Advanced Trust & Estates 2023 (presented by NYU School of Professional Studies) (Day – 2)

Brad J. Richter, Esq. | Fried, Frank, Harris, Shriver & Jacobson

Brad J. Richter is the chair of Fried Frank’s Trusts and Estates Department, resident in the New York office. He joined the firm as a partner in 2005.

Brad’s practice focuses on all aspects of trusts and estates representation, including sophisticated tax and estate planning, the administration of large estates and trusts, succession and business planning, and the formation and operation of charitable foundations.

He represents high-net-worth individuals; principals and sponsors of private equity funds; executives, entrepreneurs, and financial services personnel; family and real estate business owners; and fiduciaries of estates, trusts and charitable organizations.

Brad counsels individuals seeking to engage in all forms of wealth transfer planning. He assists clients in structuring new business entities; transferring fund, private equity or closely-held family business interests; and establishing multi-generational trusts. He also helps clients implement general or specific charitable desires, analyze retirement plan issues, and fulfill fiduciary responsibilities with respect to unusual aspects of both foreign and domestic estates and trusts. He represents clients engaging in litigation with, or under audit by, the IRS, and clients engaging in litigation with third parties before the Surrogate’s Court on contested tax and probate matters.

Brad is recognized by Chambers USA: America’s Leading Lawyers for Business as a leading individual in Wealth Management: Eastern Region (Nationwide).

Wendy Wolff Herbert, Esq. | Fox Rothschild

Wendy advises individuals and businesses in a wide range of estate planning and tax matters.

She focuses her practice on strategic planning for the transition of wealth from one generation to the next and on business succession planning. She also has a depth of experience in handling tax controversies, advising and representing individuals and businesses before the IRS.

Melissa A. Terranova, Esq. | Fox Rothschild

Melissa concentrates her practice in all areas of trust and estate law, including trust and estate litigation, estate planning, and trust and estate administration.

Melissa represents individuals and families in designing, implementing and administering complex estate plans to help them achieve their overall wealth transfer objectives. She assists her clients with estate planning, tax planning and business succession planning.

Her practice also extends to representing beneficiaries, individual fiduciaries, corporate fiduciaries and charitable organizations in disputed matters involving estates, trusts, fiduciaries, guardianships and fraudulent transfers.

Norman Lencz, Esq. | Venable

Norm Lencz is a tax attorney who focuses his practice on matters relating to international, federal, state, and local tax. Norm advises clients on issues associated with corporations, partnerships, limited liability companies, joint ventures, real estate investment trusts (REITs), and regulated investment companies (RICs); tax-free and taxable mergers, acquisitions, and spin-offs; compensation planning; installment sales and like-kind exchanges; and real estate development and investment. His counsel covers all aspects of tax planning and tax controversy, leveraging his deep knowledge base and broad experience to provide creative solutions to any tax issues his clients confront.

Eduardo S. Chung, Esq. | Mazars USA

Practice Leader for the Tax Practice and Procedures Group, Ed has over a decade of experience representing individuals, estates, C corporations, Subchapter S corporations and other flow-through entities. He has served on a number of engagements advising on laws applicable to and the policies and procedures followed by the IRS and the various state and local tax jurisdictions in the examination of tax returns, administrative appeals of examination determinations, tax court litigation, and the collection of outstanding tax liabilities.

Prior to joining Mazars in the US, he served in nationally recognized law firms, where he participated both in the litigation of a variety tax controversies and advised clients in the tax aspects of business transactions.

Timothy Evans, Esq. | Mazars USA

Tim is a member of Mazars’s International Tax Practice.

Tim advises on a variety of inbound and outbound transactions for the International team. His current practice focuses heavily on implementation of the various international tax reform provisions of the Tax Cuts and Jobs Act.

Tim has extensive experience working with tax information reporting and withholding regimes, including the Foreign Account Tax Compliance Act and the OECD’s Common Reporting Standard. He works with the Financial Services practice on a variety of tax advisory and structuring matters.

Tim also has experience in the Controversy sector, interfacing with the tax authorities at the federal level, handling all manner of examinations, penalty abatements, and collection matters.

Tim received his B.A. from the State University of New York at Albany; his J.D., awarded magna cum laude, from New York Law School, and his L.L.M. in Taxation from New York University School of Law.

