10:00 AM
The Dangers of Your Tax Breaks Expiring Before You Do
This session will discuss planning opportunities in the current economic climate, tax proposals that would impact planning strategies, and the potential impact of the scheduled sunset of certain provisions of the 2017 Tax Act. Participants will be able to (i) prepare for the scheduled sunset of certain provisions of the 2017 Tax Act; (ii) understand how and why rising interest rates should be incorporated into clients’ estate plans; (iii) gain insight into certain 2024 Greenbook proposals, including proposals to eliminate defined value clauses, significantly impair grantor trust planning, curtail marketability and minority interest discounts, and increase tax rates; (iv) consider options that may avoid a state estate tax on death; and (v) understand the 2023 inflation adjustments to estate, gift, generation-skipping transfer, and income tax structures.
Sanford J. Schlesinger, Esq.
11:00 AM
The Income, Estate, and Trust Issues That Arise From NY (and CT, NJ, and MA) Residency and How to Effectively Change Your Domicile.
According to The Wall Street Journal, New Yorkers who reported over $21 billion of income to the IRS recently changed their residences to low- or no-tax states — Florida being the most popular. Given this exodus of high-net-worth taxpayers, states like New York are scrutinizing these moves like never before. This session will discuss how tax auditors evaluate purported changes of domicile and will identify some potentially problematic areas for the unwary.
Mark S. Klein, Esq.
12:00 NOON
Latest New York Tax and Planning Developments
Hear about the most important recent developments, trends, and estate planning ideas, including latest legislative developments, case law updates, estate, gift, and other tax law changes, tips to protect your clients and yourselves from liability, and other breaking state-level developments.
Sharon L. Klein, Esq.
2:00 PM
Charitable Gifts in a Time of Declining Individual Philanthropy
With charitable giving by individuals down last year, we will discuss what and how people are gifting to charity these days and the income, estate, and gift tax consequences of these gifts. In addition, compliance issues, substantiation rules, and legislation will be reviewed.
Stanley Baumblatt
Jeremiah W. Doyle, IV, Esq.
Alan S. Gassman, J.D., LLM
Martin M. Shenkman, J.D., CPA, M.B.A.
3:00 PM
Section 642(c) – The Income Tax Charitable Deduction for Estates and Trusts
This program discusses the complex statutory requirements for obtaining an income tax charitable deduction for an estate or trust. Some of the issues discussed are (i) whether the exercise of a power of appointment in favor or charity is deemed to be paid “pursuant to the terms of the governing instrument,” (ii) whether an estate or trust is entitled to a charitable deduction for charitable contributions made by a pass-through entity, (iii) whether a charitable contribution required under the terms of a will or trust settlement agreements qualifies for the Section 642(c) deduction.
Jeremiah W. Doyle, IV, Esq.
4:00 PM
Planning Nuggets, Tips, and Some New Developments
Plan only for excess capital. Formula valuation clauses in estate transfers can be structured and administered better. Observe formalities: recent cases demonstrate a theme to IRS audit challenges. Fix a bad SLAT? Risks to consider in SPATs, DAPTs, and similar SLAT-like techniques. Administering tax reimbursement clauses. Do annual gifts make sense anymore? Other tips, ideas, and new developments.
Martin M. Shenkman, J.D., CPA, M.B.A.
5:00 PM
Helping a Client Navigate the Sale of Their Business
Many clients sell their business only once and need assistance in understanding the process. This program will provide an overview of how legal and accounting professionals can assist the client in the many facets of these transactions, including valuing the business, the income and estate tax aspects, due diligence, understanding the contract terms, net working capital, liquidity and quality of earnings calculations, GAAP requirements, and how these deals are sometimes structured in layers and with deferred or noncash payments. From the legal point of view, key letter of intent and contract clauses and issues will be covered.
Edward Mendlowitz, CPA, PFS, ABV, CFF
