2023 October - The Corporate Transparency Act: Coming Soon To a Family-Owned Entity Near You!

October 20, 2023 8:30 AM - 11:30 AM (CDT)

Description

Breakfast will be served beginning at 8:00 am. The presentation will begin at 8:30 am.

ACCESSING THE VALUE IN STALE IRREVOCABLE TRUSTS TO ACCOMPLISH NEW ESTATE PLANNING GOALS 

An existing irrevocable trust may no longer serve a client’s estate planning objectives, yet possess significant value. Although decanting and trust modifications have become commonplace, these solutions are not always available to update a “stale trust”. This program examines a number of strategies for accessing the value of a “stale trust” for the benefit of a new trust through techniques such as loans, guarantees, purchases, consolidations, distributions, joint investments, and preferred partnerships, among others, with a focus on the fiduciary issues involved in transactions between irrevocable trusts.

PLANNING DEFENSIVELY WITH FAMILY CONTROLLED ENTITIES 

Following the 2017 Tax Court decision in Powell, many practitioners have been concerned about the risk of estate tax inclusion of assets held in a family limited partnership, LLC, corporation or other similar entity under Section 2036(a)(2) or Section 2038 of the Code arising from control of the entity rather than the retention of economic benefits. This program will revisit estate tax inclusion under these two Code sections, attempt to reconcile Powell and its progeny with Byrum, and provide practical suggestions for Powell-proofing an estate plan that includes family entities.

THE CORPORATE TRANSPARENCY ACT: COMING TO A FAMILY ENTITY (VERY) NEAR YOU

The beneficial ownership reporting requirements of the Corporate Transparency Act (CTA) become effective on January 1, 2024. The CTA requires the disclosure to FinCEN of the names, physical addresses and other personal information for individuals who control or own more than 25% of many legal entities. With regard to newly created entities, the same information must be provided about the attorneys, paralegals or other persons filing entity formation paperwork. This program will provide the most critical information that practitioners need to know to prepare themselves and their clients for the CTA, with important tips on how to ease the burden of CTA compliance and avoid penalties.

Nancy G. Henderson is a founding partner, co-managing partner and the Chair of the Estate Planning Group of Henderson, Caverly & Pum LLP. Ms. Henderson is also a member of the Trust Administration & Probate Group.

Ms. Henderson is a fellow of the American College of Trust and Estate Counsel (ACTEC), where she has served on the Program Committee. She is listed in Best Lawyers in America. She is a Certified Specialist in Estate Planning, Probate and Trust Law (California State Bar Board of Legal Specialization), and served a three-year term on the California State Bar Estate Planning Law Advisory Commission, which wrote and graded the legal specialist exam in Estate Planning, Probate and Trust Law. Ms. Henderson is listed in Southern California Super Lawyers – San Diego (2008-present) and was named by Worth Magazine as one of the nation’s Top 100 Attorneys (2008-2009). From 1996 through 1999, Ms. Henderson served as a member of the Executive Committee of the Taxation Section of the California State Bar. 

Ms. Henderson has spoken and written extensively on estate, gift and income tax planning, and has presented significant outlines on numerous estate and charitable planning subjects through various prestigious organizations, including the University of Miami Institute on Estate Planning (the Heckerling Institute), ALI-CLE (various programs), ACTEC, the Notre Dame Estate Planning Institute, the Kasner Symposium, the Southern California Tax and Estate Planning Forum, the Hawaii Tax Institute, the USC Tax Institute, the American Bar Association, the California State Bar, the Washington State Bar and various estate planning councils around the country. Ms. Henderson served for seven years as a co-Chair ALI-CLE’s week-long program, Estate Planning in Depth, which is held annually at the University of Wisconsin (Madison). 

Ms. Henderson obtained her law degree in 1991 from the Boalt Hall School of Law at the University of California at Berkeley, where she graduated in the top 10% of her class and was elected to the Order of the Coif. She obtained her bachelor’s degree, magna cum laude, Phi Beta Kappa, from Duke University in 1981.