The Thursday Report – 8.21.14 – Back to School Edition

Thinking Through When Equal Division of Assets May Become Distorted by Lifetime Gifts, Loans, Joint Accounts, and Beneficiary Designations

School Bus Yield Laws

QLAC Article – Revisited – Part 1 of 3

Special Saturday Professional Acceleration Workshop – Saturday, September 27, 2014 in Naples, Florida

What Estate Planning and Other Lawyers Need to Know About Bankruptcy, an article by Alberto F. Gomez and Alan S. Gassman, Part 6

Thoughtful Corner – Why Good Things Happen to People Who Help Others

Coming Next Week

Humor! (or Lack Thereof!)

We welcome contributions for future Thursday Report topics. If you are interested in making a contribution as a guest writer, please email Janine Gunyan at Janine@gassmanpa.com.

 This report and other Thursday Reports can be found on our website at www.gassmanlaw.com.

 Thinking Through When Equal Division of Assets May Become Distorted by Lifetime Gifts, Loans, Joint Accounts, and Beneficiary Designations

How often have you prepared Wills or Trusts that provide for equal division between certain individuals, and later find that the client has done things outside of the Will or Trust that will impact the economics of the situation?

The following clauses should be self-explanatory, and useful to many estate planners and clients:

I recognize that my daughters, ___________________and ___________________, and their descendants, are beneficiaries of the ___________________ 2012 IRREVOCABLE TRUST dated January 15, 2012, the ___________________IRREVOCABLE TRUST dated July 29, 2010, and the ___________________REVOCABLE LIVING TRUST and the trusts established thereunder to the extent that any assets held thereunder are not made payable to this Trust by exercise of a power of appointment or otherwise (the “Other Trusts”). It is my desire that the assets held under this Trust or payable to this Trust that comprise the Trust estate, and all assets held under the above-referenced Other Trusts be taken into account upon my death for the purposes of the two-thirds (2/3) and one-third (1/3) dispositions described in subsection (a), (b) above for the primary benefit of my descendants and ___________________, respectively, notwithstanding that ___________________ is not a permissible beneficiary of said Other Trusts.

Therefore, the trusts established under this Agreement upon my death for my descendants and for ___________________ as provided above in subsections (a) and (b) shall be balanced so that all assets held under the trust or trusts established for ___________________ are equal in value to one-third (1/3) of the sum of (i) the aggregate net value of the assets comprising the rest, remainder and residue of the Trust estate; and (ii) the aggregate net value of the assets held under said Other Trusts, upon my death. The remaining two-thirds (2/3) of the value of the assets held under or made payable to this Trust that comprise the Trust estate shall be payable to the trust or trusts established for my descendants, per stirpes, as provided in subsection (b) above.

It is my intention presently that ___________________ and I will not have significant assets owned jointly with right of survivorship, and that I will not be using pay on death accounts. It is further my intention that IRA accounts will be made payable to one-third to the trust established for ___________________, and two-thirds to the trust established for my descendants, and I acknowledge that I am modifying the applicable beneficiary designation paperwork to facilitate same on or about even date with the execution of this Trust Agreement. Notwithstanding these intentions, if the inheritance of ___________________ and/or my descendants is changed by the use of joint assets held with right of survivorship or as tenants by the entireties that exceed $50,000 in the aggregate and/or pay on death accounts, then the shares above shall be adjusted so that the overall benefits passing to and for the benefit of ___________________ and my daughters, ___________________and ___________________, result in the one-third (1/3) and two-thirds (2/3) division described above. For example, if all assets passing under this Trust to be divided are worth $1,000,000 at the time of my death and there is a $250,000 joint account held with ___________________ that was fully funded by me (including interest accruing on that account after I have placed it in joint names), then there will be a total of $1,200,000 to be divided, so that ___________________ would receive $200,000 in trust in recognition of the $250,000 joint account assets being hers, and the Trusts for my daughters and their descendants would be based upon $400,000 each passing from the Trust.

Further, while I do not intend to lend money to ___________________ or to any of my descendants or to give them large gifts, the above division shall be changed to take into account any loans exceeding $20,000 that I have given to any individual who becomes a Primary Beneficiary under this Trust or any Trust established hereunder upon my death that have not been repaid by having the amounts owed under such loan or loans, with accrued interest, considered as being held by the applicable trust for such beneficiary, regardless of whether such loan or loans are collectible, and even if payment or collection on such loan or loans have been written off or cancelled by reason of uncollectibility or the running of any statutes of limitations. Further, any gift given after execution of this Second Amended and Restated Trust Agreement to an individual who becomes a Primary Beneficiary of this Trust or any trust established hereunder at the time of my death during my lifetime that has exceeded $20,000 during any calendar year shall cause further reduction in the share of such Primary Beneficiary, as if such gifts were added as a trust asset. For example, if before my death I have loaned one of my daughters $100,000 and gifted her $50,000 in a single year, then, based on the example in the previous paragraph, $1,350,000 would be the total amount of assets considered to be divided for the purposes of the one-third/two-thirds dispositions described in subsections (a) and (b) above, and the trust for ___________________ would receive $250,000 of assets held under this Trust (in addition to the $250,000 passing to her outright by virtue of our joint account with right of survivorship), the trust for the daughter to whom I have gifted and loaned funds would be $400,000 of assets (which will be comprised of the $100,000 loan to said daughter during my lifetime), and the trust for my other daughter would receive $450,000 of assets.

School Bus Yield Laws

School is back, and so are school buses.

The primary function of a school bus is to get children safely to school and then back.

We can all help, and also avoid getting tickets, by knowing and following the below summarized traffic rules relating to school buses:

When a school bus stops and displays the stop signal, any person driving on the road or highway, in either direction, must come to a complete stop. The vehicle may not pass the bus until the stop signal has been withdrawn.

If a vehicle is traveling in the opposite direction of the school bus on a highway that is divided by at least five (5) feet of unpaved space, a raised median, or a physical barrier, the vehicle is not required to stop. ¹

And while at it, let’s refresh our knowledge of what to do when there is an ambulance or police vehicle with a siren:

Upon the approach of an emergency vehicle displaying lights and sirens, the driver of every vehicle must pull over to the right-of-way in a position parallel to the closest edge of the curb and shall remain there until the emergency vehicle has passed.

If an emergency vehicle is parked on the side of the two-lane road and emergency signals are being displayed, the driver of any approaching vehicle must change lanes so that the lane closest to the emergency vehicle is empty. If the approaching vehicle is not able to change lanes, the driver must reduce his/her speed down to 20 MPH if the posted speed limit is 25 MPH or greater or 5 MPH if the posted speed limit is 20 MPH or less. ²

 What are the requirements when you have been in a small accident and you and the people who rear ended you have your vehicles in the middle of the road and you have called the police?

