2012 Annual Convention. Estate Planning, Trust and Probate Law Update

Transcription

1 2012 Annual Convention Estate Planning, Trust and Probate Law Update Estate Planning, Trust and Probate Law Section 3.0 General CLE Hours May 2-4, 2012 Cincinnati

2 CONTRIBUTORS John E. Clough OSBA Certified Specialist in Estate Planning, Trust, and Probate Law Pickrel Schaeffer & Ebeling Co. LPA Dayton, Ohio Mr. Clough received his BA from Siena College, his JD from the University of Dayton School of Law, and his LLM from Capital University Law School. His professional memberships include the Dayton Bar Association (Wills for Heroes Program) and the Ohio State Bar Association. Mr. Clough is a shareholder of his firm and has practiced for 15 years in the fields of estate planning, estate and trust administration, business succession planning, and taxation. His estate planning and trust administration practice ranges from simple wills to complex and sophisticated plans of all varieties. Mr. Clough works closely with his clients to establish an estate plan to achieve his clients goals and to minimize estate taxes. He also has experience guiding estates through the probate process and helping clients establish and maintain guardianships. With a master s degree in tax and a thorough understanding of issues unique to small businesses, Mr. Clough provides well-rounded advice to business owners about complex legal issues, including tax and succession planning. He focuses his tax practice on transfer taxation and the income taxation of trusts and estates. Mr. Clough has experience with GRATs, sales to grantor trusts, charitable trusts, ILITs, and other transfer vehicles. He is an OSBA Board Certified Specialist in Estate Planning, Trust, and Probate Law. Mr. Clough is the author of several articles about estate planning and business succession planning. He is also a frequent speaker on these topics to business groups, bar associations, accountants, and financial planners throughout the Greater Dayton area. For additional information, please visit Joanne E. Hindel OSBA Certified Specialist in Estate Planning, Trust, and Probate Law Vice President Regional Fiduciary Executive Fifth Third Bank Cleveland, Ohio Ms. Hindel received her BBA from Cleveland State University and her JD from Cleveland State University Cleveland-Marshall College of Law. Her professional memberships include the Ohio State Bar Association (Section Council, Estate Planning, Trust, and Probate Law Section), Ohio Bankers League, Joint Committee on the Ohio Trust Code of the Estate Planning, Trust, and Probate Law Section of the Ohio State Bar Association and the Ohio Bankers League (Co-Chair), Cleveland Metropolitan Bar Association (Chair, Estate Planning Institute Curriculum Committee), Estate Planning Council of Cleveland, Fiduciary Risk Management and Compliance Roundtable, and Michigan Bankers Association (Trust Counsel Committee). Ms. Hindel is Vice President and Regional Fiduciary Executive for the Fifth Third Bank Investment Management and Trust Division. She is responsible for developing recommendations and action plans to eliminate or mitigate observed risks in fiduciary activities and assists in ensuring compliance with consistent fiduciary activities within regulatory and legal guidelines. Ms. Hindel has also been designated as one of three Regional Fiduciary Officers of the bank and serves on various committees to address fiduciary issues of importance to the bank. She has been a licensed attorney for over 20 years and is an OSBA Certified Specialist in Estate Planning, Trust, and Probate Law. Ms. Hindel is the first bank trust officer in the State of Ohio to hold that certification. She is a member of the Editorial Advisory Board of the Probate Law Journal of Ohio, the only banker member of that Board and the ABA/ACTEC reporter for the University of Miami Heckerling Estate Planning Institute. Ms. Hindel is the author of several articles, including Setting Your Sights on Trust Situs 16 PLJO 135 (May/June 2006), and a frequent chairperson and presenter at numerous professional seminars in estate planning and trust administration. She is a coauthor and coeditor of the OSBA CLE s Ohio Trust Code and testified before the Ohio House and Senate on the Principal and Income Act in 2003 and the Ohio Trust Code in For additional information, please visit

