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The Trustee Selection Minefield: 20 Tax Traps and Other Non-Tax Considerations

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Description

FSP Members, the archived video recording is available for two years and can be viewed here in the members only area.

Cosponsored by

 

Program Overview

“The avoidance of taxes is the only intellectual pursuit that still carries any reward.”

                                                           - John Maynard Keynes

 

Trusts invariably are an integral part of the modern day estate plan. But even the most thoughtful planning can be rendered problematic due to poor trustee structure. Consequences can range from positioning for inefficient income taxation to undesired estate tax inclusion. Some dangers are overt; others lurk in the shadows – but don’t blame the IRS (or others) if you aren’t paying enough attention to avoid them!

 

Attendees will learn:

  • How to select a trustee

  • How to structure a trustee’s power to minimize gift, estate, and income tax liabilities

  • Tax implications of selecting trust grantors or beneficiaries as trustees

  • Best practices for choosing trustees and structuring powers that avoid the unintended tax issues that can arise under IRC Sections 2036, 2038, and 2041 relating to the transfer of power and powers of appointment.

Featured Speakers:

Mark R. Parthemer, Esq., AEP is Managing Director and Senior Fiduciary Counsel at Bessemer Trust. In this role, he is responsible for working with clients and their advisors to develop practical and efficient wealth transfer plans and for guiding the firm on fiduciary issues. He is a member of the firm’s Estate Planning and Advanced Implications Modeling Committees. Prior to joining Bessemer, Mark was Partner at Duane Morris, LLP. He is a nationally recognized speaker, published author, and quoted in national publications, including The Wall Street Journal, Money magazine, Barron’s, NY Times and Washington Post. Mark is an ACTEC Fellow and holds leadership positions in the Real Property Trust and Estate Section of the ABA, the Florida Bankers Association, and Synergy Summit. He is an associate editor of the Journal of Financial Service Professionals. Mark earned a J.D. from Dickinson School of Law, as well as a B.A. and B.S. in philosophy and government from Franklin and Marshall College. He is an Accredited Estate Planner, and a member of the Florida and Pennsylvania Bar Associations.

 

Sasha A. Klein, Esq., LLM is a partner in the private wealth group at with Ward Damon, PL. "Helping protect your legacy - from the simple to the most sophisticated!" To that end, Sasha counsels affluent individuals and families in personal tax and estate planning. She advises on structuring wealth to achieve client goals, including protecting against risk and minimizing income, estate, gift and generation-skipping transfer taxes, often over multiple generations. Her experience also includes advice on trustee and family governance structures to preserve business enterprises and manage potentially sensitive family dynamics. Sasha oversees these structures throughout the estate and trust administration process. Sasha also advises the firm’s fiduciary litigators on tax, trust and estate matters. Sasha holds a post doctorate degree in tax law. She loves helping individuals and families solve their most sensitive issues. She has earned AV® Preeminent™ Peer Review Rating by Martindale-Hubbell, a professional rating indicating the highest ethical standards and professional ability and an AVVO top rating of 10. In addition to practicing estate/tax planning, she lecturers nationally and is a frequent published author on a range of estate planning, wealth management and tax law topics. She is very active in the Trust and Estate sections of the American and Florida Bar, holding numerous leadership roles.

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