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Mar
19
Mon
Estate Planning from A to Z @ Hilton Garden Inn Providence Airport/Warwick
Mar 19 @ 9:00 am – Mar 20 @ 4:00 pm

Program Description

A Detailed Overview of Estate Planning Procedure and Strategy

Do you have all the knowledge and skills you need to draft tailored testamentary documents and minimize tax burdens for each of your clients? This two-day comprehensive course will become your ultimate guide to estate planning. From client intake through tax planning and business succession strategies, you will receive tips, sample forms and answers to your most pressing questions to help you excel. Get the latest knowledge on effective will and trust planning techniques – register today!

  • Get two full days of estate planning training, so you can help clients protect and transfer assets exactly as they intend.
  • Get practical will and trust drafting skills to speed up the process and give the testator’s last wishes power.
  • Stave off conflicts of interest with a clear determination of who your client is from the start.
  • Explore the pros and cons of using a revocable living trust in the will’s stead and find out when it’s a better option.
  • Explore the functions and mechanics of major trust structures – and make certain you choose the right tool for each job.
  • Give each provision full power with precise word choices – get sample forms to speed up the process.
  • Make sure your remarried and unmarried clients know the default inheritance laws and help them make sure the right beneficiaries are assigned.
  • Minimize the taxable estate with effective tax planning techniques.
  • Phrase the fiduciary and beneficiary designations to leave no room for interpretation.
  • Help your clients make the tough medical decisions regarding long-term care, end-of-life and organ donation.
  • Learn how to verify and document the testator’s competency to close the door on any potential will contests.

Who Should Attend

This basic-to-intermediate level two-day seminar is designed for:

  • Attorneys
  • Estate and Financial Planners
  • Trust Officers
  • Paralegals
  • Accountants
  • Tax Professionals

Course Content

DAY 1

  1. Client Screening and Intake
  2. Key Elements of Effective Wills
  3. Basic Tax Planning
  4. Documenting Long-Term Care, Incapacity and End-of-Life Decisions
  5. Planning for Unmarried and Remarried Couples
  6. Estate Planning for Small Businesses

DAY 2

  1. Trusts 101
  2. Who is the Fiduciary?
  3. Revocable Living Trusts
  4. Trusts Used for Tax Reduction – Drafting Tips and Samples
  5. Grantor Trusts
  6. Ethical Considerations

Continuing Education Credit

Continuing Legal Education – CLE: 14.00 *

Financial Planners – Financial Planners: 14.00

National Association of State Boards of Accountancy – CPE for Accountants/NASBA: 14.00 *


Agenda / Content Covered

DAY 1

  1. CLIENT SCREENING AND INTAKE
    9:00 – 10:00, Eileen Hadfield

    1. Clarifying Goals and Forecasting Needs
    2. Assessing Current and Future Assets and Debts
    3. Dealing With Family Dynamics: Past, Present and Future
    4. What to Look for in Reviewing Existing Estate Plans
    5. Sample Info Gathering Forms and Checklists
    6. Determining Your Overall Estate Plan Strategy
      1. for an Estate Not Subject to Estate Tax
      2. for an Estate Potentially Subject to Estate Tax
      3. for an Estate Subject to Estate Tax
  2. KEY ELEMENTS OF EFFECTIVE WILLS
    10:15 – 11:15, Eileen Hadfield

    1. Establishing Statutory Framework
    2. Types of Wills
    3. Testator’s Competency – Verifying and Documenting
    4. Beneficiary Designations and Distributions in Retirement Plans and Life Insurance
    5. Titling Assets
    6. Sample Will Provisions
    7. Updating Will Documents
  3. BASIC TAX PLANNING
    11:15 – 12:15, Robert E. Bollengier

    1. Estate Tax Update
    2. Step-Up Basis of Various Assets
    3. Gift Tax and Exclusions
    4. Generation-Skipping Transfer Tax
    5. Planning for the Final Income Tax Return
    6. Trust Taxation Basics
    7. Disclaimer Trusts
    8. Crummey Powers and the IRS
    9. Typical Creditors and How to Deal With Them
    10. Simple Tips for Minimizing Tax Burden
    11. Tax Treatment of Trusts
  4. DOCUMENTING LONG-TERM CARE, INCAPACITY AND END-OF-LIFE DECISIONS
    1:15 – 2:15, Gene M. Carlino

    1. Medicaid Planning Overview
    2. Long-Term Care Options and Planning in a Nutshell
    3. Special Needs Trusts
    4. Advance Medical Directives
    5. Powers of Attorney
    6. DNR Orders and Organ Donation Considerations
  5. PLANNING FOR UNMARRIED AND REMARRIED COUPLES
    2:30 – 3:30, Gene M. Carlino

    1. Pre- and Post-Marital Agreements
    2. Planning for Children From Previous Marriage(s)
  6. ESTATE PLANNING FOR SMALL BUSINESSES
    3:30 – 4:30, Everett A. Petronio Jr.