3 Keith D. Meyer OSBA Certified Specialist in Estate Planning, Trust, and Probate Law Kohnen & Patton LLP Cincinnati, Ohio Mr. Meyer received his BBA from the University of Cincinnati College of Business and his JD from the University of Cincinnati College of Law. His professional memberships include the Ohio State Bar Association (Estate Planning, Trust and Probate Law Section), Cincinnati Bar Association, Visiting Nurse Association of Greater Cincinnati and Northern Kentucky (Board of Trustees), and Cincinnati Estate Planning Council. Mr. Meyer is a partner and practices in the estate planning, business law and transactions, employment law and real estate practice groups of his firm. He also serves as a mediator for Tower Mediation. As an estate planning and probate attorney, Mr. Meyer s principal focus is on representation of clients who wish to take control of their financial and personal affairs during their lifetimes in order to ensure a smooth transfer of their accumulated wealth upon their deaths. He is certified as a specialist in Estate Planning, Trust and Probate Law by the Ohio State Bar Association. Mr. Meyer also serves as corporate counsel to a number of local companies, representing their business interests in contractual matters, employee issues, compensation and benefits planning, real estate transactions and financial matters. He is a frequent speaker on various estate planning topics throughout the year mostly to members of not-forprofit organizations. For additional information, please visit Lee M. Stautberg Dinsmore & Shohl LLP Cincinnati, Ohio Ms. Stautberg received her BS from The Ohio State University and her JD from The Ohio State University Michael E. Moritz College of Law. Her professional memberships include the Cincinnati USA Regional Chamber (Chair, Policy and Ballot Issues Committee), Cincinnati Bar Association, Cincinnatus Association, French American Business Alliance, and Ohio State Bar Association (Estate Planning, Trust and Probate Law Section Council). Ms. Stautberg is a partner at her firm and directs her primary attention to the needs of privately held businesses and their owners, where she serves as attorney and trusted adviser on business issues as well as tax and estate planning. She cares about her clients like family, personally guiding them through the legal aspects of their unique challenges. Her creativity, centered on the individual client, has produced positive results measured by the impact of her proactive legal advice and in tax savings to her clients. As a practicing lawyer for nearly 20 years, Ms. Stautberg has built a unique arsenal of experiences and contacts that make her an invaluable partner to her clients. For additional information, please visit Leon A. Weiss Reminger Co. LPA Cleveland, Ohio Mr. Weiss received his BS from Bucknell University and his JD from Case Western Reserve University School of Law. His professional memberships include the American Bar Association (Probate and Trust Property Litigation Sections; Estate and Trust Litigation Committee (Subcommittee on Privileges and Experts)), Ohio State Bar Association (Estate Planning, Trust and Probate Law Section), Cleveland Metropolitan Bar Association (Estate Planning, Probate and Trust Law Section), and American College of Trust and Estate Counsel (Fiduciary Litigation Committee (Evidence Subcommittee)). Mr. Weiss has 40 years of experience in trust and estate litigation, will contests, fiduciary law, probate administration, and estate planning. He is a frequent lecturer and panelist on probate, estate planning, professional liability, and professional responsibilities issues for the American College of Trust and Estate Counsel, the Ohio Legal Center Institute, the Jewish Welfare Federation, Case Western Reserve University School of Law, Cleveland Marshall College of Law, Cleveland Bar Association, County Bar Association, and the National Business Institute. Mr. Weiss also serves as a mediator for private litigants. For additional information, please visit

4 Susan E. Wheatley OSBA Certified Specialist in Estate Planning, Trust, and Probate Law Taft Stettinius & Hollister LLP Cincinnati, Ohio Ms. Wheatley received her BA from Yale University and her JD from Northwestern University School of Law. She is a partner and co-chair of her firm s private client practice group. Ms. Wheatley is the co-chair of the firm s family business planning practice and has experience planning the succession of numerous family businesses. She is certified as a specialist by the Ohio State Bar Association in Estate Planning, Trust and Probate Law. Ms. Wheatley has taught estate planning as an adjunct professor of law at the University of Cincinnati College of Law. For additional information, please visit