If a vehicle has been involved in a “fender bender” where there is only vehicle damage, the driver must immediately stop the vehicle at the scene of the crash. Every stop must be made without obstructing traffic more than necessary, however, if the vehicle is obstructing traffic the driver must make every reasonable effort to move the vehicle so it does not block the regular flow of traffic. ³ 

And it never hurts to remind ourselves of red light etiquette, especially with the overpopulation of red light cameras:

When approaching a red light, the driver of the vehicle must come to a complete stop either at the stop line or before entering the crosswalk. If the driver has a view on the approaching traffic at the red light intersection, the driver may make a right turn, but must yield the right-of-way to pedestrians and to the proceeding traffic.

When driving on a one-way street that intersects another one-way street where the traffic flows to the left, the driver must come to a complete stop at the red light; however, the driver may make a left turn onto a one-way street. The vehicle must yield the right-of-way to pedestrians and to the proceeding traffic.⁴

^{1Florida Statute ‘316.172
2 Florida Statute ‘316.126
3 Florida Statute ‘316.061
4 Florida Statute ‘316.075}

QLAC Article – Revisited, Part 1

The following is part 1 of our article that was featured on Leimberg Information Services yesterday.  We thank Steve Leimberg and his staff at Leimberg Information Services for allowing us to reprint this article for Thursday Report readers.

Alan Gassman, Christopher Denicolo & Brandon Ketron: A Practical Approach to Qualifying Longevity Annuity Contracts (QLACs) – Using the (King) L.E.A.R. (Life Expectancy And Return) Analysis to Determine Whether Clients Should Invest in Specially Designed Annuity Products under Their IRA or Qualified Retirement Plans

 “Who loses and who wins; who’s in, who’s out; And take upon’s the mystery of things…”

EXECUTIVE SUMMARY:

The insurance industry received a July 4^th gift from the Internal Revenue Service in the form of a Final Regulations released on July 1, 2014 which make it possible to place a portion of IRA and retirement plan investments into fixed annuities called “Qualified Longevity Annuity Contracts” (QLACs) that will enable the IRA holder or plan participant to avoid the required minimum distribution rules that apply after age 70½ to the extent that IRA or plan assets are held under such vehicles.  The maximum amount that can be contributed into such fixed annuities under an IRA or pension will be the lesser of $125,000 or 25% of the value of the IRA or retirement plan account as of the time of the investment.  The $125,000 limitation applies cumulatively to all IRAs and retirement accounts that the taxpayer has, and the 25% limitation applies cumulatively to the account balance of all of such IRAs and retirement accounts.

Essentially, the value of such contracts will not be considered to be assets of the IRA or retirement plan for purposes of the required minimum distribution rules until the owner is age 85.  The authors have developed the L.E.A.R. (Life Expectancy And Return) analysis spreadsheets to enable planners to determine if and when QLACs will be worthwhile for their clients.  The main factor is the expected life expectancy of the account holder and their surviving spouse.

The basic QLAC requirements are that the annuity contract must state that it will pay fixed dollar amounts at stated intervals over a number of years for the life of a taxpayer, beginning no later than when the taxpayer attains the age of 85.  These payments distributed from the QLAC are fully taxable, and will not count towards the individual’s required minimum distribution obligations relating to non-QLAC retirement plan assets.

If the taxpayer dies before he or she has received payments equal to the amount paid for the contract, the contract may offer a return of premium option, but this option is not required by the Regulations.  The return of premium amount can be paid to the beneficiary’s IRA or retirement account, but no more than the premium amount can be paid under this option.  Thus, if the taxpayer dies before he or she has received more than his or her investment back there is, at best, a zero rate of return.

On the other hand, if the taxpayer or his or her designated beneficiaries have a life payment contract, and outlive their applicable life expectancy, then the rate of return on the contract can be positive, and they can be assured of “never running out of money.”  However, inflation and taxes may cause the real value of the payments to be lower than one might expect.  Wealthy clients with long life expectancies may therefore be well suited to purchase $125,000 in QLACs for their IRA or retirement plans.

FACTS:

The applicable Final QLAC Treasury Regulations at Sections 1.401(a)(9)-5, Q & A-3, 1.401(a)(9)-6, Q & A-12, 1.401(a)(9)-6 Q & A-17, 1.403(b)-6(e)(9) and 1.408-8, Q & A-12 allow QLACs to be held under non-Roth IRAs, defined contribution plans, and Section 403(b), and 457(b) plans, but not under defined benefit plans or Roth IRAs[i].  These Final Regulations replace Proposed Regulations that were issued in 2012 to allow commentary on this concept.    The Final Regulations are substantially similar to the 2012 Proposed Regulations, with minor changes that are noteworthy as to policy and application.

According to the Final Regulations, QLACs may not be variable or equity indexed annuities, even if they offer a guaranteed minimum rate of return, unless or until explicitly approved by the Internal Revenue Service. Instead, QLACs must be annuity contracts with a fixed rate of return, life payment, or other similar features.  The preamble to the new Regulations point out that variable and equity indexed annuities with contractual guarantees provide an unpredictable level of income to the holder and are therefore inconsistent with the purpose of the new Regulations.  It is interesting that hybrid index annuity sales literature often touts protection of principal and reliable rates of return.  The drafters of the new Regulations seem to disagree with these assertions.

QLAC Math: Donald Duck in Mathematics Land?

The premiums paid for a QLAC cannot exceed the lesser of $125,000 or 25% of the IRA or pension account balance as of the last valuation date preceding the date of a premium payment. This is increased for post-valuation date contributions added to the account and decreased for post-valuation date distributions made from the account.  The QLAC’s value is excluded from the account balance that is used to calculate the annual required minimum distributions. However, the value of the QLAC is included for applying the 25% limit. The IRS kept the dollar and percentage limit to “constrain undue deferral of distribution of an employee’s interest.”[ii]

Next Calendar Year Correction Right – The Proposed Regulations stated that if the above premium limits were exceeded, then the contract would fail to be a QLAC.  Fortunately, the Final Regulations provide that the contract will not fail to be a QLAC if any such excess portion is returned to the taxpayer’s non-QLAC portion of his or her retirement plan or IRA by the end of the calendar year following the calendar year in which the excess premium was paid.  This excess can be returned to the account in cash or in the form of an annuity contract that is not intended to be a QLAC. If at any time the QLAC or intended QLAC contract fails for reasons other than exceeding premium limits, the contract will not be treated as a QLAC from the date of the first premium payment.