    1. Types of Entities
      1. Family Limited Partnerships
      2. Limited Liability Companies
      3. Corporations
    2. Drafting Buy Sell Agreements for Operating Business
      1. General Features
      2. Rights of Remaining Owners Upon Triggering Event
      3. Purchase Price/Valuation
      4. Use of Life Insurance
      5. Use of an Escrow Agent
      6. Common Drafting Concerns

DAY 2

  1. TRUSTS 101
    9:00 – 10:00, Robert E. Bollengier

    1. Types, Goals and Functions of Trusts
    2. Major Laws Governing Trust Creation and Administration
    3. Who are the Main Parties? Their Duties and Responsibilities to a Trust
    4. Revocable vs. Irrevocable
    5. Choosing Trust Situs
    6. Trust Funding Basics
  2. WHO IS THE FIDUCIARY?
    10:15 – 11:15, Bernard A. Jackvony

    1. Personal Representatives and Trust Officers: Powers and Duties
    2. Helping Clients Pick the Fiduciary(ies)
    3. Your Contact With the Personal Representative
    4. Trust Protectors and Advisers
    5. Fiduciary Liability
  3. REVOCABLE LIVING TRUSTS
    11:15 – 12:15, Joseph R. Marion III

    1. Traditional Estate Planning vs. Revocable Trust Planning
    2. Credit Shelter Trusts
    3. Marital Deduction Trusts
    4. Qualified Terminable Interest Trusts (QTIPs)
    5. Drafting Tips and Samples
    6. Common Mistakes to Avoid
  4. TRUSTS USED FOR TAX REDUCTION – DRAFTING TIPS AND SAMPLES
    1:15 – 2:15, Robert E. Bollengier

    1. Irrevocable Life Insurance Trusts (ILITs)
    2. Charitable Remainder Trusts
    3. Qualified Domestic Trusts
    4. Qualified Personal Residence Trusts (QPRTs)
    5. Defective Trusts
    6. Education Trusts for Children and Grandchildren
    7. Generation Skipping Trusts
  5. GRANTOR TRUSTS
    2:30 – 3:30, Matthew J. Leonard

    1. Intentionally Defective Grantor Trusts (IDGTs)
    2. Drafting Tips and Samples
    3. Taxation Considerations – When to File the Return?
    4. Administrative Power
  6. ETHICAL CONSIDERATIONS
    3:30 – 4:30, Matthew J. Leonard

    1. Defining Who Your Client is From the Start
    2. Handling Clients With Diminishing Mental Capacity
    3. Lawyers Acting as Fiduciaries
    4. Estate Status Updates for Clients – Why it Pays Off and How to do it Efficiently
    5. Practicing Before the IRS
    6. Getting Paid: Billable/Non-Billable Hour and Retainer Agreements
    7. Preventing Unauthorized Practice of Law by Legal Staff
May
11
Fri
Protecting Assets While Qualifying for Medicaid @ Hilton Garden Inn Providence Airport/Warwick
May 11 @ 9:00 am – 4:15 pm

Program Description

Get the Latest on Medicaid Application and Asset Planning Tactics

Middle class Americans seeking asset protection cannot afford to ignore the potentially devastating costs of nursing home and other long-term care. Nursing homes are among the most common and largest creditors an average American is likely to face in his or her lifetime, but only about 10% of the population has long-term care insurance. For the other 90%, Medicaid is the primary source of payment, so a basic understanding of the Medicaid asset protection process is vital for all professionals who work with seniors and their families. This course will provide an overview of asset protection concepts and strategies that elder law attorneys can use to legally and ethically protect assets while facilitating earlier Medicaid eligibility; and a set of crisis-management tools to prevent and correct inadvertent loss of benefits. Register today!