5 Chapter 1 Estate Planning, Trust and Probate Law Update Session # 802 Disability and Testamentary Planning Alternatives: Use of POAs, PODs, and TODs in Estate Planning John E. Clough Ohio Uniform Power of Attorney Act Estate Planning with PODs and TODs Chapter 2 Drafting Flexibility into Trust Agreements Keith D. Meyer Trust Allocations to Utilize Applicable Exemption Amount Additional Ideas to Create Flexibility General Ideas on Making Trust Flexible Chapter 3 Trust Administration Under the Ohio Trust Code Joanne E. Hindel, Leon A. Weiss, Susan E. Wheatley and Lee M. Stautberg Trust Acceptance Trust Administration Trust Termination and Distribution Trustee Liability The Good, the Best, and the Ugly PowerPoint Presentation

6 Disability and Testamentary Planning Alternatives: Use of POAs, PODs, and TODs in Estate Planning John E. Clough Pickrel Schaeffer & Ebeling Co. LPA Dayton, Ohio 1

7 Disability and Testamentary Planning 1.1

8 1.2 Estate Planning

9 Disability and Testamentary Planning 1.3

10 1.4 Estate Planning

11 Disability and Testamentary Planning 1.5

12 1.6 Estate Planning

13 Disability and Testamentary Planning 1.7

14 1.8 Estate Planning

15 Disability and Testamentary Planning 1.9

16 1.10 Estate Planning

17 Disability and Testamentary Planning 1.11

18 1.12 Estate Planning

19 Disability and Testamentary Planning 1.13

20 1.14 Estate Planning

21 Disability and Testamentary Planning 1.15

22 1.16 Estate Planning

23 Disability and Testamentary Planning 1.17

24 Drafting Flexibility into Trust Agreements 2 Prepared By: David J. Bross Kohnen & Patton LLP Cincinnati, Ohio Prepared and Presented By: Keith D. Meyer Kohnen & Patton LLP Cincinnati, Ohio

25 Drafting Flexibility 2.1

26 2.2 Estate Planning

27 Drafting Flexibility 2.3

28 2.4 Estate Planning

29 Drafting Flexibility 2.5

30 2.6 Estate Planning

31 Drafting Flexibility 2.7

32 2.8 Estate Planning

33 Drafting Flexibility 2.9

34 2.10 Estate Planning

35 Drafting Flexibility 2.11

36 2.12 Estate Planning

37 Drafting Flexibility 2.13

38 2.14 Estate Planning

39 Drafting Flexibility 2.15

40 2.16 Estate Planning

41 Drafting Flexibility 2.17

42 Trust Administration Under the Ohio Trust Code Prepared and Presented By: Joanne E. Hindel Vice President Regional Fiduciary Executive Fifth Third Bank Cleveland, Ohio Presented By: Leon A. Weiss Reminger Co. LPA Cleveland, Ohio Susan E. Wheatley Taft Stettinius & Hollister LLP Cincinnati, Ohio Lee M. Stautberg Dinsmore & Shohl LLP Cincinnati, Ohio 3

43 Trust Administration 3.1

44 3.2 Estate Planning

45 Trust Administration 3.3

46 3.4 Estate Planning

47 Trust Administration 3.5

48 3.6 Estate Planning

49 Trust Administration 3.7

50 3.8 Estate Planning

51 Trust Administration 3.9

52 3.10 Estate Planning

53 Trust Administration 3.11

54 3.12 Estate Planning

55 Trust Administration 3.13

56 3.14 Estate Planning

57 Trust Administration 3.15

58 3.16 Estate Planning

59 Trust Administration 3.17

60 3.18 Estate Planning

61 Trust Administration 3.19

62 3.20 Estate Planning

63 Trust Administration 3.21

64 3.22 Estate Planning

65 Trust Administration 3.23

66 3.24 Estate Planning

67 Trust Administration 3.25

68 3.26 Estate Planning

69 Trust Administration 3.27

70 3.28 Estate Planning

71 PowerPoint Presentation Trust Administration 3.29

72 3.30 Estate Planning

73 Trust Administration 3.31

74 3.32 Estate Planning

75 Trust Administration 3.33

76 3.34 Estate Planning

77 Trust Administration 3.35

78 3.36 Estate Planning

79 Trust Administration 3.37