Estate Planning Update 2014

This Continuing Legal Education seminar provides an update on what Estate Planning Attorneys need to know to remain current. Problems with owning whole life insurance on another person, and Options for avoiding probate on different types of assets are covered. Disclaiming inheritance, terminating irrevocable trusts, and releases, including example forms is also covered. Estate Taxes are also covered, including how to minimize the impact on estates. Finally, the presenter talks about the requirement of estate planning attorneys to educate themselves on the nuances of elder law, including the use of sweetheart wills, powers of attorney, and risks of giving non-legal advice.

  1. PROBLEMS WITH OWNING WHOLE LIFE INSURANCE ON ANOTHER PERSON
  2. OPTIONS FOR AVOIDING PROBATE DEPENDING ON TYPE OF ASSET
    1. Real Estate
    2. Bank Accounts, Certificates of Deposit, Money market accounts
    3. Securities
    4. Tangible Personal Property
    5. Cars and Boats
    6. Advantages to flowing assets through a trust
    7. POD Charitable Gifts
  3. DISCLAIMERS, TERMINATING IRREVOCABLETRUSTS, and RELEASES
    1. Disclaimer - changes order of death, so that person disclaiming is presumed to have predeceased the decedent.
      1. Qualified disclaimer within six months of death.
      2. Non-Qualified disclaimer - any time after 6 month period
    2. Termination of testamentary trust triggered by non-qualified disclaimer
    3. Termination of testamentary trust triggered by consent of life tenant and remaindermen.
    4. Observation. The court may allow termination, even if a beneficiary does not consent, as long as that beneficiary is equitably treated upon termination. ORC 5804.lOthru 5804.17 provide many ways to-frustrate Grandad.
    5. Releases. Distributions from testamentary trusts and probate estates are covered by the rules of probate court.
  4. ESTATE TAX.
    The exclusion from federal estate tax per person is $5,340,000 projected to reach $5,420,000 in 2014. Nevertheless, in many cases a 706 should be filed even though the decedent's estate is less than the exclusion. Why?
  5. STAYIN YOUR LANE.
    Those who help plan estates must educate themselves in the nuances of elder law or, at the least, recognize when they are in over their heads and decline the engagement.
Format
7 part video, duration of 01:02:12.
Production Date
10/3/2014
Tags
estate
tax
State Due Date Credit Information

Lewis G. Gatch

Lewis G. Gatch

Lewis G. Gatch maintains law offices in Cincinnati, Ann Arbor and Traverse City where he is of counsel to the firm of Kuhn, Darling, Boyd, and Quandt, PLC.  He graduated from Princeton University in 1956; from the University of Michigan Law School in 1961; and earned a Masters in Business Administration degree (finance major) from Xavier University in 1973.  He practices in the areas of Probate, Estate Planning, the use of Living Trusts to avoid probate and estate tax, and he helps families with planned giving, including charitable remainder trusts and private foundations.  Mr. Gatch presents workshops in Cincinnati, Ohio, and in Traverse City, Michigan.  In Traverse City, Michigan, he has a call-in radio program "Everybody's Planning Hour"® on WTCM, 580 AM on Saturday mornings; and writes about estate planning topics.