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Be Secured! Review and Resolve Estate Planning Mistakes
   LIVE Webcast  


Event Details:                                                                                                                                                          

Errors in estate planning can have disastrous consequences for your client’s heirs. A well thought out, strategic plan is vital to ensure success.

The Knowledge Group is assembling a panel of distinguished professionals and key regulators to help understand estate planning arrangements. The speakers will present their expert opinions in a two-hour LIVE Webcast.

Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Group, LLC
Recommended CLE/CPE Hours: 1.75 - 2.0
Advance Preparation: Print and review course materials
Course Code: 114222
Recording Fee: $299 (Please click here for details)


Featured Speakers for Be Secured! Review and Resolve Estate Planning Mistakes LIVE Webcast :

Agenda  (click here to view more)
Linda L. Snelling, Partner,
Sachs Sax Caplan

Abuse of Durable Powers of Attorney
  • • Durable Powers of Attorney (DPOA) can be used by the appointed agent to “gift” or transfer the principal’s property without the principal’s authorization.

    • o A DPOA must expressly authorize agent to make gifts; authority must be specifically stated in the document.
    • o Authority may not be given in the DPOA while under undue influence or while principal lacks mental capacity.
    • o Any gifts made without express authority in the DPOA will be void.
    • o Tax Consequences: Invalid gifts will be pulled back into the gross estate, possibly resulting in estate tax liability.
    • o Gifting without the authority in the DPOA document can lead to litigation (e.g., Personal Representative of the principal’s estate may sue the agent to recover assets improperly transferred).
    • o Agent may believe they have the authority of the principal to make transfers and gift (including oral authorization), but that authority must be in the document – or the agent is opening him or herself up to future liability.
    • o Not only will the invalid transfers have tax consequences, but may result in criminal and civil liability for the agent; including, but not limited to:

      • • elder abuse
      • • tortuous interference with expectancy
      • • breach of fiduciary duty
      • • conflict of interest
      • • fraud
      • • undue influence
      • • conversion
Must Be Specific When Drafting a DPOA
  • • Discuss Gifting Authority with the Client

    • o If your client is the principal, do they want their agent to have the authority to make gifts or transfer the principal’s property?

      • • Do they want their agent to be able to change beneficiary designation forms, revoke living trusts, make amendments to estate planning documents, etc.?
    • o If your client is currently an agent making transfers or gifts without express authority in the document, legal and tax consequences must be discussed.

  • • Avoid General Grant of Authority (Boilerplate) DPOAs.

    • o Make the DPOA as specific to your client’s wishes as possible.
    • o General grants of authority are no longer valid under some state statutes (i.e., new Florida Power of Attorney effective October 1, 2011 – principal must grant specific powers to agent).

      • • Check your state’s current law to avoid a drafting blunder.
      • • If the law has changed, review former clients’ documents to ensure compliance. If in compliance, but at risk of future litigation because the lack of specific authority, recommend an “update” of documents. Explain the possibility of litigation and abuse of power.
Other Exploited Fiduciary Positions
  • • Joint Tenancy – many clients do not understand the “right of survivorship” consequence of joint tenancy.
    • o Agents under a DPOA could potentially transfer the principal assets in a joint account or add their name to the principal’s individual account, with rights of survivorship. In effect, if the principal dies before the agent, the agent will receive 100% of the joint account as a transfer on death.
    • o This is a topic that should be discussed; the client needs to be aware that if they have a joint account with someone (with rights of survivorship) the assets will pass to the survivor, regardless of their stated wishes in a Will or Trust.
  • • Convenience Signer – again, this is a fiduciary position in which an agent may abuse his or her authority and write checks or transfer funds without the authority of the principal.
    • o This is another litigation trap for the unwary.

Blanche L. Christerson , Managing Director ,
Deutsche Bank Private Wealth Management

Overview of where we are:
  • • Pending Expiration of 2001 and 2003 “Bush Tax Cuts”
    • o What 2013 will look like if Congress doesn’t act
  • • Awaiting Supreme Court decision on Health Care Legislation
    • o Possible impact on new Medicare taxes that begin in 2013
      •  0.90% Medicare tax on “excess” earnings
      •  3.8% Medicare tax on “unearned” income (applicable to individuals and trusts and estates)
President Obama’s Fiscal Year 2013 Budget proposals
  • • Income tax proposals
    • o The Buffett Rule (“Paying a Fair Share Act”)
  • • Transfer tax proposals, especially
    • o GRAT proposal
    • o “Unifying” income and estate tax treatment applicable to grantor trusts
Taking advantage of $5.12 million gift tax exclusion
  • • Allow time to implement planning (drafting documents, qualified appraisals if gifts of hard-to-value property)
  • • GRATs (grantor retained annuity trusts)
  • • Sales to Defective Grantor Trusts
    • o “defined value” clauses (e.g., Estate of Petter v. Commissioner)
  • • QPRTs (qualified personal residence trusts)
  • • Low-interest rate environment
    • o Intra-family loans

Sachs Sax Caplan
Linda L. Snelling
speaker bio »»

Deutsche Bank Private Wealth Management
Blanche Lark Christerson
Managing Director
speaker bio »»

Who Should Attend?

- Attorneys
- Accountants
- Financial Advisors
- Real Estate Lawyers
- Trust and Estate Practitioners
- Chartered Financial Analysts
- Certified Financial Planners
- Chartered Trust and Estate Planners

Why Attend?

This is a must attend event for anyone interested in understanding the issues and learning the best practices on estate planning.
- Detailed guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A

Enroll in this course today by clicking the “Register” button below. Advanced registration is required as space is limited. Significant discounts apply for early birds.

Registration Information:                                                                                                                                    

Please note, the event date is firm although it may be subject to change. Please click here for details.
The Knowledge Group, LLC is producing this event for information purposes only. We do not intend to provide or offer business advice. The contents of this event are based upon the opinions of our speakers. The Knowledge Congress does not warrant their accuracy and completeness. The statements made by them are based on their independent opinions and does not necessarily reflect that of The Knowledge Congress' views. In no event shall The Knowledge Congress be liable to any person or business entity for any special, direct, indirect, punitive, incidental or consequential damages as a result of any information gathered from this webcast.

















Be Secured! Review and Resolve Estate Planning Mistakes
LIVE Webcast

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Speaker Firms:


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Attention New York Attorneys:

This program is approved for CLE credit under New York’s Approved Jurisdiction policy. The Knowledge Group, LLC is an approved sponsor in the state of California, a New York Approved Jurisdiction. This program fulfills the non-traditional format requirement of exceeding 60 minutes in length. Please note only experienced attorneys (more than 2 years) are eligible to receive CLE credit via non-traditional format learning platforms. The Knowledge Group will verify attendance during the webcast via secret words (3 per credit hour) and by auditing attendees log in and log out records. All verification instructions will be provided during the webcast. Once attendance verification requirements have been completed, the attendee will be issued a certificate of attendance be The Knowledge Group for the course with the recommended number of credit hours. The Certificate of Attendance is normally sent via email in 24 hours or less.

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The attorney should simply include credits earned via Knowledge Group webcasts when computing the total number of CLE credits completed, and keep the Knowledge Group Certificate of Attendance for a period of at least four (4) years in case of audit. An attorney may count towards her/his New York CLE requirement credit earned through the Approved Jurisdiction policy without notifying the CLE Board.

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