ALI-ABA Course of Study Planning Techniques for Large Estates April 20-24, 2009 New York, New York PROGRAM FACULTY PARTICIPANTS VOLUME 1

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1 ALI-ABA Course of Study Planning Techniques for Large Estates April 20-24, 2009 New York, New York PROGRAM FACULTY PARTICIPANTS STUDY MATERIALS TABLE OF CONTENTS Page xi xiii VOLUME 1 1. Charitable Alternatives By Paul N. Frimmer 2. Asset Protection: Trust Planning 125 By Duncan E. Osborne and Jack E. Owen, Jr. Table of Contents 127 Study Outline Selected Issues in Planning for the Second Marriage 273 By Virginia F. Coleman Table of Contents 274 Study Outline State Fiduciary Income Tax Issues 375 By Virginia F. Coleman Jurisdictional Bases for State Taxation of Trust as a "Resident Trust" Perpetual Dynasty Trusts: Tax Planning and Jurisdiction Selection 413 By Richard W. Nenno Table of Contents 414 Study Outline 419 Presentation Slides Planning and Defending Domestic Asset-Protection Trusts 705 By Richard W. Nenno and John E. Sullivan, III Table of Contents 707 Study Outline 713 Presentation Slides Marital Deduction Planning in Uncertain Times 957 By Jeffrey N. Pennell Table of Contents 958 Study Outline Tax Apportionment By Jeffrey N. Pennell vii 1 987

2 9. Family Limited Partnerships: Current Status and New Opportunities 1017 By S. Stacy Eastland Table of Contents 1018 Study Outline IRA and Retirement Plan Distribution Planning: Separate Accounts and 1313 Related Planning Alternatives By Mervin M. Wilf Study Outline 1315 Appendix A: Specimen Beneficiary Designation: Drafting for Establishment of Separate Accounts 1334 Appendix B: Specimen of Distributee Trust Ethical Issues in Practice: Important Fiduciary Litigation 1353 By Bruce S. Ross Table of Contents 1355 Study Outline 1357 VOLUME Legislative Outlook 1385 By Ronald D. Aucutt Table of Contents 1386 Study Outline Recent Valuation Decisions Judicial Misapplication of the Willing Buyer-Willing Seller Concept 1515 Table of Contents 1516 Study Outline Will Built-In-Gains Tax Discount Continue to Be Contested? 1521 Table of Contents 1522 Study Outline Summary Checklist for Family Limited Partnership Formation and Operations Planning with Family Limited Partnerships in the Current Environment 18. Confronting the Deemed Sale Rule Exposure from FLP Distributions and Related Transfer Considerations 19. Bianca Gross v. Commissioner By Steve R. Akers viii

3 20. Estate of Hurford, T.C. Memo By Steve R. Akers Postmortem Planning Considerations for the Family Business Owner: 1587 A Review of Income, Gift, and Estate Planning Issues By Steve R. Akers Table of Contents 1588 Study Outline Installment Sales to Grantor Trusts 1793 By Ronald D. Aucutt Table of Contents 1794 Study Outline Circular 230: Estate Planning Issues 1859 By Ronald D. Aucutt Table of Contents 1860 Study Outline The Statute of Limitations and Disclosure Rules for Gifts 1897 By Ronald D. Aucutt Table of Contents 1898 Study Outline Tax and Estate Planning Issues for U.S. Clients Who Own Foreign 1939 Property By M. Read Moore Table of Contents 1940 Study Outline Income Tax Problems When the Estate or Trust is a Partner 2039 By Carol Cantrell Table of Contents 2041 Study Outline Estate Planning and Administration for S Corporations 2109 By Carol Cantrell Table of Contents 2111 Study Outline Some Interest-Sensitive Estate Planning Techniques By Lawrence P. Katzenstein Numbers Matter: The Mathematics of Estate Planning 2221 By Lawrence P. Katzenstein Table of Contents 2223 Study Outline No Taxpayer Left Behind: Tax-Wise Techniques for Funding Education 2259 By Susan T. Bart Table of Contents 2260 Study Outline 2263 ix

4 31. Life Insurance Planning and Products By Charles L. Ratner Current Issues in Generation-Skipping Tax Planning 2407 By R. Eric Viehman Table of Contents 2408 Study Outline Nonspousal Rollover Issues for Handout By Mervin M. Wilf Estate of Jorgensen, T.C. Memo Handout By Steve R. Akers 2483 x