Joseph P. Scorese, Esq. | Sills Cummis & Gross P.C.

JOSEPH P. SCORESE is a Member of the Sills Cummis & Gross Tax, Trusts and Estates Practice Group. Mr. Scorese’s primary area of practice is complex estate planning and estate and trust administration for high net worth individuals and families.

Mr. Scorese counsels clients in the New York and New Jersey area and helps them design and realize both appropriate and realistic estate planning goals. He then implements those goals with customized drafting solutions utilizing the latest cutting-edge strategies including sophisticated wills, revocable trusts, irrevocable life insurance trusts (ILITs), charitable remainder trusts (CRATs and CRUTs) and charitable lead trusts (CLATs and CLUTs), family limited partnerships and limited liability companies, qualified personal residence trusts (QPRTs), grantor retained annuity trusts (GRATs) and intentionally-defective grantor trusts (IDGTs).

In the complicated area of estate and trust administration, Mr. Scorese readily and regularly engages with fiduciaries and beneficiaries to provide creative tax planning ideas which can help minimize the bite of taxation from income and capital gains taxes, estate tax, gift tax and generation-skipping transfer tax, thereby maximizing the amount of wealth passing to family. Mr. Scorese has served as an Adjunct Professor of Law at Rutgers Law School in Newark, New Jersey, and currently serves as the Program Chair for the New York University Summer Institute in Taxation’s “Introduction to Trusts & Estates” program, where he lectures on the generation-skipping transfer. He has also presented various estate planning continuing legal education programs offered S i l l s C u m m i s & G r o s s P.C. through the American Bar Association, New Jersey State Bar Association and other legal and non-legal organizations.

Mr. Scorese has received a Martindale-Hubbell®* AV Preeminent Rating, its highest rating for ethical standards and legal ability. * For ranking methodology, please see www.sillscummis.com/award-methodology.aspx. No aspect of this advertisement has been approved by the Supreme Court of New Jersey.

Paulina Mejia, Esq | Fiduciary Trust Company International

Paulina Mejia has joined the firm as regional managing director, head of its New York office, and trust counsel. Ms. Mejia’s responsibilities will include overseeing the company’s private wealth business in New York, with a focus on building the business in the Greater New York region and working directly with high-net-worth clients to develop and implement charitable, estate and wealth transfer plans. She will also serve as a member of Fiduciary Trust’s Operating Committee.

Sharon L. Klein | Wilmington Trust

As President of Family Wealth, Eastern U.S. Region, for Wilmington Trust, N.A., Sharon is responsible for overseeing the delivery of all Wealth Management services by teams of professionals, including planning, trust, investment management, family education, family office, and private banking services. Sharon also heads Wilmington Trust’s National Matrimonial/Divorce Advisory Practice.

Sharon has over 25 years of experience in the wealth advisory arena and is a nationally recognized speaker and author. Global media company Forbes has featured Sharon as a Top Advisor in multiple categories since 2020. In 2022 she was selected as one of the Top 40 Women Wealth Advisors in America, and a Best-In-New York Wealth Advisor. Leading business publication Crain’s named Sharon to its 2020 inaugural list of the Most Notable Women in Financial Advice. In 2018, she was honored by the UJA-Federation of New York Lawyers Division for her contributions to the trust & estates community and the community at large. Sharon is a Fellow of the American College of Trust and Estate Counsel, a highly selective professional organization of preeminent estate planning attorneys in the U.S. and internationally who are chosen based on outstanding reputation and exceptional skill. Sharon was inducted into the Estate Planning Hall of Fame in 2021. This honor is considered the pinnacle of accomplishment in this field. Only 125 people across the U.S. have received the award since its inception in 2004.

Sharon is a member of The Rockefeller University Committee on Trust and Estate Gift Plans, the New York Bankers Association Trust & Investment Division Executive Committee, the Estates, Gifts and Trusts Advisory Board for The Bureau of National Affairs and the Thomson Reuters Trusts & Estates Advisory Board. She chairs the Domestic Relations Committee of Trusts & Estates magazine, where she sits on the Board, and is on the Advisory Board of Family Lawyer Magazine. Sharon served on the Board of the American Brain Foundation and was a member of its Finance Committee.

