent in hedge funds

9:50 am - 10:20 am refreshment break in exhibit hall10:20 am - 11:35 am Concurrent sessions 45 estate Planning for Real estate T

Stefan F Tucker, J.D., Partner, Venable LLP, Washington, DCThis presentation considers the management and ownership of real estate assets in ways best attuned to minimizing estate and gift taxes and, further, to taking advantage of the current economic environment. The discussion includes forms of ownership, business succession concerns, gifting and/or sales techniques that are particularly well-suited for real estate entrepreneurs and methods of providing for the payment of estate and gift taxes in the most cost efficient ways.





Conference Agenda10:20 am - 11:35 am 46 iRas Payable to Trusts T

Jere Doyle, J.D., LL.M. (Tax Law), LL.M. (Banking Law), Senior Vice President, BNY Mellon Private Wealth Management, Boston, MAThis session will discuss the tax, accounting and practical issues of naming a trust as the beneficiary of an IRA, including:• Should a trust be named as an IRA, beneficiary• How to determine if the trust will qualify for a stretch-out of IRA payments• Allocation of an IRA distribution between income and principal• Determining if a spouse can rollover an IRA payable to a trust• How IRA distributions get included in a trust’s DNI• Calculation of the Section 691(c) deduction• Funding sub-trusts and the application of the separate share rule

to income in respect of a decedent• Qualifying an IRA payable to a trust for the fiduciary income tax

charitable deduction under Section 642(c) 47 The Crisis of long-Term Care: Medicaid and asset Protection Planning SKa, T

Mike Gilfix, J.D., Partner, Gilfix & La Poll Associates LLP, Palo Alto, CANursing home costs routinely exceed $10,000 per month. Home care can be even more expensive. Estates are consumed on a daily basis, making this issue far more important than tax planning for older Americans. Boomers, 76 million strong, will overwhelm long-term care services and facilities as costs relentlessly rise. Long-term care insurance premiums are spiking. Medicaid remains the only viable alternative to asset exhaustion for the overwhelming majority of elders and disabled persons in need of long-term care. This session will explore planning alternatives, with a focus on asset protection and Medicaid eligibility. It will also address quality of care, tax, and related estate planning issues of concern and opportunity.

48 Trust administration and Funding issues TJackie Patterson, J.D., MBT, CPA, Partner, Haney, Buchanan & Patterson, LLP, Los Angeles, CAFiduciary administration describes a broad practice that contains multiple disciplines and authorities. Knowledge and expertise are required in such areas as law, tax, accounting, funding and investments. This session focuses on the special issues that occur in the spousal situation on the death of the first spouse and will include:• Introduction to fiduciary administration• Unique Issues that arise with married clients on the death of the first spouse• The administrative trust and the Section 645 election• Funding formula clauses and the economic consequences of different

funding clauses• Income tax issues resulting from formula clauses• Traps that lurk in formula clauses• Administrative complications stemming from the 2010 tax law

11:35 am - 12:30 pm luncheon12:30 pm - 1:45 pm general session 49 Choosing Wisely among Charitable life-income Plans T

Conrad Teitell, LL.B., LL.M., Attorney, Cummings & Lockwood, Stamford, CTOf the four types of charitable remainder unitrusts, the appropriate choice should be made at the outset of planning; as should the determination whether an annuity trust or gift annuity is preferable. Consideration should also be given at the CRT’s creation on how to keep options in order to get maximum benefits on an early termination. Topics covered will include: • The tax rules and drafting techniques for maximum flexibility• Early termination by gift-of-life interest or division of assets between

the parties – maximizing benefits and avoiding the IRS’s wrath• Avoiding pitfalls and patching up the other fellow’s shortfalls• Charitable lead annuity trusts could be especially advantageous now• Remainders in personal residences and farms• Planning while Congress fiddles



Notes

1:45 pm - 3:00 pm general session 50 lifetime Gifting Strategies: a new look at old Favorites T

Anthony Vitiello, J.D., LL.M. (Tax), Partner and Chair, Tax & Estate Planning Group, Connell Foley LLP, Roseland, NJThis intensive session will provide a general overview of, and new perspectives on, the most effective and widely used lifetime gifting strategies, from creative uses of annual exclusion gifting to the most complex structuring of grantor retained annuity trusts and charitable split interest trusts. Most importantly, it will examine a hypothetical of how to incorporate multiple strategies into a tailored estate plan for an ultra-high-net-worth individual. Walk away with a strong working knowledge (and great outline) of the major estate planning tools, and an appreciation for how to analyze a case and develop a complex estate plan.

3:00 pm Conference adjourns

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reCoMMended Cpe Credit 25.5 (main), up to 5 (optional) Virtual sessions Monday only 8.5, tuesday only 9.5, Wednesday only 7.5, all 3 days 25.5 This conference was prepared in accordance with the Joint AICPA/NASBA Statement on Standards for Continuing Professional Education (CPE) Programs effective on January 1, 2002. The recommended CPE Credits are in accordance with these standards; however, your individual state board is the final authority on the acceptance of programs for CPE credit.ConferenCe fee Registration fees are determined by current membership status in the AICPA. Please indicate member number on the registration form to obtain the correct discount. Conference fee includes all sessions, conference materials, continental breakfasts, refreshment breaks, luncheons and a reception. Fee for value-added workshops includes all session materials and refreshment breaks.

dress Code Business CasualCanCellation poliCy You may cancel without penalty if written cancellation requests are received by June 8, 2012. Due to financial obligations incurred by the AICPA, a credit voucher less 50% of the registration fee will be issued for written requests received by July 2, 2012. No refunds or credits will be issued on cancellation requests received on or after July 3, 2012. For further information, call the AICPA Service Center at 888.777.7077. hotel and ground transportation inforMation Contact the hotel directly to obtain their policy on reservations, deposits and cancellations. Rooms will be assigned on a space-available basis only. To receive our special group rates mention that you will be attending the aiCpa Advanced estate planning Conference.

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