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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Estate Planning

Date & Time
  • event Date

    Tuesday, June 13, 2023

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$297.00
CLE
CPE
ALL

This CLE/CPE webinar will provide estate planners and advisers guidance on estate planning considerations in a time of banking uncertainty. The panel will discuss the impact of a banking crisis on estate planning and administration in light of the recent collapse of Silicon Valley Bank and offer critical planning strategies and considerations for estate planners and advisers. The panel will analyze gifting techniques and trust structures as well as planning opportunities in a world of banking uncertainty.

Faculty

Benjamin A. Cohen-Kurzrock
Attorney
Willkie Farr & Gallagher, LLP

Mr. Cohen-Kurzrock is a corporate and securities associate in the San Diego office.

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Lawrence M. Lipoff
Director
CohnReznick LLP

With more than 30 years of experience, Mr. Lipoff specializes in the delivery of domestic and international private client services to enable high-net-worth individuals and families to maximize their new or generational wealth. He provides strategic advice to his clients and their closely held businesses in the areas of income tax planning and compliance, estate planning and administration services, as well as family structure consulting. Through many years in practice, he synthesized the work of various related professionals, and their firms integrate several planning strategies into solutions that maximize value. Mr. Lipoff is a frequent lecturer and author of articles published through professional forums on topics including domestic and international - estate planning and fiduciary income taxation including constructive attribution rules for foreign trusts, Forms 3520 & 3520-A, Graegin Loans, business succession, generation-skipping transfers, Chapter 14 and carried interest estate planning for private investment fund principals, preferred freeze partnerships, and private placement life insurance.

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Description

The sudden collapse of Silicon Valley Bank and Signature Bank has a significant impact on estate and tax planning but also presents opportunities. Estate planners and advisers must understand the impact of banking uncertainty on estate planning and implement strategies to protect client assets and implement best practices towards passing wealth to next generations based upon current opportunities the uncertainty presents.

Generally, those who own certain assets can leverage depressed shares to make gifts that will appreciate and obtain income tax benefits if structured properly. Gifting can be done by making an outright gift or a gift over time. Any gift tax due will be based on the fair market value of the assets transferred as of the day that the transfer takes place.

In addition, making split-interest gifts may also provide certain advantages. This method allows the splitting of the interest in the gift between current beneficiaries and remainder beneficiaries, which could reduce the actual gift value. Estate planners must understand how to use these gifting techniques, certain trusts, and other available planning methods in light of banking uncertainty.

Listen as our panel discusses the impact of a banking crisis on estate planning and administration as they offers critical planning strategies and considerations. The panel will also analyze gifting techniques, trust structures, and planning opportunities.

Outline

  1. Impact of banking crisis on estate planning and administration
  2. Outright and split-interest gifts
  3. Structuring trusts and key provisions
  4. Practice risk management during these times
  5. Tax considerations
  6. Next steps and pitfalls to avoid for estate planners

Benefits

The panel will discuss these and other key issues:

  • What impact does a banking crisis have on estate planning?
  • How can assets be protected and what are the associated challenges for estate planners?
  • What estate planning opportunities are presented?
  • What are the critical provisions when structuring trusts?
  • What are the key tax considerations and pitfalls to avoid?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Recognize the impact of a banking crisis on estate and tax planning
  • Ascertain strategies for protecting assets during a banking downturn
  • Identify estate and tax planning opportunities in light of banking uncertainty

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of individual income taxation, including itemized deductions, individual income tax credits, net operating loss limitations including carrybacks and carryforwards.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).