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2018 Tax Developments for Estates, Gifts & Trusts

Venue

This is a virtual event, accessible online and over phone. Access instructions will be provided after registration.

Description

The 2017 Tax Act had a significant impact on the estate, gift and trust planning community. By doubling the applicable exclusion amount, EGT practitioners must understand various income tax issues and grasp the manner in which such income tax principles interact with their clients’ estate plans. While the 2017 Tax Act has generated an influx of tax developments, the EGT community has continued to experience the typical flow of IRS guidance, case law, and state law changes.

Ronald D. Aucutt and Turney P. Berry will explain the implications of certain tax and nontax developments, and Ronald and Turney will use as the foundation of their discussion the 2018 Tax Developments for Estates, Gifts, and Trusts: The Bloomberg Tax Perspective With Expert Commentary From the Estates, Gifts and Trusts Advisory Board, which includes synopses and analyses for 150+ major and minor developments from 2018.

Educational Objectives:

  • Breakdown of new income tax issues that must be considered by EGT practitioners
  • Clarification of trust and estate administration expense deduction under section 67(e)
  • Recent uniform law enactments (Uniform Trust Decanting Act & Uniform Directed Trust Act)
  • Powell, Cahill, and the current landscape of family limited partnership planning
  • Lender Management and family office planning

Who would benefit most from attending this program?

Tax & finance professionals, tax counsel, and executives and business owners of closely held businesses

 

Presenters

Ronald Aucutt
  • Partner
  • McGuire Woods

Ronald D. Aucutt is a partner in the Tysons Corner, Virginia office of McGuireWoods LLP and is the chair emeritus of the firm's Private Wealth Services Group. Ron's career has focused on planning and controversy matters involving the estate, gift, and generation-skipping transfer taxes, the income taxation of trusts and estates, and the rules regarding tax-exempt organizations and charitable contributions.

He has extensive experience in assisting clients with the transfer of wealth from one generation to another, particularly including the orderly and tax-efficient succession of family-owned businesses. He also advises lawyers and other professionals on tax planning and controversy issues across the entire spectrum of estate planning and charitable giving, including the complex rules governing generation-skipping transfers under chapter 13 and the special valuation rules under chapter 14 of the Internal Revenue Code. He is experienced in resolving tax issues through rulings in the Internal Revenue Service’s National Office and in administrative appeals throughout the country. He has contributed to the formation of tax policy through legislation since 1976, as well as in Treasury regulations, has served as an expert witness in estate and gift tax matters, and served on the Internal Revenue Service Advisory Council from January 2015 to November 2016, including two years as chair of its “OPR Subgroup” (working with the IRS Office of Professional Responsibility). He was appointed in 2015 to be the Reporter for the current revision of the Uniform Principal and Income Act.

Ron was recognized as one of Washington’s 31 “Best Lawyers” in the December 2011 issue of Washingtonian and as one of the top 30 “Stars of the Bar” in the December 2009 issue of Washingtonian; he holds Chambers USA’s “Band 1” ranking for Wealth Management; and he was elected to the National Association of Estate Planners and Councils Estate Planning Hall of Fame and given the designation of Distinguished Accredited Estate Planner in 2009. He was awarded the 1995-1996 Estate Planner of the Year Award by the Washington, D.C. Estate Planning Council. His biography appears in Who’s Who in America, Who’s Who in American Law, Who’s Who in Finance and Industry, and Who’s Who in the World. He is also listed in the Best Lawyers in America.

Ron is a Fellow and former President (2003-04) of The American College of Trust and Estate Counsel (ACTEC), an academician of The International Academy of Estate and Trust Law and former member of its Council (2000-04), a former Vice Chair (Committee Operations) of the American Bar Association’s Section of Taxation (1998-2000), a Fellow of the American College of Tax Counsel and the American Bar Foundation, and a member of the Christian Legal Society. He is also a member of the Advisory Committee of the University of Miami Philip E. Heckerling Institute on Estate Planning, the Advisory Board of the Florida Tax Institute, and Tax Management’s Advisory Board on Estates, Gifts, and Trusts. Ron received a B.A. degree in 1967 and a J.D. degree in 1975, both from the University of Minnesota. He has been a lecturer in law at the University of Virginia School of Law. He has lectured on estate planning subjects at over 100 tax institutes and conferences nationwide and is the author of more than 150 published articles on estate planning and other tax subjects. He is co-author of Structuring Estate Freezes, published by Warren, Gorham & Lamont and supplemented twice a year.

