Stout

2022 Fundamentals Course

Date: Wednesday, January 19, 2022
Time: 8:30am - 12:00pm
Location: Zoom
Speaker: See Below

 

Each year, the Chicago Estate Planning Council (CEPC) presents a five-part Fundamentals Course designed to provide beginning estate planning professionals (0-5 years experience) with a deep introduction to the essential components of trust and estate planning and administration.

 

In addition to junior estate planning professionals, experienced practitioners looking to bolster their trust and estate knowledge and skills are also welcome to attend. This year, for the first time ever, CEPC will make its Fundamentals Course available to all estate planning professionals in the adjacent Midwest/Great-Lakes region. We are excited to expand this opportunity!

 

Each part in the series is taught by skilled and highly-regarded members of Chicago’s estate planning community. At the end of the course, attendees will have been introduced to essential concepts in transfer taxation (including estate, gift and GST-taxes), drafting estate planning documents, fiduciary income tax, and the statutory framework for trust law. Established practitioners who are looking for a refresher on a certain topic may register for the specific topic or topics they wish.

 

 

Part 1 – January 19, 2022 – 8:30 am – 12:30 pm

Introduction to Estate Planning

Presented by: Janet Rae Montgomery, Nisen and Elliott, LLC; Steven Kriz, Levenfeld Pearlstein, LLC

This session introduces attendees to basic estate planning concepts and is a key precursor for the next four sessions of the Fundamentals Course. The presentation focuses mainly on federal tax issues and on property law concepts which apply in 49 states. (Who can really explain Louisiana?). We all talk about estate planning but what is it? How can it best be explained to clients – so they retain some idea of what these lengthy and complex documents are designed to do? What key concepts does the planner need to understand in order to effectively convey those concepts to the clients.

Two experienced estate planners will take you through issues to consider and ideas to make your own, with many forms and real-life examples.

This session is appropriate for all estate planning professionals not only from Illinois, but from other jurisdictions. In addition to professionals with 0-5 years experience, experienced estate planning professionals have attended in the past have found this session and its materials engaging and worthwhile.

 

Part 2 – January 26, 2022 – 8:30 am – 12:30 pm

Overview of Estate, Gift and Generation-Skipping Transfer Tax

Presented by: Christine Quigley, Schiff Hardin LLP; Julie J. Olenn, Jenner & Block

This session includes an in-depth discussion of federal estate and gift taxes, as well as a discussion of the Illinois estate tax regime.

The balance of this session will focus on the basics of the generation-skipping transfer (GST) tax, including identifying GST transfers, reporting for gift and estate tax purposes to get the intended GST result, and avoiding or remediating common errors. The topics covered and examples used will be relevant to tax preparers and trust administrators, as well as estate planning professionals.

 

Part 3 – February 2, 2022 – 8:30 am – 1:00 pm

Income Tax Considerations for Trusts and Estates

Presented by: Paige Goepfert and Bridget Byrne, Andersen

The first section of course 3 will discuss Fiduciary Responsibility as well as provide an overview of fiduciary income taxation, state-level taxation of Illinois trusts, and distinctions between income tax accounting and traditional trust accounting under applicable principal and income statutes.

Illinois Trust Code Workshop

Presented by: Susan Bart & Allison Pfeifle, Schiff Hardin LLP

The second section of course 3 will provide an introduction to the Illinois Trust Code.  The Illinois Trust Code provides the architectural framework for administering a trust.  In drafting a trust practitioners need to know which rules are considered structural supports that cannot be changed by the trust instrument, and which rules are design choices that can be drafted around.  In administering a trust, practitioners also need to understand the duties of a trustee, including the duty to provide notices, accounts and other information about a trust, the rules for investing trust assets, and how fiduciary duties may be divided amongst different individuals or institutions.  In administering an irrevocable trust changing circumstances may make modifications advisable, and the Illinois Trust Code provides a number of different ways to modify an irrevocable trust.

 

Part 4 – February 9, 2022 – 8:30 am – 1:00 pm

Drafting Estate Planning Documents

Presented by: Mel Justak, Reed Smith, LLP; Lucy Bickford, Schiff Hardin, LLP

This session will focus on the basics of drafting estate planning instruments, including the anatomy of a standard A/B estate plan, elements of basic estate planning documents (Wills, Revocable Living Trusts, and Powers of Attorney), tips for selection of fiduciaries, discussion of discretionary standards, as well as an overview of trustee powers, tax planning and other drafting considerations.

This session provides a detailed review of core estate planning documents and their provisions, designed to help new estate planning professionals understand the property and tax law basis for each provision.  The panelists will offer tips for understanding the structure and workings of an estate plan, including simple and more complex considerations in tailoring estate plans to suit client tax and family goals.

 

Part 5 – February 16, 2021 – 8:30 am – Noon

Putting It All Together

Presented by: Karin Prangley, Brown Brothers Harriman & Co.; Rachel Smith, Plante Moran

Now that you have learned about essential concepts in transfer taxation (including estate, gift and GST-taxes), drafting estate planning documents, fiduciary income tax, and the statutory framework for trust law, learn how you can apply in your everyday practice.

This course ties together the prior four sessions and will walk attendees through case studies illustrating the practical application and integration of concepts introduced in the first four sessions.  In particular, hypotheticals will focus on integrating planning, considering reporting for wealth transfer, and applying fiduciary income tax concepts.

 

REGISTRATION FEES

Register by January 3rd to receive a $150 discount off the Complete Course registration fee.

                                                                                                            Member         Non-Member

Complete Course (all five sessions)                                              $700                     $950

Individual Course Fees:

Part 1 – January 19, 2022 – 8:30 am – 12:30 pm                           $160                      $235

Introduction to Estate Planning

 

Part 2 – January 26, 2022 – 8:30 am – 12:30 pm                           $160                      $235

Overview of Estate, Gift and

Generation-Skipping Transfer Tax

 

Part 3 – February 2, 2022 – 8:30 am – 1:00 pm                              $160                      $235

Income Tax Considerations for Trusts and Estates

Illinois Trust Code Workshop

 

Part 4 – February 9, 2022 – 8:30 am – 1:00 pm                             $160                      $235

Drafting Estate Planning Documents

 

Part 5 – February 16, 2022 – 8:30 am – Noon                               $160                      $235

Putting It All Together

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