Inflation Adjustments to $125,000 Amount in $10,000 Increments – The $125,000 dollar amount limitation described above will be adjusted for inflation in the same time and manner as under section 415(d) except: (1) The base period will be the quarter beginning six months before the effective date of the Regulation (the effective date of the Regulations is July 2, 2014, so the quarter beginning six months before the effective date appears to be January 1, 2014); and (2) any increase must exceed $10,000 to apply for a given year.  The 2012 Proposed Regulations had provided for a $25,000 multiple to apply.

QLAC Payment Deferral Can Only Last Until Age 85, Or Possibly Later If Mortality Tables Change – The annuity contract must provide for distributions to be made no later than a specific annuity starting date. This date cannot be later than the first day of the month following the taxpayer attaining age of 85.  A taxpayer can elect to have an earlier annuity starting date, but the contract is not required to have an option to start distributions before the annuity starting date.  The maximum age may be adjusted based on changes in mortality, although in Bulletin 2014-30, the IRS stated that it believes that these changes will not occur more often than the dollar limit adjustment.

Must be a Fixed Annuity – A variable contract under Internal Revenue Code Section 817, an indexed contract or, a similar contract will not qualify as a QLAC but the Commissioner may create an exception to this rule. However, a participating annuity contract is not similar to a variable contract or indexed contract just because it has payments of dividends as described in Treasury Regulation Section 1.401(a)(9)-6, A-14(c)(3). The Regulation also noted that a contract that has a cost-of-living adjustment discussed in Section 1.401(a)(9)-6, A-14(b), is not considered similar to a variable or indexed contract.

Illiquidity Required – A QLAC cannot make available any commutation benefit, cash surrender value, or other similar feature.  In other words, the money invested in the QLAC is illiquid and irrevocable, which is an important factor to consider before a taxpayer invests in a QLAC. According to Bulletin 2014-30, this prohibition is in place because this “feature would significantly reduce the benefit of mortality pooling under the contracts.”[iii]

Death Benefits of a QLAC

A QLAC may offer a return of premium after the death of the account holder that can be paid before or after the annuity starting date to the extent that the contract has not provided a return of the aggregate premium amount paid for the QLAC[iv].  The return of premium can be in place of a life annuity provided to a surviving spouse or designated beneficiary.  A return of premium payment must be paid in a single lump sum to the beneficiary of the QLAC before the end of the year following the year of the account holder’s or surviving spouse’s death, as applicable.

If the applicable death occurs on or before the required annuitization date for the account holder or his or her surviving spouse (no later than age 85), then the return of premium is considered as the balance of the retirement plan or IRA account value that can be rolled over by the surviving spouse into his or her own IRA, or can be transferred into an inherited IRA for the benefit of the non-spouse beneficiary.  However, if the applicable death occurs after the required annuitization date then the return of premium is seen as a required minimum distribution for the year in which it is paid.  The return of premium must be paid out to the account beneficiary when received from the carrier, and is fully taxable and cannot be rolled over into another qualified retirement plan.

If the only beneficiary of the QLAC is the account holder’s surviving spouse, and the account holder’s death occurs on or after the annuity start date, then the only benefit allowed to be paid (other than a return of premium) is a life annuity that cannot exceed 100% of the annuity payment payable to the account holder.[v]  There is a special exception that allows a QLAC to provide a qualified preretirement survivor annuity defined in Internal Revenue Code Section 417(c)(2) in order to compensate the surviving spouse for the loss of retirement benefits that would have otherwise been paid to the deceased employee.

If there are multiple beneficiaries where one of which is the surviving spouse, then the QLAC can be treated as if there were a separate QLAC for each beneficiary so that the special rules applicable only to the surviving spouse would apply.  This is only allowed if certain rules are satisfied.[vi] If the account holder’s death occurs before the annuity starting date, the only benefit payable (other than a return of premium as described above) is a life annuity where the periodic annuity payment is not more than 100% of the annuity payment that would have been available to the account holder.[vii]  However, it may exceed 100% if necessary to satisfy the requirements for a qualified preretirement survivor annuity.

If the surviving spouse is not the only beneficiary, and the account holder’s death occurs on or after the annuity starting date, then the only benefit to be paid (other than a return of premium) is a life annuity payable to a beneficiary.[viii]  The life annuity is not allowed to exceed an applicable percentage of the annuity payment payable to the employee under Treasury Regulation Section 1.401(a)(9)-6 A-17(c)(2)(iii).[ix]  The percentage is provided in one of the two tables listed in the Section.  Determining which table applies depends on the different types of death benefits that can be paid to the beneficiary under the contract.

The first table described in A-2(c) of Treasury Regulation Section 1.401(a)(9)-6[x] provides the applicable percentage distribution that must be made to the non-spouse beneficiary after the account holder’s death, and this table may only be used if the contract provides that if the account holder dies before the annuity start date, then no death benefits are payable to a non-spouse beneficiary.  However, if the account holder dies on or after his or her annuity start date, then the non-spouse beneficiary can receive a life annuity based on the above-referenced table.

Additionally, this table is available only if no benefits are payable under the contract where the taxpayer selects an earlier annuity starting date than the specified starting date under the contract, and dies less than 90 days after making that election.  This second part of the requirement is to avoid taxpayers with shortened life expectancies from circumventing the first part of the rule.

The second table is described in Treasury Regulation Section 1.401(a)(9)-6 A-17(c)(2)(iii)(D).[xi] This table is used where the contract provides a pre-annuity start date death benefit to a non-spouse beneficiary.  Under the 2012 Proposed QLAC Regulations, the use of this table was limited to contracts that only allowed non-spouse beneficiaries to be irrevocably selected as of the annuity start date. However, the Final QLAC Regulations changed this rule to allow non-spouse beneficiaries to be selected at a different time in certain situations.

It is important to note that there is no violation of this irrevocability requirement when an account holder substitutes his or her spouse as the beneficiary.  If the account holder’s spouse is not the only beneficiary, and the account holder’s death occurs before the annuity starting date, then the only payment available (other than a return of premium) is a life annuity where the payment is not more than the applicable percentage, under 1.401(a)(9)-6, A-17(c)(2)(iii), of the amount that would have been payable to the account holder.

To be continued next week.

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[i] For the purposes of this commentary, all references to “IRAs” refer only to non-Roth IRAs, including traditional IRAs described in Internal Revenue Code Section 408, SEP IRAs and SIMPLE IRAs, but not Roth IRAs unless specifically provided.

^[ii]Internal Revenue Bulletin 2014-30, TD 9673.

