Posts Categorized: Program Recap

Coming in as a Successor Trustee – Releases and Best Practices

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Program Date: Friday, November 2, 2018

Speakers: Gerald Baker of Boston Private and Stacy K. Mullaney of Fiduciary Trust Company

Program Chairs: Danielle Greene of Boston Private and Susan A. Robb of First Republic

Materials: Click here for the speakers’ handouts.

Program Topic:  This program provided discussion of liability and exposure considerations for fiduciaries in connection with the acceptance of appointments as successor trustee. The speakers assessed risks and identified options for individual and corporate fiduciaries coming in as successor trustees.

Estate and Income Tax Planning for “Small” Estates (Now Under $11 Million!)

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Program Date: Thursday, April 26, 2018

Speakers: Paul M. Cathcart, Jr. and Charles R. Platt of Hemenway & Barnes LLP

Program Chairs: Heidi A. Seely of Rackemann, Sawyer & Brewster and David L. Silvian of Day Pitney LLP

Materials: Click here for the speakers’ handout.

Program Topic:  This program discussed estate tax and basis step-up planning choices for Massachusetts residents who expect to be subject to state, but not federal estate tax—those with assets between about $1 million and $11.2 million per person.  The program provided an overview of the current law and focused on opportunities for income-tax basis planning and Massachusetts estate tax planning.

BBA Event Recap: How Parents Can Divorce-Proof Their Children’s Inheritance

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Program Date:  Friday, September 8, 2017

Speakers: Joshua S. Miller of CIBC Atlantic Trust Private Wealth Management and Caroline Spillane Sacks of Ropes & Gray LLP. 

Program Chairs:  David L. Silvian of Day Pitney LLP and Heidi A. Seely of Rackemann, Sawyer & Brewster, co-Chairs of the Estate Planning Committee.

Materials:  To view the program materials, click here.

Summary of Program Topic:  The program provided an overview of considerations for an estate planner to protect a client’s assets in the event of a child’s divorce.  The panelists provided practice tips, discuss M.G.L. chapter 208 § 34 and Vaughan affidavits, and highlighted some considerations for practitioners in light of the recent SJC decisions Pfannenstiehl v. Pfannenstiehl and Ferri v. Powell-Ferri.

BBA Event Recap: Charitable Giving Basics for Estate Planners

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Program Date:  Friday, May 19, 2017

Panelists:   John A. McBrine and Aimee Fukuchi Bryant, both of Nutter McClennen & Fish LLP

Program Chairs:  Sara Goldman Curley of Nutter McClennen & Fish LLP and David L. Silvian of Day Pitney LLP, co-Chairs of the Estate Planning Committee

Materials:  To view the program materials, click here.

Summary of Program Topic:  The panelists for this program discussed the basics of advising clients interested in making charitable gifts, including a discussion of considerations when making gifts of different types of assets, either during life or at death, evaluating the use of a private foundation or a donor advised fund.  The panelists also covered an overview of deferred giving vehicles, such as charitable remainder trusts and charitable gift annuities.

 

BBA Event Recap: Lifetime Planning on Death’s Door

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Program Date:  Friday, February 24, 2017

Panelists:  Jaclyn S. O’Leary and Sean T. Donovan of  Day Pitney LLP

Program Chairs:  Sara Goldman Curley of Nutter McClennen & Fish LLP and David L. Silvian of Day Pitney LLP, co-Chairs of the Estate Planning Committee

Materials:  To view the program materials, click here.

Summary of Program Topic:  The panelists for this program discussed opportunities for income and estate tax savings that attorneys can provide to clients who are nearing the end of their lives. It also covered practical steps that attorneys can take in order to make sure that clients’ wishes are carried out and unpleasant surprises are minimized.

 

BBA Event Recap: Non-Judicial Settlement Agreements – How Are They Being Used?

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Program Date:  Wednesday, February 8, 2017

Panelists:  Sara A. Wells of Morgan Lewis, Eric David Karlberg of Prince Lobel Tye LLP, and Alison Irving Glover of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Program Chairs:  Stacy K. Mullaney of Fiduciary Trust Company and Liza M. Connelly of Boston Private, co-Chairs of the Trust Administration Committee

Materials:  To view the program materials, click here.

Summary of Program Topic:  The Massachusetts Uniform Trust Code was enacted more than four years ago.  In the years since, trustees and beneficiaries have utilized non-judicial settlement agreements to resolve matters and effect various changes to irrevocable trusts.  The program provided an expert panel of trusts & estates attorneys on how non-judicial settlement agreements are being used by trustees to facilitate trust administration and resolve issues.  It explored the issue of what is a “material purpose” and who are the “interested persons” who need to be a party to an non-judicial settlement agreement, key terms under the law.  The panelists also shared some examples of matters they have handled with non-judicial settlement agreements and some key issues that arise for a trustee or attorney advising a trustee to consider.

 

Practice Fundamentals Series: Estate, Gift and GST Tax Basics for the New Estate Planner

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Program Date: Monday, November 28, 2016

Panelists: Susan A. Robb of First Republic Trust Company and Danielle R. Greene of Boston Private

Program Chairs: Heidi Seely of Rackemann, Sawyer & Brewster, P.C. and Nikki Marie Oliveira of Bass Doherty & Finks, P.C.

Materials: Click here for panelists’ handout.

Program Topic:  Panelists provided an introduction to the estate, gift and generation-skipping transfer taxes.  The program content included a review of the key components of each tax, how the taxes related to one another, and context of the relevancy of each tax for purposes of preparing an estate plan.

BBA Event Recap: Trust Owned Real Estate – Navigating the Administration Issues

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Program Date:  Wednesday, November 9, 2016

Panelists: Liza Connelly of Boston Private and Stacy K. Mullaney of Fiduciary Trust Company.

Program Chairs:  Liza Connelly of Boston Private and Stacy K. Mullaney of Fiduciary Trust Company, co-Chairs of the Trust Administration Committee

Materials:  To view the program materials, click here.

Summary of Program Topic:  This program covered the myriad of issues facing trustees who hold real estate in irrevocable trusts such as issues on trustee succession, insurance, expense allocation between trust and beneficiary-occupant and between trust income and principal, and the obligation to obtain “highest and best” price in a sale of real estate.  The panelists discussed the issues facing trustees when administering trust-owned real estate and how to avoid potential pitfalls in both the administration and the sale of real estate.

 

 

BBA Event Recap: Estate Planning for Owners of Closely Held Businesses

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Program Date:  Friday, October 28, 2016

Panelists:  Jeffrey W. Roberts and Johanna L. Wise Sullivan of Nutter McClennen & Fish LLP

Program Chairs:  Sara Goldman Curley of Nutter McClennen & Fish LLP, and David L. Silvian of Day Pitney LLP, co-Chairs of the Estate Planning Committee

Materials:  To view the program materials, click here.

Summary of Program Topic:  This program provided an overview of key issues and planning points that attorneys should keep in mind when engaging in estate planning for a business owner.  It included an overview of different tax structures (C corporations, S corporations and LLCs), other structural issues (women owned businesses and business succession planning), and drafting considerations.  The panelists also discussed planning options, including the use of discounted valuations, freezing techniques and liquidity issues.