43rd Annual Trusts and Estates Seminar 2024

Webcast:

10 minutes prior to seminar. If you register for a webcast the day of the seminar, your e-mail receipt will include a link to launch the seminar and download the materials.

Telephone:

Online registration ends at 11:59 p.m. the day preceding the seminar
Call (800) 979-8253 to register up to one hour prior to the seminar

Live on Site:

Online registration ends at 11:59 p.m. the day preceding the seminar
Walk-in registration is permitted on a space-available basis

This outline covers all the past year’s legislation, cases, regulations, revenue rulings and procedures, and selected private letter rulings and proposed legislation regarding the income, estate, gift, and generation-skipping transfer tax laws of importance to estate planning.

The latest on new Virginia legislation and case law.

Marital Deduction and QTIP trusts can be an invaluable tool for trusts and estates attorneys if used properly. Failure to comply with the rigid requirements of qualifying for the marital deduction can have millions of dollars of tax consequences. Attorneys from Schooley Law Firm, PC will address some of the common pitfalls of marital deduction and QTIP planning, how to avoid them, and how to correct mistakes. Topics of discussion include:

• The requirements to qualify for the marital deduction;
• A case study demonstrating innocuous language that can disqualify a trust from the marital deduction, and how to avoid making these mistakes;
• When boilerplate provisions can defeat the marital deduction; and
• How to fix an intended QTIP trust post-mortem.

The Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) dramatically changed the rules applicable to retirement plans—delaying and raising the required minimum distribution (“RMD”), seriously limiting the stretch distributions of inherited IRAs and in many cases replacing it with a 10-year payout period and creating a special category of beneficiaries called Eligible Designated Beneficiaries (“EDB”). The SECURE Act is certainly the most important retirement legislation since the Pension Protection Act in 2006. As some provisions were unclear, the SECURE Act 2.0 was enacted at the end of 2022 and the IRS has issued 3 notices, 2022-53, 2023-54, and 2024-35, that provide RMD relief for some beneficiaries. Additional final regulations will become effective in 2025.

This session will explore various ethics issues practitioners may encounter in the areas of Trust and Estate Planning and Administration. Common fact patterns and issues will be surveyed and discussed, with a focus on analyzing the relevant ethical rules and providing practical suggestions as to how and if practitioners may assist clients within the bounds of our professional rules.

Back by popular demand: A moderated panel featuring several leading Virginia trusts and estates experts focusing on pressing issues facing lawyers in trusts and estates practice.