Estate and Business Planning Program

May 13-14, 2010
University of Nebraska College of Law; Lincoln Nebraska

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Thursday, May 13, 2010

8:30 - 9:30 Current Federal Developments Affecting Estate Plans and Estate Planning - Moll
A survey of many significant federal developments relating to
estate planning and how they pertain to Nebraska practice.

9:30 - 10:00 Finding Alignment - Donor Intent, Charitable Planning, and Mission - Nather-Detisch
With proper attention, charitable gift planning can become much more than the construct of good tax planning. The holy grail of meaningful efficacy can exist. Understand the considerations, available tools and techniques to help your clients achieve significant good while gaining you relational equity in the process.

10:00 - 10:15 BREAK

10:15 - 11:00 Family Business Succession Planning - Napolitano
An overview of key family issues in business succession planning Specht
including an overview of goals and key decisions that must be made about ownership, control, management and transfer of the business. How do the different perspectives of stakeholders who are owners, employees, and/or family members affect the planning process? What comprises a family's wealth and how may a family's legacy and philanthropic interests may be included in succession planning.

11:00 - 12:00 Tax Ethics for CPAs - Purcell
An overview of the ethical rules that affect CPAs. Special attention will be placed on recent changes to the statutory requirements (e.g., § 6694). Specific context will be placed on estate planning and administration engagements.

12:00 - 1:00 LUNCH (included in registration fee)

1:00 - 2:00 The Evolution of The Limited Liability Company Act in Nebraska Karavas
The NSBA Business Law Section has been working to update Nebraska's LLC Act. After months of working with members of the Section, LB 888 was introduced by Senator Conrad to enact the Nebraska Uniform Limited Liability Company Act based on the Revised Uniform Limited Liability Company Act (Re-ULLCA) as promulgated by the National Conference of Commissioners on Uniform State Laws in 2006. The proposed law would provide Nebraska with modern, updated legislation governing the formation and operation of limited liability companies (LLCs). Noteworthy new aspects to the law would expand the parties' freedom through their operating agreement to state the rules that will govern their relationship and the conduct of the business; clarify the duties of loyalty and care that members owe the company and one another and their ability to define and limit those duties; provide for perpetual duration of the company, like a corporation, and generally leave to contract the rights of parties who want to leave the LLC; and preserve the distinction between manager-managed and member-managed LLCs while giving new attention to the authority of members to bind the company. Regardless of the outcome of the 2010 legislative session, we will examine the provisions proposed to update and expand Nebraska's LLC Act.

2:00 - 3:00 Roth IRA Conversion Strategies - Bush
Get an overview of the 2010 Roth Conversion contributory rules, reasons to consider a conversion in the next couple of years. Learn more about the tax implications, and savings opportunities, available starting this year. Aggregation and basis, pro rata rules, conversion details will be covered and you'll hear about several strategies that might work for your clients.

3:00 - 3:15 BREAK

3:15 - 4:00 Fiduciary Income Tax Issues - Labenz
A primer on converting the document language into a tax return, including the Sec. 645 election, pecuniary distributions, 65 day distributions and other key issues.

4:00 - 5:00 IRC Section 1022 - How to Plan for and Work with Carryover - Janssen
Basis at Death IRC Section 1022, which became effective on January 1, 2010, eliminates the long-standing fair market value at death basis rule, replacing it with a modified carryover basis rule. This presentation examines the most significant aspects of the new rule, including the $1,300,000 aggregate basis increase for certain property and the additional basis increase for property acquired by a surviving spouse. The discussion will identify traps for the unwary and potential planning opportunities.

Friday, May 14, 2010

8:30 - 9:30 Current Nebraska Developments Affecting Estate and Business Planning - Collins
A discussion of recent Nebraska Supreme Court decisions, Court of Appeals decisions, and 2009-10 legislation affecting estate planning, probate, trusts, and property.

9:30 - 10:15 State Taxation: Recent Cases and Trends - Reinarz
This presentation will review recent developments in case law, legislation and regulations affecting multi-state corporations. State governments are becoming more aggressive in response to persistent budget shortfalls. This presentation will also discuss some of the tools in the states' arsenals, including the economic substance doctrine, economic nexus standards, add-back statutes, and mandatory unitary combined reporting.

10:15 - 10:30 BREAK

10:30 - 11:00 Drafting In Uncertain Times - Endacott
A review of potential drafting solutions to preserve flexibility in light of the current state of uncertainty with regard to the estate tax and generation skipping transfer tax. The presentation will also review unintended consequences of typical provisions in estate planning documents in light of repeal of the federal estate tax and generation skipping transfer tax.

11:00 - 12:00 Common Ethical Pitfalls in Estate Planning and Estate Administration - Poser
This presentation will cover selected ethical issues that arise in the context of estate planning and administration, including: (1)conflicts of interest, including representation of multiple parties and representing clients with whom the attorney has a personal relationship, (2) effectiveness of written waivers of conflicts, engagement letters, and the like, (3) selected problems relating to the attorney-client privilege, and (4) the attorney's duty to a client who suffers from diminished mental capacity.

12:00 - 1:00 LUNCH (included in registration fee)

1:00 - 2:00 Limiting the Exposure of Non-profit Directors and Officers - Tremper
Shielded by charitable immunity, volunteer protection laws, and the business judgment rule, non-profit directors and officers have limited exposure to legal claims. A good D&O liability policy can add additional protection. This session will examine the remaining chinks in the armor and offer suggestions for reducing potential claims.

2:00 - 3:00 The Road to My Office is Paved with Good Intentions Stempson
The Attorney General is responsible for oversight of charitable entities in Nebraska. This presentation will provide an overview of this oversight and will include the Attorney General's role in regard to the Nebraska Nonprofit Corporation Act, the Nebraska Uniform Trust Code and the Nebraska Uniform Prudent Management of Institutional Funds Act. It will also give the top 10 ways for a charitable entity to get investigated by the Attorney General's Office.

3:00-3:15 BREAK

3:15 - 4:00 Estate and Gift Tax Examinations: An IRS Perspective - Moser
This presentation will focus on the estate and gift tax examination, the processing of the returns and the procedures regarding release of liens. The presentation will also include a discussion of common errors in preparation of returns and other forms filed with the IRS related to estate and gift tax returns.

4:00 - 4:45 Common Sense and Confidentiality in the Social Media Age - Dority Baker
As technology continues to evolve, it is challenging to stay current on technology trends. This presentation will discuss different types of social media sites, both personal (Facebook, Friend Feed and Twitter) and professional (LinkedIn, Ning networks, Martindale-Hubbell Connected). We will also address privacy concerns, conflicts of interest, and confidentiality issues related to social media.