Prior to joining Wilmington Trust, Sharon was Managing Director at Lazard, the internationally renowned global investment banking and management company. As Head of Wealth Advisory of Lazard Wealth Management, she led the delivery of all wealth advisory services. Before that, she headed the Estate department at Fiduciary Trust Company International. Sharon began her career as a trusts & estates attorney at Rosenman & Colin (now Katten Muchin Rosenman LLP).

Sharon, who holds U.S., British, and Australian citizenships, earned a master of laws from the Boalt Hall School of Law at the University of California, Berkeley, received a bachelor of arts and a bachelor of laws from the University of New South Wales, Australia, and is a Certified Divorce Financial Analyst.

Jerome M. Hesch, Esq. | Meltzer, Lippe, Goldstein & Breitstone

Jerome M. Hesch is Counsel to the firm’s Business & Real Estate Taxation, Trusts & Estates, Tax Exempt Organizations and Private Wealth & Taxation Practice Groups. Prior to joining the firm, Jerry served as an income tax and estate planning consultant for lawyers and other tax planning professionals throughout the country. Jerry was a consultant for Meltzer, Lippe, Goldstein & Breitstone, LLP, Dorot & Bensimon PL, Jeffrey M. Verdon Law Group and Oshins & Associates LLC.

Jerry is the Director of the Notre Dame Tax and Estate Planning Institute and is on the Tax Management Advisory Board. Jerry is a Fellow of the American College of Trusts and Estates Council and the American College of Tax Council. He is also a member of the NAEPC Estate Planning Hall of Fame. He has published numerous articles, Tax Management Portfolios, and co-authored a law school casebook on federal income taxation, now in its fourth edition.

Jerry presented papers for the University of Miami Heckerling Institute on Estate Planning, the University of Southern California Tax Institute, the Southern Federal Tax Conference and the New York University Institute on Federal Taxation, among others. He has participated in several bar association projects, including the Drafting Committee for the Revised Uniform Partnership Act.

He was with the Office of Chief Counsel, Internal Revenue Service (1970-1975) and was a full-time law professor at the University of Miami School of Law and the Albany Law School of Union University for twenty years. He continues to teach courses as an adjunct law professor and has taught courses for Vanderbilt University Law School, University of Miami School of Law Graduate Program in Estate Planning, University of Buffalo School of Law, Florida International School of Law, On-Line LL.M. Programs for University of San Francisco Law School and Boston University School of Law. In addition, he was the Director of the Graduate Program in Estate Planning at the University of Miami from 1982-1992.

N. Todd Angkatavanich, Esq. | McDermott, Will & Emery

Todd Angkatavanich focuses his practice on advanced wealth and succession transition planning. He regularly creates and implements wealth planning and investment structures to provide for the orderly and tax-efficient transition of family assets from one generation to the next while providing for the effective stewardship of family assets for future generations. He also educates future generations on the non-tax concepts of engagement and flexible stewardship for families to achieve effective, long-term wealth preservation coupled with beneficial enjoyment.

Todd represents both national and international families and family offices in structuring multigenerational wealth transfer, preservation and business succession vehicles, with an emphasis on navigating the transfer tax pitfalls that often arise under Chapter 14 of the Internal Revenue Code. Todd’s practice often involves structuring vehicles such as Sales to Grantor Trusts, Grantor Retained Annuity Trusts (GRATs), Family Limited Partnerships, Preferred “Freeze” Partnerships as well as “Vertical” and “Non-Vertical” approaches to planning with carried interests in private investment vehicles.

Todd has published articles in publications such as Trusts & Estates, the American College of Trust & Estate Counsel (ACTEC) Law Journal, Estate Planning, Bloomberg/Tax Management, the Society of Trust & Estate Practitioners (STEP) Journal and other publications. Todd is co-author of Bloomberg/Tax Management Portfolio No. 875, entitled “Wealth Planning with Hedge Fund & Private Equity Fund Interests.” A frequent speaker, Todd has given presentations for a number of organizations including the Heckerling Institute on Estate Planning, ACTEC, the Notre Dame Tax & Estate Planning Institute, the University of Southern California Tax Conference, the Seattle Estate Planning Conference, the American Institute of Certified Public Accountants (AICPA) as well as numerous other estate planning conferences and family office groups.

George D. Karibjanian, Esq. | Franklin Karibjanian & Law, PLLC.