^[iii] Internal Revenue Bulletin 2014-30.

^[iv]Treasury Regulation Section 1.401(a)(9)-6 A-17(c)(4)- Return of premiums—(i) In general. In lieu of a life annuity payable to a designated beneficiary under paragraph (c)(1) or (2) of this A-17, a QLAC is permitted to provide for a benefit paid to a beneficiary after the death of the employee in an amount equal to the excess of—

(A) The premium payments made with respect to the QLAC over

(B) The payments already made under the QLAC.

^[v]Treasury Regulation Section 1.401(a)(9)-6, A-17(c)(1)(i): If the employee dies on or after the annuity starting date for the contract and the employee’s surviving spouse is the sole beneficiary under the contract then, except as provided in paragraph (c)(4) of this A-17, the only benefit permitted to be paid after the employee’s death is a life annuity payable to the surviving spouse where the periodic annuity payment is not in excess of 100 percent of the periodic annuity payment that is payable to the employee.

^[vi]Treasury Regulation Section 1.401(a)(9)-8, A-2(a) and A-3.

^[vii] Treasury Regulation Section 1.401(a)(9)-6 A-17(c)(1)(ii)(A): Amount of annuity. If the employee dies before the annuity starting date and the employee’s surviving spouse is the sole beneficiary under the contract then, except as provided in paragraph (c)(4) of this A-17, the only benefit permitted to be paid after the employee’s death is a life annuity payable to the surviving spouse where the periodic annuity payment is not in excess of 100 percent of the periodic annuity payment that would have been payable to the employee as of the date that benefits to the surviving spouse commence.  However, the annuity is permitted to exceed 100 percent of the periodic annuity payment that would have been payable to the employee to the extent necessary to satisfy the requirement to provide a qualified preretirement survivor annuity (as defined under section 417(c)(2) or ERISA section 205(e)(2)) pursuant to section 401(a)(11)(A)(ii) or ERISA section 205(a)(2).(B) Commencement date for annuity.  Any life annuity payable to the surviving spouse under paragraph (c)(1)(ii)(A) of this A-17 must commence no later than the date on which the annuity payable to the employee would have commenced under the contract if the employee had not died.

^[viii] Treasury Regulation Section 1.401(a)(9)-6 A-17(c)(2)(i): If the employee dies on or after the annuity starting date for the contract and the employee’s surviving spouse is not the sole beneficiary under the contract then, except as provided in paragraph (c)(4) of this A-17, the only benefit permitted to be paid after the employee’s death is a life annuity payable to the designated beneficiary where the periodic annuity payment is not in excess of the applicable percentage (determined under paragraph (c)(2)(iii) of this A-17) of the periodic annuity payment that is payable to the employee.

^[ix](iii) Applicable percentage—(A) Contracts without pre-annuity starting date death benefits. If, as described in paragraph (c)(2)(iv) of this A-17, the contract does not provide for a pre-annuity starting date non-spousal death benefit, the applicable percentage is the percentage described in the table in A-2(c) of this section.

^[x] The table can be found at this link: table

^[xi]Adjusted employee/beneficiary age difference  Applicable percentage:

 2 years or less                100%

3                                             88%

4                                             78%

5                                             70%

6                                             63%

7                                             57%

8                                             52%

9                                             48%

10                                          44%

11                                          41%

12                                          38%

13                                          36%

14                                          34%

15                                          32%

16                                          30%

17                                          28%

18                                          27%

19                                          26%

20                                          25%

21                                          24%

22                                          23%

23                                          22%

24                                          21%

25 and greater                  20%

Special Saturday Professional Acceleration Workshop
Saturday, September 27, 2014 in Naples, Florida

Alan Gassman will be presenting a full day workshop for third year law students, alumni and professionals at Ave Maria School of Law in Naples, Florida on Saturday, September 27, 2014 from 8:30 am – 5:00 pm.

This program is designed for individuals who wish to enhance their practice and personal lives, and is based upon previous presentations and programs that have received very positive reviews.

If you are ready to take the next step to improve your practice, or just about anything else, please consider joining us.

The workshop will take place at Ave Maria School of Law, located at 1025 Commons Cir, Naples, FL 34119.

The invitation to this event can be viewed by clicking here. You can RSVP by emailing agassman@gassmanpa.com.

The workshop is free of charge to law students and alumni of Ave Maria School of Law.  Small donations will be requested from others.

What Estate Planning and Other Lawyers Need to Know About Bankruptcy, an article by Alberto F. Gomez and Alan S. Gassman, Part 6

This is a continuation of the series on bankruptcy law that has recently been updated by Al Gomez and Alan Gassman.  Click here if you would like to print out the entire article. 

PREFERENTIAL TRANSFERS

While most planners understand state fraudulent transfer rules, which are usually similar to the Bankruptcy Code fraudulent transfer statute, many planners are not conversant with the code’s preferential transfer provisions.  Transfers made by a debtor to an “insider” within one year of filing a bankruptcy may be set aside, notwithstanding whether the transfer would be considered a “fraudulent transfer” under fraudulent transfer rules.⁴⁰  Also, preferential transfers made to any party within one year (if an insider) or 90 days (if not an insider) of the filing of a bankruptcy petition can be set aside as well.⁴¹  Reasonable compensation paid for services actually rendered will not be considered to be a preferential transfer,⁴² but dividends paid by a professional practice corporation to its owner or member can be considered a preferential transfer.  In addition, repayment of shareholder loans may be set aside as a preference.

A case that deals with this insider creditor issue is  In re Halling, 449 B.R. 911 (2011). Here, the debtor’s son was a guarantor on a loan that was given to his mother. The mother made regular payments to the bank for this loan and eventually filed for bankruptcy. The trustee sought to avoid the transfers as preferential stating the son was an inside creditor and transfers made up to a year before bankruptcy were avoidable. The Court stated that guarantors are creditors within the bankruptcy code. The payments to the bank benefitted the son because each payment reduced his liability to the bank. Thus, the Court allowed the trustee to recover the transfer’s from the son because preference claims against non-insiders (the bank in this case) are limited to transfers within 90 days. Thus, for transfers between 90 days and 1 year the trustee can only get transfers to inside creditors (in this case the son).

Transfers also are illegal if asset protection planners intend to evade the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration Board’s Comptroller of the Currency or the Director of the Office of Thrift Supervision⁴³ under 18 U.S.C. Section 1032.  In U.S. v. Brown,⁴⁴ the appellant’s conviction for concealing property from the FDIC and the trustee in bankruptcy was affirmed.  There, the appellant transferred his interests in a home, fitness center and a corporation to family members and friends.  He did not reveal the transfers or his interests to the FDIC, to whom he owed $2.4 million, or to the bankruptcy trustee.