Ron was in the Navy from 1970 to 1973. He served in Vietnam and achieved the rank of lieutenant.

Turney Berry
  • Partner
  • Wyatt, Tarrant & Combs LLP

Turney P. Berry concentrates his practice in the areas of estate planning, fiduciary matters, and charitable planning. Mr. Berry is Chair of Wyatt, Tarrant & Combs’ Trusts, Estates & Personal Planning Service Team and a past member of the firm’s Executive Committee.

Mr. Berry is active in the American College of Trust and Estate Counsel (ACTEC), currently serving as Chair of the Estate & Gift Tax Committee and State Chair for Kentucky, and is a past Regent of the College, former President of the ACTEC Foundation, and previous chair of the Charitable Planning & Exempt Organizations Committee.

As a Uniform Law Commissioner, Mr. Berry currently serves as Chair of the drafting committee for the Uniform Fiduciary Income and Principal Act (a revision of the principal and income acts), Vice-Chair of the Drafting Committee on the Electronic Wills Act, and a member of the Drafting Committee to Regulate the Management of Funds Raised Through Crowdfunding Efforts. He has served as chair of the Uniform Power of Appointment Act Committee and as a member of the drafting committees for the Uniform Directed Trust Act, Uniform Acts on the Fiduciary Access to Digital Assets (revised act), Trust Decanting, Insurable Interests Relating to Trusts, Premarital and Marital Agreements, Real Property Transfer on Death, and the Uniform Probate Code Assisted Reproductive Technology provisions. For the American Bar Association, Mr. Berry serves as Co-Chair of the Charitable Planning and Organizations Committee for the Section of Real Property, Trust & Estate Law, and on the Conservation Easements Task Force.

Mr. Berry is a Fellow of the American College of Tax Counsel, a member of the American Law Institute, a member of the Advisory Council of the Heckerling Institute on Estate Planning, a Member of the Advisory Board of Trusts & Estates, a member of the Joint Editorial Board for the Uniform Trust and Estate Acts, and a member of the Bloomberg BNA Estates, Gifts & Trusts Advisory Board. He serves as Adjunct Professor at the University of Miami Estate Planning LLM Program (Planning for the Family Business), and has served as Adjunct Professor at Vanderbilt University, the University of Missouri, and the University of Louisville, and regularly speaks at the nation's leading estate planning conferences. Since 1996, Mr. Berry has served as Co-Chair of the Midwest/Midsouth Estate Planning Institute at the University of Kentucky (the longest continuously run CLE event in Kentucky). Mr. Berry has been certified as an Accredited Estate Planner® (AEP®) by the National Association of Estate Planners & Councils and is a member of its Estate Planning Hall of Fame [Kentucky does not recognize legal specialties]. He is listed in Woodward/White’s The Best Lawyers in America® and in the Kentucky Super Lawyer® Magazine in the area of Trusts and Estates. Mr. Berry has been an Articles Editor of The Tax Lawyer and a past chair of the Louisville Bar Association Probate and Estate Planning Section (1989 Section of the Year). He is a member of the Louisville Estate Planning Council, Kentuckiana Planned Giving Council, and an adjunct member of the American Association of Life Underwriters. Mr. Berry is Chair of the Center for Interfaith Relations, a Director of Kentucky Opera, Actors Theatre of Louisville, Muhammad Ali Center, and Earth School/Carbon Nation. He is a member of Louisville Downtown Rotary, a Member of the Honorable Order of Kentucky Colonels, and is a past President of the Daily Bread Sunday School Class at Christ Church United Methodist. Mr. Berry is the recipient of the National Philanthropy Day Baylor Landrum Award and is a Distinguished Citizen of Louisville.

Continuing Education

Credits:
1.2 CPE, 1.0 General COA, 1.0 CLE
Prerequisite:
A basic understand of tax developments for estates, gifts, and trusts.
Level:
Intermediate
Production Date:
02/13/2019