5 ALI-ABA Course of Study Planning Techniques for Large Estates April 20-24, 2009 New York, New York PROGRAM Monday, April 20, :30 a.m. Registration WEBCAST SEGMENT A 8:30 a.m. Charitable Planning Techniques, Including Donor-Advised Funds Mr. Frimmer 10:15 a.m. Networking Break 10:30 a.m. Asset Protection Trust Planning Mr. Osborne 12:00 noon Lunch Break WEBCAST SEGMENT B 1:15 p.m. Special Problems in Estate Planning for the Second Marriage Ms. Coleman 2:15 p.m. Changing Trust Situs for Tax Purposes Ms. Coleman 2:45 p.m. Networking Break 3:00 p.m. Dynasty Trusts: How to Use Them in the Real World Mr. Nenno 4:45 p.m. Adjournment for the Day Tuesday, April 21, 2009 WEBCAST SEGMENT C 8:00 a.m. Transfers to Spouse, Both Lifetime and Testamentary; Tax Payment Provisions and Equitable Apportionment Professor Pennell 10:15 a.m. Networking Break 10:30 a.m. Transfers to Spouse (continued) 12:00 noonlunch Break WEBCAST SEGMENT D 1:00 p.m. Family Limited Partnerships: Current Status and New Opportunities Mr. Eastland 2:00 p.m. Qualified Plan and IRA Distributions: The Need To Customize IRAs; Benefits of Using Separate Accounts Mr. Wilf 3:30 p.m. Networking Break 3:45 p.m. Ethical Issues in Practice: Important Fiduciary Litigation Mr. Ross 5:30 p.m. Adjournment for the Day Wednesday, April 22, 2009 WEBCAST SEGMENT E 8:00 a.m. Legislative Outlook Mr. Aucutt 8:30 a.m. Valuation Issues and Related Recent Cases and Current Issues Messrs. Abbin, Akers, Aucutt, Eastland, and Malcolm Moore 10:00 a.m. Networking Break 10:15 a.m. Valuation Issues (continued) 11:45 a.m. Lunch Break xi

6 WEBCAST SEGMENT F 12:45 p.m. Postmortem Planning Considerations, Including Liquidity Problems, Special Valuation of Property Problems, Disclaimers, and Planning for Section 6166 Payments Mr. Akers 2:45 p.m. Networking Break 3:00 p.m. Installment Sales to Grantor Trusts Mr. Aucutt 3:45 p.m. Compliance Issues, Including Circular 230 and the Gift Tax Statute of Limitations Mr. Aucutt 5:30 p.m. Adjournment for the Day Thursday, April 23, 2009 WEBCAST SEGMENT G 8:00 a.m. Tax and Estate Planning for Clients with Foreign Property Mr. Read Moore 9:30 a.m. Income Tax Problems When the Estate or Trust is a Partner Ms. Cantrell 10:30 a.m. Networking Break 10:45 a.m. Estate Planning and Administration for S Corporations Ms. Cantrell 11:45 a.m. GRITs, GRATs, GRUTs, SCINs, and Private Annuities Mr. Katzenstein 12:30 p.m. Lunch Break WEBCAST SEGMENT H 1:45 p.m. Use of Time-Value-of-Money Concepts for Estate Planning Purposes Mr. Katzenstein 2:45 p.m. Networking Break 3:00 p.m. No Taxpayer Left Behind: Tax-Wise Techniques for Funding Education Ms. Bart 4:45 p.m. Adjournment for the Day Friday, April 24, 2009 WEBCAST SEGMENT I 8:00 a.m. Life Insurance in Estate Planning: Products and Strategies Mr. Ratner 10:00 a.m. Networking Break 10:15 a.m. Current Issues in Generation-Skipping Tax Planning Mr. Viehman 12:15 p.m. Adjournment xii

7 ALI-ABA Course of Study Planning Techniques for Large Estates April 20-24, 2009 New York, New York PLANNING CHAIRS Malcolm A. Moore, Esquire Davis Wright Tremaine LLP Suite Third Avenue Seattle, WA Mervin M. Wilf, Esquire Suite Walnut Street Philadelphia, PA FACULTY Byrle M. Abbin, CPA Managing Director WTAS LLC Suite Tysons Boulevard McLean, VA Steve R. Akers, Esquire Managing Director Bessemer Trust Suite Crescent Court Dallas, TX Ronald D. Aucutt, Esquire McGuireWoods LLP Suite Tysons Boulevard McLean, VA Susan T. Bart, Esquire Sidley Austin LLP One South Dearborn Chicago, IL Carol A. Cantrell, CPA Briggs & Veselka Co. Suite West Loop South Bellaire, TX Virginia F. Coleman, Esquire Ropes & Gray LLP One International Place Boston, MA S. Stacy Eastland, Esquire Managing Director The Goldman Sachs Group, Inc. Suite Louisiana Street Houston, TX Paul N. Frimmer, Esquire Irell & Manella LLP Suite Avenue of the Stars Los Angeles, CA NOTE: Please go to for biographical information about this faculty. xiii

8 Lawrence P. Katzenstein, Esquire Thompson Coburn LLP Suite 3400 One US Bank Plaza 505 N. 7th Street St. Louis, MO M. Read Moore, Esquire McDermott Will & Emery LLP 227 West Monroe Street Chicago, IL Richard W. Nenno, Esquire Managing Director and Trust Counsel Wilmington Trust Company 1100 N. Market Street Rodney Square North Wilmington, DE Duncan E. Osborne, Esquire Osborne, Helman, Knebel & Deleery, L.L.P. Suite Congress Avenue Austin, TX Professor Jeffrey N. Pennell Richard H. Clark Professor of Law Emory University School of Law Gambrell Hall 1301 Clifton Road, NE Atlanta, GA Charles L. Ratner, Esquire Ernst & Young LLP 1300 Huntington Building 925 Euclid Avenue Cleveland, OH Bruce S. Ross, Esquire Holland & Knight LLP Suite West 5th Street Los Angeles, CA R. Eric Viehman, Esquire Vinson & Elkins LLP Suite 2500 First City Tower 1001 Fannin Street Houston, TX NOTE: Please go to for biographical information about this faculty. xiv