COMPETING CREDITORS

Oftentimes a debtor will want to settle or give a mortgage and/or lien on all assets to a “friendly creditor” to avoid the possible loss of those assets to one or more other creditors. If the friendly creditor is considered an insider⁴⁵, then actions taken that benefit such creditor may be set aside by the other creditors within one year of when they occur. On the other hand, an unrelated friendly creditor (i.e., a creditor who is not an insider) may be able to hold whatever liens or assets it has been given as part of an arm’s-length debt relief or workout arrangement as long as the debtor has not filed or been forced into bankruptcy within 90 days of the transfer.

DISTRIBUTIONS FROM “INSOLVENT” ENTITIES

Also many accountants advise their clients to “keep wages low and dividends high,” but this advice often does not take into consideration fraudulent transfer and preferential transfer rules in the event the client finds himself in a bankruptcy.

Estate and financial planners also need to consider state laws concerning distributions made from a company under circumstances in which sufficient reserves have not been set aside to pay known or expected creditors.  The board of directors of a company allowing such distributions can become liable to a creditor.  The liability of the directors would be based upon the amount of monies or other assets that should have been left in the company as opposed to being paid out.  For example, Florida Statutes Section 607.0640(3), no distributions to shareholders may be made, if after such distribution

 (a)       the corporation would not be able to pay its debts as they become due in the usual course of business; or

(b)       the corporation’s total assets would be less than the sum of its total liabilities plus (unless the articles of incorporation permit otherwise) the amount that would be needed, if the corporation were to be dissolved at the time of distribution, to satisfy the preferential rights upon dissolution of shareholders whose preferential rights are superior to those receiving the distribution.

If the distribution falls within the bounds of either of the above definitions, then the distribution is characterized as a wrongful distribution.  The director’s personal liability is addressed by Florida Statutes Section 607.0834, which places personal liability on any director who votes affirmatively for such a distribution.

 The director is personally liable for the amount of the distribution that exceeds what could have been distributed without violating Section 607.06401or the articles of incorporation if it is established that the director did not perform his or her duties as required by Section 607.0830 (good faith; reasonable, prudent person standard; in the best interest of the corporation).

Additionally, subsection (2) states that a director held liable under subsection (1) is entitled to contribution from each shareholder for the amount that such shareholder accepted knowing the distribution was made in violation of Section 670.06401.

Further, the director is entitled to contribution from every other director who could be liable under subsection (1) for the unlawful distribution.  For example, if there were two director shareholders who split the initial $150,000 distribution, then they could each be held to be jointly and severally responsible for the entire $150,000.

WAGE STATUTE INTERACTION

Some states allow for exemption of wages and even deferred compensation from creditor claims.  The 2005 Bankruptcy Act provides that a Trustee may void a transfer of property or an obligation (including any “transfer to or for the benefit of an insider under an Employment Agreement”) if made within two years before filing, as a fraudulent conveyance or a preferential transfer for less than adequate consideration.

It is therefore important to be able to document that any compensation was actually owed when wages are paid to related parties or “insiders” if a company may become insolvent.

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⁴⁰11 U.S.C. Section 547(b)(4)(B) (2007).

⁴¹11 U.S.C. Section 547(b)(4)(A) (2007).

⁴²In re Double Eagle Const. Co., 188 B.R. 406 (Bankr. D. W. Mo. 1995).

⁴³810-2nd Tax Mgmt. Est., Gifts & Tr. J. II.B.1 (2006). Punishment includes fines and/or up to 5 years in prison.

⁴⁴ 1999 U.S. App. Lexis 18225 (10^th Cir. 1999).

⁴⁵            The definition of an insider can be found at 11 U.S.C. section 101(31), which reads as follows: The term “insider” includes (A) if the debtor is an individual – (i) relative of the debtor or of a general partner of the debtor; (ii) partnership in which the debtor is a general partner; (iii) general partner of the debtor; or (iv) corporation of which the debtor is a director, officer, or person in control; (B) if the debtor is a corporation – (i) director of the debtor; (ii) officer of the debtor; (iii) person in control of the debtor; (iv) partnership in which the debtor is a general partner; (v) general partner of the debtor; or (vi) relative of a general partner, director, officer, or person in control of the debtor; (C) if the debtor is a partnership – (i) general partner in the debtor; (ii) relative of a general partner in, general partner of, or person in control of the debtor; (iii) partnership in which the debtor is a general partner; (iv) general partner of the debtor; or (v) person in control of the debtor; (D) if the debtor is a municipality, elected official of the debtor or relative of an elected official of the debtor; (E) affiliate, or insider of an affiliate as if such affiliate were the debtor; and (F) managing agent of the debtor.

Thoughtful Corner
Why Good Things Happen to People Who Help Others, by Alan S. Gassman, J.D., LL.M.

As a practicing lawyer I have been told for a number of decades by wealthy donors that they believe that “what goes around comes around” and their generosity during earning and entrepreneurial years caused a direct positive impact to them from a business, professional, and health standpoint.

A number of individuals who I have represented over the years have given far above and beyond what the community knows – a majority, and sometimes even a vast majority of their wealth has gone to charity.  Children have been informed that they better get jobs and be able to support themselves because “mom and dad’s fortune” will not be available to them.

I have found these clients to be among the most positive, life loving, and sincere down to earth individuals that I have had the opportunity to work with. 

Much of this was validated in the book Why Good Things Happen to Good People which was published by Professor Stephen Post, who was a bioethicist at Case Western Reserve University and is now with Stony Brook University in New York in the Department of Preventive Medicine.  He is the Director of the Center for Medical Humanities, Compassionate Care, and Bioethics, as well as a Professor of Bioethics.  He is also the founder of the Institute for Research on Unlimited Love. The idea for this center was suggested to him by Sir John Templeton, who is well known as having been probably the best mutual funds manager and investment advisor of all time.  Mr. Templeton, who died in 2008, was a zealous advocate of the interplay between science and religion.  Since 2001, Post has explored the extraordinary power of giving by funding over 50 studies at 44 major institutions. This research has focused on the traits and qualities that create happiness, health, contentment, and lasting success in life.

The following is an excellent synopsis of the book, which is reprinted with permission.

