Highlights of the Conner-Zaritsky 42nd Annual Advanced Estate Planning and Administration 2021 (USB Seminar)

An overview of the bar disciplinary system as it relates to professional misconduct and the violation of the Virginia Rules of Professional Conduct.  We will review case studies based on actual Virginia Bar discipline cases with a focus on cases related to trusts and estates matters.  We will examine the specific ethical rules discussed in those cases and see how the cases ultimately were adjudicated.

This presentation will examine the use of forfeiture clauses in general and through the lens of specific Virginia cases.  Sample drafting options will be discussed to enhance the effectiveness of anti-contest prohibitions and fulfillment of grantor intent.

The generation-skipping transfer (“GST”) tax has long been a source of confusion for clients, advisors, and practitioners.  This presentation will provide an overview of the current state of the GST tax, including its history (and legislative proposals for potential changes to the tax), the funding of GST trusts, the rules for allocation of GST tax exemption to various types of trusts (and what to do when these rules are not followed), the methods (and risks) of modifying GST trusts, planning opportunities with GST trusts, and tips for drafting.

This session will address planning options and opportunities for both clients and beneficiaries who are impaired or whose capacity may be diminished, including planning for beneficiaries who suffer from addiction and best practices for clients who may be impaired or potentially subject to influence.

This session will focus on the issues that arise in the two weeks prior to the death of an individual, planning opportunities that exist during that time period, and practical and ethical concerns as they relate to death-bed planning. Additionally, the presentation will focus on the specific questions surrounding the authority to act for another individual who may be incapacitated with a focus toward planning for death. Then, the presentation will shift to consider the two weeks immediately following the death of an individual and what can be done and should be done in those initial days following death, including discussions about funeral and burial laws, control of assets, and other matters that often arise during that time period.

Can I do as I please? Well, maybe if you are a trust protector … but then again, maybe not. This session will provide a brief history of trust protectors and discuss where we are headed in Virginia. Get practical tips for drafting language related to trust protectors and how to avoid litigation.

The taxation of partnerships (and limited liability companies) can be downright confounding, confusing, complicated, and cryptic for estate planners. This presentation will provide the basics of partnership income taxation (from formation, in operation, and to termination) that all estate planners should know, including traps for the unwary and interesting planning opportunities.

This session will review transfer planning techniques and considerations in anticipation of a potential reduction in the $11.7-million estate and gift tax exemption amount, including a retroactive reduction of the exemption amount to the beginning of the year. The presentation will review potential legislative changes, the timing of such changes, and planning techniques to mitigate adverse tax consequences associated with a retroactive change in the law.