George D. Karibjanian is a Founding Member of Franklin Karibjanian & Law, a national boutique law firm based in Washington, D.C., with additional offices in Boca Raton, Florida and Naples, Florida. George is Board Certified by the Florida Bar in Wills, Trusts & Estates and is a Fellow in the American College of Trust and Estate Counsel, and is licensed to practice in Florida, D.C., Maryland and Virginia.

George divides his time between the firm’s Boca Raton and Washington offices, spending the majority of his time in Boca Raton.

He earned his B.B.A. in Accounting from the University of Notre Dame in 1984, his J.D. from the Villanova University School of Law in 1987, and his LL.M. in Taxation from the University of Florida in 1988. George has practiced his entire legal career in South Florida (over 33 years), practicing exclusively in the areas of estate planning and probate and trust administration, and also represents numerous clients with respect to nuptial agreements. George has participated in over 200 formal presentations, either individually or as part of a panel discussion, to national, state-wide and local groups, and has over 80 publication credits in national and regional periodicals and journals. Born and raised in Vineland, New Jersey (in the heart of South Jersey), George has called Boca Raton home since 1988.

On the topic of the Uniform Voidable Transactions Act and its potential negative effect on estate planning, George has published many articles and has lectured in cities across the nation such as Las Vegas, Nashville, New York, Phoenix, Portland (Or.), San Diego, San Francisco, and Wilmington (Del.), and presented webinars to groups in South Dakota and Alaska. George has also presented on the topic in October 2016 at the 42nd Annual Notre Dame Tax and Estate Planning Institute in South Bend, Indiana.

On the topic of same-sex estate planning, George has lectured at various conferences and estate planning councils throughout the United States and has published numerous articles in publications such as Steve Leimberg’s LISI Estate Planning Newsletters, Trusts & Estates Magazine and the Florida Bar Journal. George has also been quoted by several publications and websites.

George was a presenter at the 48th Annual Heckerling Institute on Estate Planning in Orlando in 2014, speaking on a panel discussion titled, “Living and Working with the Uniform Principal and Income Act,” focusing on the tax effects on the power to adjust trust principal to income, the power to convert an income trust to a unitrust, comparing the various unitrust statues and focusing on potential litigation facing fiduciaries in this area.

George’s other lectures have included topics such as Portability, Decanting, Trustee Selection and Duties, the Principal and Income Act, Current Developments in Estate Planning and Taxation, Representing a Client with Potential Capacity Issues, Whether a Supplemental 706 is Required, Inter-Vivos QTIP Planning, Prenuptial Agreements for the Estate Planner, Florida Homestead and the Advantages and Disadvantages of Domestic Asset Protection Trusts.

Richard H. Greenberg, Esq., CPA | Greenberg & Shulman, Attorneys at Law

Admitted to practice:

• New York, 1978
• Georgia, 1978
• U.S. District Court, Southern and Eastern Districts of New York, 1978
• New Jersey and U.S. District Court, District of New Jersey, 1979
• U.S. Tax Court, 1980
• U.S. Court of Appeals, Third Circuit, 1981
• U.S. Court of Appeals, Second Circuit, 1982
• U.S. Supreme Court, 1983

Awards and honors

• AV® Preeminent™ Peer Review Rated by Martindale-Hubbell®
• Included in the Bar Register of Preeminent Lawyers
• Included in the list of “Super Lawyers” by New Jersey Magazine
• Included in the list of “Best Lawyers” by New York Magazine
• Recipient of the coveted Alfred C. Clapp Award of the New Jersey Institute for Continuing Legal Education for his outstanding contributions and his ongoing commitment to the advancement of continuing legal education.

Education

• New York University, LL.M., 1982
• St. John’s University, J.D., with honors, 1977
• Case Western Reserve University, B.B.A., Accounting, cum laude, 1970

Areas of Practice

• Taxation
• Estate planning
• Estate administration
• Corporate law
• Contracts

Eric M. Fischer, Esq. | Skadden, Arps, Slate, Meagher & Flom

Counsel, Private Clients/Trusts and Estates.