Synopsis of  Why Good Things Happen to Good People*

Authors: Frederic and Mary Ann Brussat and Jill Neimark, SpiritualityandPractice.com

Why Good Things Happen to Good People looks at 10 ways of giving: (1) celebration and gratitude, (2) generativity (nurturing others), (3) forgiveness, (4) courage, (5) humor and joy, (6) respect, (7) compassion, (8) loyalty, (9) listening, and (10) creating. These traits or character qualities can be expressed in the following four domains: family, friends, community, and humanity. Post writes: “The remarkable bottom line of the science of love is that giving protects overall health twice as much as aspirin protects against heart disease.”

Generous behavior is good medicine that benefits the giver and the recipients of our giving. Each chapter ends with 20 questions from The Love and Longevity Scale for the reader who wants to evaluate him- or herself. Then throughout the book, the author has various exercises and practices to try.

In “The Way of Celebration: Turn Gratitude into Action,” Post reveals how research on giving thanks shows that it can spread to every aspect of our daily lives. Gratitude can shift the nervous system toward a calm state; it can result in surges of happiness and joy; and it can engender celebrations of all kinds, such as savoring the day, rejoicing in the lives of others, and reframing our moods.

In the chapter on “The Way of Generativity: Help Others Grow,” Post defines this character trait as “selfless giving to others, in particular to future generations. [It] means nurturing others so that they are better able in turn to manifest their own gifts of love.” This brand of giving brings meaning to others’ lives; it inspires and supports volunteerism; it brings out the best in youth; and it brings fulfillment to the elderly who have time to be generous.

Post’s “The Way of Forgiveness: Set Yourself Free” contains reports and insights from the latest research on this virtue which alleviates depression, boosts moods and reduces anger, lowers stress hormones, and preserves close relationships. There is a lot of misunderstanding about forgiveness, so the author reports on what it does not mean. Some other insights to be gleaned here are learning the limits of a grudge, seeing forgiveness as a process, and practicing the power of an apology.

According to Post, courage is the hallmark of every human who has changed the world. This character quality is explored in Chapter 6, “The Way of Courage: Speak Up, Speak Out.” The five lessons outlined in this chapter are:

1. Courage comes in many forms.

2. Learn Hardi-coping – See your stress in a broader and more realistic perspective.

3. En-courage others

4. Confront with care

5. Trauma can lead to transformation.

In “The Way of Humor: Connect with Joy,” Post celebrates humor as a way of love that brings a lightness of being and reframes the world. In this chapter, he provides plenty of exercises to promote this quality. Here are a few of them:

1. Keep funny truisms around the house

2. Keep a joy jar at home – A jar of silly sayings to make you laugh when you need a pick up.

3. Laugh at life, but not at yourself or others

By now, you get the point and the structure of this extraordinary paperback that offers ample insights into the power of giving when it is translated into so many different character transforming facets! You will come away from Why Good Things Happen to Good People knowing that love is alive, giving is receiving, positive emotions are lifelines, and doing good is a spur to mental health and well-being.

* Review reprinted with permission. Copyright (c) by Frederic and Mary Ann Brussat. Used with permission.

Coming Next Week

Next week’s topics will include:

1. Getting the most out of your American Express Platinum Card.
2. Reverse Mortgage Planning.
3. Much more, including fun surprises.

Humor! (Or Lack Thereof!)

Some of our favorite back to school jokes:

Child: I think we need a new teacher.

Parent: Why is that?

Child: Our teacher doesn’t know anything….she keeps asking us for the answers!

<<<<<<<<<<<<<<<<<<<<<<<<<<

Who is the king of all school supplies?

……the ruler!

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Our Sign

Thursday Report readers who do not go to Clearwater much may not be familiar with our smart aleck sign and the many important messages that we have displayed on it.

One of our favorites is as follows:

 Upcoming Seminars and Webinars

LIVE ISLE OF MAN PRESENTATION:

Alan S. Gassman will be speaking on US TRUST, LLC AND TAX LAWS FOR INTERNATIONAL INVESTORS at Cayman National Bank and Trust Company on the Isle of Man

Sign up now and you will receive a free lunch!  Transportation not included.

“Half-way between England

And Ireland in the Irish Sea.”

Is a great place to discuss trusts with glee.”

Date: Wednesday, September 3, 2014

Additional Information:  If you would like to receive a copy of the materials that will be presented please email Janine Gunyan at janine@gassmanpa.com and we will send them to you once they are ready.

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FREE LIVE WEBINAR:

Ken Crotty will be presenting a free live webinar entitled AVOIDING DISASTER ON HIGHWAY 709.  The 50 minute guide to disaster avoidance with respect to gift tax returns.  This webinar will qualify for 1 hour of CLE and CPE credit.

Date: Wednesday, September 3, 2014 | 12:30 p.m. (50 minutes)

Location: Online webinar

Additional Information: To register for the webinar please click here.

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FREE LIVE WEBINAR

THE BCA’s OF REVERSE MORTGAGES

Alan Gassman will be presenting a webinar about reverse mortgages.

Date:  Tuesday, September 16, 2014 | 12:30 p.m.

Location: Online webinar

Additional Information:  To register for the webinar please click here.

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LIVE FT. LAUDERDALE PRESENTATION:

FICPA ANNUAL ACCOUNTING SHOW 

Alan S. Gassman will be speaking at the FICPA Annual Accounting Show on Thursday, September 18, 2014 on the topic of TRUST PLANNING FROM A TO Z for 50 minutes.

This presentation will introduce basic and intermediate trust planning background and provide attendees with an orderly list of the most commonly used trusts, practical features and traps for the unwary, including revocable, irrevocable and hybrid.  The discussion will include tax, creditor protection and probate and guardian considerations.

Date: Wednesday, September 17 through Friday, September 19, 2014

Location:  Fort Lauderdale, Florida

Additional Information:  For more information about this program please contact Stephanie Thomas at ThomasS@ficpa.org

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LIVE CLEARWATER PRESENTATION:

Board Certified Tax Attorney Michael O’Leary from the Trenam Kemker firm in Tampa, Florida and Christopher Denicolo from Gassman Law Associates will be speaking at the Ruth Eckerd Hall Planned Giving Advisory Council event on Tuesday, September 23, 2014.

Mr. O’Leary’s topic is HOT TOPICS IN CHARITABLE PLANNING AND MORE.

Mr. Denicolo’s topic is PLANNING FOR INHERITED IRAs.

Date: Tuesday, September 23, 2014 | 5:00 p.m.

This presentation is free to members of the Ruth Eckerd Hall Planned Giving Advisory Council, Ruth Eckerd Hall members, and professionals who are attending a Ruth Eckerd Hall Planned Giving Advisory Council event for the first time.