  • Learn what the income eligibility requirements are when applying for Medicaid.
  • Protect your clients’ interests by knowing what’s exempt and what’s not.
  • Employ the most practical and effective asset transfer methods to comply with the spend-down requirement.
  • Explore crisis planning methods to restore Medicaid benefits as quickly as possible.
  • Guide clients through the Medicaid qualification process by knowing what’s involved.

Who Should Attend

This basic-to-intermediate level seminar is designed for:

  • Attorneys
  • Nursing Home Administrators
  • Social Workers
  • Geriatric Care Managers
  • Trust Officers
  • Accountants and CPAs
  • Estate and Financial Planners
  • Paralegals

Course Content

  1. Applying for Medicaid – The Four Eligibility Requirements
  2. Pre-Need Asset Planning
  3. Crisis Planning and Assistance
  4. Trust-Based Medicaid Planning in Detail
  5. Using Special Needs Trusts – Sample Trust Review
  6. Applied Legal Ethics

Continuing Education Credit

Continuing Legal Education – CLE: 7.00 *

Financial Planners – Financial Planners: 7.00

National Association of State Boards of Accountancy – CPE for Accountants/NASBA: 7.00 *

* denotes specialty credits


Agenda / Content Covered

  1. Applying for Medicaid – The Four Eligibility Requirements
    9:00 – 10:00, Matthew J. Leonard

    1. Medical Eligibility: The Needs Assessment
    2. Resource Eligibility: Exempt vs. Countable Assets
    3. Income Eligibility
    4. Transfer Eligibility
      1. The Lookback Periods
      2. Transfers and Penalty Periods
        1. Transfer Penalty
        2. Penalty Beginning Date
        3. Partial Months of Ineligibility
        4. Monthly Maintenance Need Allowance (MMMNA) for the Community Spouse
        5. Annuity Transfer Rules and Tactics
    5. Estate Recovery Rules
    6. Affordable Care Act and PACE Program and Eligibility
  2. Pre-Need Asset Planning
    10:15 – 11:15, Eric D. Correira

    1. Medicaid Planning for Single vs. Married Applicants
    2. Transferring Real Property without Jeopardizing Medicaid Eligibility
      1. When Does the Home Become a Countable Asset?
      2. How is “Intent to Return Home” Interpreted?
      3. Titling of the Home and Basic Homestead Issues in a Medicaid Planning Context
    3. Life Estates
    4. Asset Valuation – Fair Market Value under DRA
    5. Using Life Insurance to Spend Down
    6. Interstate Transfers
    7. Protecting Veterans Benefits
    8. The Gifting Powers in Powers of Attorney
  3. Crisis Planning and Assistance
    11:15 – 12:15, Matthew J. Leonard

    1. Asset Purchase Strategies Available
      1. Purchases
      2. Payments
    2. Asset Transfer Strategies Available
      1. How to Transfer Residence to Caregiver Child
      2. How to Transfer Residence to Sibling with Equity Interest Who’s Resided There for at Least One Year
      3. How to Transfer Residence Subject to Life Estate
      4. How to Transfer Residence Subject to Occupancy Agreement
      5. Caregiver Agreement between Parent and Child
    3. Contesting/Appealing the Penalty Period Dates and Other Adverse Medicaid Decisions
  4. Trust-Based Medicaid Planning in Detail
    1:15 – 2:15, Eric D. Correira

    1. Choosing the Assets for Funding the Trusts
    2. Key Provisions and Sample Trust Language
    3. Self-Settled Trusts and Their Impact on Eligibility
    4. Using Income-Only Trusts
      1. Purpose of Using IOTs
      2. Principal Distribution Provision
      3. Taxation of IOTs
        1. Income Taxation and Tax Reporting
        2. Gift Tax and Reporting
  5. Using Special Needs Trusts – Sample Trust Review
    2:30 – 3:30, Eric D. Correira

    1. When Can SNTs be Used?
    2. Drafting an SNT – Common Mistakes to Avoid
    3. Documenting the Assets Transfer into the Trust
    4. Choosing a Suitable Trustee
    5. Sample Special Needs Trust Document Review
  6. Applied Legal Ethics
    3:30 – 4:30, Matthew J. Leonard

    1. Avoiding Conflicts of Interest (Who is Your Client?)
    2. Dealing with Clients’ Diminishing Mental Capacity
    3. Spotting and Preventing Elder Abuse
    4. Appropriate Client Communications
    5. Navigating through Family Conflict
    6. Setting and Collecting Attorney Fees