DAY 1: THURSDAY, JULY 20, 2023

PLANNING ISSUES AND PROBLEMS WITH RESPECT TO DECANTING TRUSTS – Kathleen Costello, CMP, Assistant Director, NYU School of Professional Studies, New York, NY, Brad J. Richter, Esq., Partner, Fried, Frank, Harris, Shriver & Jacobson, New York, NY, Wendy Wolff Herbert, Esq., Partner, Fox Rothschild, Princeton, NJ, Melissa A. Terranova, Esq., Partner, Fox Rothschild, Princeton, NJ and Morristown, NJ | 8:40am – 10-15am

Decanting is a powerful option in an estate planner’s toolbox. Under the right circumstances, it can be used to modify an irrevocable trust to address changes in applicable law or a beneficiary’s circumstances, or to make administrative changes, such changing the appointment and succession of trustees. In this session the speaker discusses when decanting may be appropriate, state laws governing decanting, tax issues, and alternative methods for modification when decanting won’t work.

ADVANCED PLANNING FOR REAL ESTATE – Norman Lencz, Esq., Partner, Venable, Baltimore, MD | 10:15am – 11:30am

Changes in the law in recent years have had a particularly significant impact on owners of real estate. While the new rules certainly create many opportunities for tax savings, careful planning is necessary to ensure that owners of real estate take maximum advantage of these new opportunities. While there have been clarifications over the years, many unanswered questions as to how the rules will apply still remain. This presentation assists in understanding how to best navigate planning for real estate under long-established and more recent rules, and includes planning tips and ideas to maximize use of the 20% pass-through deduction, as well as an in-depth analysis of the impact of the rules on the “choice-of-entity” decision for real estate.

BREAK | 11:30am – 11:45am

REPORTING FOR FOREIGN ASSETS AND ACTIVITIES BY US TAXPAYERS INCLUDING TRUSTS AND ESTATES – Eduardo S. Chung, Esq., Principal, Mazars USA, New York, NY, Timothy Evans, Esq., Principal, Mazars USA, New York, NY | 11:45am – 1:00pm

Foreign assets and activities present a minefield for US Taxpayers. Discussion focuses on international reporting requirements and compliance relevant to US persons engaged in cross-border transactions. Foreign information returns discussed include Forms 926, 5471, 5472, 3520, 3520-A, 8858, 8865, 8621, 8938 and FinCEN Form 114 (FBAR).

LUNCH RECESS | 1:00pm – 2:00pm

ETHICS/DIVERSITY AND INCLUSION SESSION: VIVA LA FAMIGLIA! ADVISING DIVERSE CLIENTS AND THE FAMILIES IN A CHANGING ESTATE PLANNING WORLD – Joseph P. Scorese, Esq., Member, Sills Cummis & Gross., New York, NY, and Newark, NJ, Paulina Mejia, Esq., National Fiduciary Counsel, Fiduciary Trust Company International, New York, NY, Brad J. Richter, Esq., Partner, Fried Frank, Harris, Shriver & Jacobson, New York, NY | 2:00pm – 3:15pm

Estate planning practitioners now face a myriad of subtle considerations when counselling clients. Attorneys in this practice area who are insensitive to a client’s unique family configuration do so at their peril. This panel presentation highlights the changing face of diverse family situations for clients in the world of estate and trust planning. Specific circumstances that are explored include age diversity between spouses, providing for children born through assisted reproductive technology (ART) or adoption, planning for LGBTQ spouses, partners and children, and special considerations involving geographic, cultural and religious diversity. Practical tips in understanding and relating to a client’s individual needs and desires and proposing and implementing flexible and dynamic solutions are discussed. [CLE credits may be available for ethics and diversity and inclusion where applicable.]

DIVORCE – MINIMIZING IMPACT & MAXIMIZING LEVERAGE – Sharon L. Klein, EVP, President, Family Wealth, Eastern US Region, Head of National Divorce Advisory Practice, Wilmington Trust, NA, New York, NY | 3:15pm – 4:30pm

This session covers important tools, techniques and other considerations advisors need to know to advantageously position their clients in the event of divorce, whether counselling clients before, during or after marriage. With the increasing overlap among different professional disciplines, there is much to be gained from having cross-disciplinary fluency, particularly in light of recent tax law changes in the divorce context, which are discussed.