Additional Information: You can contact Suzanne Ruley at sruley@rutheckerdhall.net or via phone at 727-791-7400, David Abelson at david.abelson@morganstanley.com or via phone at 727-773-4626, Alan S. Gassman at agassman@gassmanpa.com or via phone at 727-442-1200 or the Kentucky Fried Chicken located at 1960 Gulf to Bay Blvd, which is close in proximity to this location and available to provide you with crisp, spicy or even crispier chicken, mashed potatoes and gravy, rolls, and slaw!  Bring your 32 oz. Kentucky Fried Chicken drink container to the presentation and we will fill it with your choice of club soda or seltzer water, but no sharing permitted.

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LIVE AVE MARIA SCHOOL OF LAW PROFESSIONAL ACCELERATION WORKSHOP

Alan Gassman will presenting a full day workshop for third year law students, alumni and professionals at Ave Maria School of Law.  This program is designed for individuals who wish to enhance their practice and personal lives.

Date: Saturday, September 27, 2014 | 8:30am – 5pm

Location: Ave Maria School of Law, 1025 Commons Cir, Naples, FL 34119

Additional Information: To register for this program please email agassman@gassmanpa.com

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FREE LIVE WEBINAR:

Attorney Leslie A. Share (not related to Sonny and Cher) will be joining Alan Gassman for a free 30 minute webinar on DEMYSTIFYING U.S. TAX AND ESTATE PLANNING CONSIDERATIONS FOR FOREIGN INVESTORS – CONCEPTS THAT YOU CAN CLEARLY UNDERSTAND AND EXPLAIN TO CLIENTS

Date:   Monday, September 29, 2014 | 5:00 p.m.

Location: Online webinar

Additional Information: To register for the webinar please click here.

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LIVE CLEARWATER PROFESSIONAL ACCELERATION WORKSHOP

Alan Gassman will be joined by several experienced attorneys and other well respected industry experts during a full day workshop for lawyers and other professionals who wish to enhance their practice and personal lives.

Date: Sunday, October 5, 2014 | 8:30am – 5pm

Location: Clarion Hotel, 20967 US 19 N., Clearwater

Additional Information: To register for this program please email agassman@gassmanpa.com.

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LIVE NEW JERSEY PRESENTATION – WHAT NEW JERSEY LAWYERS NEED TO KNOW ABOUT FLORIDA LAW TO REPRESENT SNOWBIRDS AND FLORIDA BASED BUSINESSES:

NEW JERSEY INSTITUTE FOR CONTINUING LEGAL EDUCATION (ICLE) SPECIAL 3 HOUR SESSION

New Jersey song trivia:  What song includes the words “Counting the cars on the New Jersey Turnpike, they’ve all gone to look for America”?  What year was it recorded and who wrote it?

Alan S. Gassman will be the sole speaker for this informative 3 hour program entitled WHAT NEW JERSEY LAWYERS NEED TO KNOW ABOUT FLORIDA LAW

Here is some of what the New Jersey Bar Invitation for this program provides:

New Jersey residents have always had a strong connection to Florida.  We vacation there (it is our second shore), own Florida property (or have favored relatives that do) and have family and friends living there.  Sometimes our wealthiest clients move to Florida and need guidance, and you need background in order to continue representation.

There are real and significant differences between the two states that every lawyer should be cognizant of.  For example, holographic wills are perfectly legitimate in New Jersey and anyone can serve as an executor of an estate, which is not the case in Florida.  Also, Florida=s new rules regarding LLCs are different, and if you are handling estates of New Jersey decedents who owned Florida property, there are Florida law issues that must be addressed.  Asset protection differs significantly in Florida too.

Gain the knowledge you need to assist your clients with Florida matters including:

• Florida specific laws involving businesses, trusts, and estates
• Florida tax planning
• Elective share and homestead rules
• Liability Insulation and Planning
• Creditor Protection and Strategies
• Medical Practice Laws
• Staying within Florida Bar Guidelines that allow representation of Florida clients

Comments from past attendees of this program:

• Excellent seminar and materials!!!
• This was one of the best ICLE seminars yet!
• One of the best seminars I have attended.
• Better than mashed potatoes and gravy.  Glad he didn’t serve grits!

Date: Saturday, October 11, 2014

Location: TBD

Additional Information: This is a repeat of the same program that we gave last year, but our book is now updated for the new Florida LLC law and changes in estate and trust law.  Please tell all of your friends, neighbors, and enemies in New Jersey to come out to support this important presentation for the New Jersey Bar Association.  We will include discussions of airboats, how to get an alligator off of your driveway, how to peel a navel orange and what collard greens and grits are. For additional information, please email agassman@gassmanpa.com

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LIVE NEW PORT RICHEY PRESENTATION:

Alan S.  Gassman, Kenneth J.  Crotty and Christopher J.  Denicolo will address the North FICPA Group on Financial Analysis and Tax Planning for Investment Products, Including Variable Annuities, Fixed Annuities, Life Insurance Contracts, and Mutual Funds – What Should the Tax and Financial Advisor Know and Advise?

Be there or be an equilateral triangle!

Date: Wednesday, October 15, 2014 | 4:30 p.m.

Location: Chili’s Port Richey, 9600 US 19 N, Port Richey, Florida

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LIVE MIAMI LAKES PROFESSIONAL ACCELERATION WORKSHOP

Alan Gassman and Phil Rarick will be presenting a free half-day workshop for lawyers and other professionals who wish to enhance their practice and personal lives.

Date: Friday, October 17, 2014 | 2pm – 6pm

Location: The Law Offices of Rarick & Beskin, P.A., The Colonnade at Miami Lakes, 6500 Cowpen Rd, Suite 204, Miami Lakes, FL 33014

Additional Information: To register for this program please email agassman@gassmanpa.com.

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LIVE CLEARWATER PRESENTATION

Alan Gassman will be speaking at the Pinellas County Estate Planning Council Fall Seminar on PLANNING FOR SAME GENDER COUPLES.

Date: Thursday, October 23, 2014 | 8:00 am

Location: Ruth Eckerd Hall, 1111 N. McMullen Booth Road, Clearwater, FL

Additional Information: To register for this event please email agassman@gassmanpa.com.

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LIVE PASCO COUNTY PLANNED GIVING (AND DRINKING!) COCKTAIL HOUR AND PRESENTATION:

Alan S. Gassman and Christopher J. Denicolo will be speaking at the Pasco-Hernando State College’s Planned Giving Consortium Luncheon on Planning for Inherited IRA’s in View of the Recent Supreme Court Case – and Demystifing the “Stretch in Trust” Ira and Pension Rules

Date: Thursday, October 23, 2014 | 4:30 p.m.