DAY 2: FRIDAY, JULY 21, 2023

CRT INTERESTS: SAVE, SELL OR SACK? AN ECONOMIC ANALYSIS – Jerome M. Hesch, Esq., Of Counsel, Meltzer, Lippe, Goldstein & Breitstone, Boca Raton, FL | 8:45am – 10:00am

An evaluation of the three alternatives and which alternative is the most attractive for the individual holding the annuity interest or the unitrust interest of a Charitable Remainder Trust (CRT) depending on (i) the trust’s classification as an annuity trust or a unitrust, (ii) the income tax character of the asset contributed to the trust, such as cash, an appreciated asset, or an asset with little or no built-in gain, (iii) the Section7520 rate if the trust is an annuity trust, and (iv) the nature of the income-producing assets currently held in the trust. This session and its materials demonstrate the circumstances (i) when an early termination is financially better than a sale of the lead interest to a third-party for cash, (ii) when a sale of the lead interest is better than an early termination, and (iii) when continuation of the trust can be financially more attractive. The materials explain the financial impact from the required use of the Section 7520 mortality tables that over value the charitable remainder interest. The materials use numerical examples to illustrate the financial impact for each alternative that allows one to communicate the results for each alternative to a client in an understandable manner.

SUPERCHARGING TRUSTS: ADVANCED TECHNIQUES TO GIVE AN OCTANE BOOST – N. Todd Angkatavanich, Esq., Partner, McDermott, Will & Emery, New York, NY | 10:00am – 11:15am

Once established, trusts can be powerful mechanisms for continuing to provide clients with additional tax benefits. “Supercharging” trusts – pushing more and more appreciation into one or more tax-free pots – can be accomplished in a number of ways. This session explores several of those techniques, focusing on the preferred freeze partnership as a way to achieve multi-generational tax benefits for a family using leverage and a variety of configurations. The session also touches upon various issues, pitfalls and planning opportunities that should be considered in connection with these structures.

BREAK | 11:15am – 11:30am

BACK-END SLATS: STATE-SANCTIONED AND VALUABLE, OR FOOL’S GOLD? – George D. Karibjanian, Esq., Member, Franklin Karibjanian & Law, PLLC, Boca Raton, FL & Washington, DC | 11:30am – 12:45pm

This presentation explores the genesis of the “Back End SLAT,” the associated potential transfer tax pitfalls and the preferred method for drafting a Back End SLAT. As 2026 quickly approaches, the SLAT once again becomes the dominant planning vehicle of choice for married couples. As the basic exclusion amount has seemingly exponentially increased, wealthier spouses are becoming a bit more hesitant to engage in a SLAT for two reasons: divorce and the unanticipated death of the done spouse. These issues become relevant because, should either occur, the wealthier spouse would lose all access to the SLAT funds. To combat that risk, creative planners developed the “Back End SLAT” under which it is possible for the donor spouse to retain an interest in the SLAT if the done spouse predeceases the donor spouse and, in some jurisdictions, if a divorce occurs. In 2022, Florida became the 10th jurisdiction to adopt a specific statute authorizing the Back End SLAT. Even if state law blesses the approach, does it really work to avoid estate taxation upon the death of the donor spouse? Therein lies the theme for this presentation.

LUNCH RECESS | 12:45pm – 1:45pm

STATE INCOME TAXATION OF TRUSTS – Richard H. Greenberg, Esq., CPA, Member, Greenberg & Shulman, Attorneys at Law, Woodbridge, NJ | 1:45pm – 3:00pm

This topic has come to the forefront of wealth transfer planning with a bevy of cases that have changed the dynamic as to how States can – and cannot – tax trusts. Numerous trusts are paying income taxes that may not be required to do so; others could avoid or reduce State income tax burden with simple changes; and still others are paying taxes to multiple States for no reason in certain circumstances. This discussion focuses on current law and critical concepts to understand how trusts can better their State income tax exposure with significant corresponding savings.

BREAK | 3:00pm – 3:15pm

SUMMER (TAX) FUN IN THE SUN WITH 2701 – Eric M. Fischer, Esq., Counsel, Skadden, Arps, Slate, Meagher & Flom, New York, NY, N. Todd Angkatavanich, Esq., Partner, McDermott, Will & Emery, New York, NY | 3:15pm – 4:30pm

This program discusses the technical provisions of Section 2701 including historical context and various planning pitfalls. It also includes a discussion of advanced planning applications with Section 2701, including Preferred Partnerships, Carried Interest Transfer Planning and Profits Interests.