Location:  Spartan Manor, 6121 Massachusetts Avenue, Port Richey, Florida

Additional Information:  For more information, please contact Maria Hixon at hixonm@phsc.edu

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LIVE SARASOTA PRESENTATION:

2014 MOTE VASCULAR SURGERY FELLOWS – FACTS OF LIFE TALK SEMINAR FOR FIRST YEAR SURGEONS

Alan Gassman will be speaking on the topic of ESTATE, MEDICAL PRACTICE, RETIREMENT, TAX, INSURANCE, AND BUY/SELL PLANNING – THE EARLIER YOU START THE SOONER YOU WILL BE SECURE

Date: October 25 – 26, 2014 | Alan Gassman is speaking on Sunday, October 26, 2014

Location: TBD

Additional Information: Please contact agassman@gassmanpa.com for additional information.

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LIVE CLEARWATER PRESENTATION:

TAMPA BAY CPA GROUP

Alan Gassman, Ken Crotty and Christopher Denicolo will be presenting THE MATHEMATICS OF ESTATE PLANNING in a 2 hour session at the Tampa Bay CPA Group Fall 2014 Seminar.

Date: November 7, 2014

Location: Marriott Hotel, 12600 Roosevelt Blvd North, St. Petersburg, FL 33716

Additional Information: For more information please contact Richard Fuller at richardf@fullercpa.com.

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LIVE UNIVERSITY OF NOTRE DAME PRESENTATION:

40^th ANNUAL NOTRE DAME TAX & ESTATE PLANNING INSTITUTE

Topic #1: PLANNING WITH VARIABLE ANNUITIES AND ANALYZING REVERSE MORTGAGES

This presentation will cover the unique income tax and financial planning characteristics of fixed and variable annuities.

Topic #2: THE MATHEMATICS OF ESTATE AND ESTATE TAX PLANNING

Christopher J. Denicolo, Kenneth J. Crotty and Alan S. Gassman will also be presenting a special Wednesday late p.m. two hour dive into math concepts that are used or sometimes missed by estate and estate tax planners.  This will be an A to Z review of important concepts, intended for estate planners of all levels, sizes and ages.  Donald Duck has rated this program A+.

Date:November 13 and 14, 2014

Location: Century Center, South Bend, Indiana

We welcome questions, comments and suggestions on variable annuities, which will be Alan Gassman’s topic for this conference.

Additional Information: The focus of this year’s institute will be on “Business Succession Planning: An Income Tax, Estate Tax and Financial Analysis.”  As in past years, several sessions are designed to evaluate certain financial products and tax planning techniques so that the audience can better understand and evaluate these proposals in determining not only the tax and financial advantages they offer, but also evaluate limitations and problems they may cause in the future.  Given that fewer clients will need high-end estate tax planning with the $5 million exemptions, other sessions will address concerns that all clients have.  For example, a session will describe scams that target elderly individuals and how to protect the elderly from these scams.  As part of the objective on refreshing or introducing the audience to areas that can expand their practice, other sessions will review the income tax consequences of debt cancellation, foreclosures, short sales, the special concerns that arise in bankruptcy and various planning available to eliminate the cancellation of debt income or at least defer it with a possible step-up basis at death.  The Institute will also continue to have sessions devoted to income tax planning techniques that clients can use immediately instead of waiting to save estate taxes far in the future.

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LIVE PORT RICHEY PRESENTATION:

Alan Gassman will be speaking to the North Suncoast Estate Planning Council on Planning Opportunities for Same Sex Couples.

Date: Tuesday, November 18, 2014 | 5:30 p.m.

Location: Seven Springs Gold and Country Club, 3535 Trophy Blvd, Port Richey, FL 34655

Additional Information: For more information please contact agassman@gassmanpa.com.

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LIVE FORT LAUDERDALE PRESENTATION:

Alan Gassman will be speaking at the 2015 Representing the Physician Seminar on the topic of DISASTER AVOIDANCE FOR THE DOCTOR’S ESTATE PLAN.

Others speakers include D. Michael O’Leary on Really Burning Hot Tax Topics, Radha V. Bachman on Checklists for Purchase and Sale of a Medical Practice, Cynthia Mikos on Dangers of Physician Recruiting Agreements and Marlan B. Wilbanks on How a Plaintiff’s Lawyer Evaluates Cases Brought by Whistleblowers

Date: January 16, 2015

Location: Renaissance Fort Lauderdale Cruise Port Hotel, 1617 SE 17^th Street, Ft. Lauderdale, FL.

Additional Information:For more information, please email Alan Gassman at agassman@gassmanpa.com

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LIVE NAPLES PRESENTATION:

2^nd ANNUAL AVE MARIA SCHOOL OF LAW ESTATE PLANNING CONFERENCE

Date:  Friday, May 1, 2015

Location:  Ave Maria School of Law, 1025 Commons Circle, Naples, Florida

Additional Information:  Jerry Hesch and Alan Gassman will present The Mathematics of Estate Planning.  If you liked Donald Duck in Mathematics Land, you will love The Mathematics of Estate Planning.  This will not be a Mickey Mouse presentation.

Other speakers include Jonathan Gopman, Bill Snyder, Elizabeth Morgan, Greg Holtz, and others.

Please let us know any questions, comments, or suggestions you might have for this amazing conference, which features dual session selection opportunities in one of the most beautiful conference facilities that we have ever seen.

And don’t forget to have a great weekend in Naples with your significant other or anyone who your significant other doesn’t know!  Domino’s Pizza is extra.

 NOTABLE SEMINARS BY OTHERS

(We aren’t speaking but don’t tell our mothers!)

 LIVE ORLANDO PRESENTATION

49^th ANNUAL HECKERLING INSTITUTE ON ESTATE PLANNING

Date: January 12 – 16, 2015

Location: Orlando World Center Marriott 8701 World Center Drive, Orlando, Florida

Additional Information: For more information please visit: https://www.law.miami.edu/heckerling/?op=0

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LIVE ST. PETERSBURG PRESENTATION:

ALL CHILDREN’S HOSPITAL FOUNDATION

Date: Thursday, February 12, 2015

Location: St. Petersburg, FL

Additional Information: Please contact Lydia Bennett Bailey at Lydia.Bailey@allkids.org for more information.

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LIVE PRESENTATION:

2015 FLORIDA TAX INSTITUTE

Date: Wednesday through Friday, April 22 – 24, 2015

Location: Grand Hyatt Tampa Bay, 2900 Bayport Drive, Tampa, FL 33607

Additional Information: Please contact Bruce Bokor at bruceb@jpfirm.com for more information.