Thank you
To receive your MCLE certificate, please complete the CLE AFFIDAVIT [it is in red] found in the drop-down menu next to the video. You may also follow this link to the CLE Affidavit: https://elearn.iicle.com/iicle/courses/54318/sections/61901/surveys/69940
Once in the Affidavit, enter the number of each type of CLE credit you earned for the program. Credits can only be earned in quarter hour increments and should be rounded down to the nearest quarter hour viewed. The maximum amount of each credit available is listed.
Description
Program Moderator: Fredrick
B. Weber, ArentFox Schiff, LLP,
Chicago
8:00 – 8:50 Log in to the webcast via your account at www.iicle.com
8:50 – 9:00 Welcoming
Announcements
9:00 – 9:45 Tell Me Everything…Post-Death
Information Gathering, Marshaling Assets, Settling Liabilities and Unraveling
the Decedent’s Life Without Holding a Séance
Sifting
through a decedent’s life story can feel like a daunting task. However, one of the primary roles in an
estate administration is untangling those threads to locate assets, titling,
and gifting. Without the help of the
decedent, it may feel a bit like paranormal magic. More often, it is sifting through the dusty
paperwork in the closet and combing through the drawers. We will cover practical issues such as how to
identify and locate the most pertinent documents, marshal and value assets, and
identify liabilities and issues with resolving debts.
Tabitha Edmonson, Calamos Wealth Management, Chicago
Adam Novak, Driehaus Trust Company, Chicago
9:45 – 10:30 “Death is Not the End. There Remains
Litigation Over the Estate.” Post-Death Claims and Contested Matters. Is This the Afterlife?
Whether
it is disgruntled family members or lingering creditors, many unresolved
challenges may
interrupt the timely completion of administration. Illinois law provides tools
that can assist in the ultimate
resolution of conflicts, including judicial intervention, settlement agreements, removal of
fiduciaries, and document modification among many others. We will discuss how to respond to and
how to resolve disputes.
Elizabeth
A. McKillip, Levin Schreder & Carey, Ltd., Lisle and Chicago&
10:30 – 10:45 Break
10:45 – 11:45 Who You Gonna Call? Communication with Beneficiaries and
other Interested Parties in Post-Death Administration
(1.0
Professional Responsibility)
Communication
with clients not only helps to avoid malpractice complaints, but it is an essential
element of estate administration. Few
individuals are well versed in what it takes to administer an estate and
therefore maintaining open lines of communication ensures the process goes
smoothly and your clients better understand duties and critical timeframes.
Fredrick B. Weber, ArentFox Schiff, LLP, Chicago
11:45 – 12:30 There are No Guarantees in Life Except Death and Taxes:
An Overview of Post-Death Tax Liability
The post-death tax landscape can be thorny. This presentation will provide a broad
overview of personal income tax, fiduciary income tax, and estate and GST
transfer tax and how each of these taxes are related.
Maribeth G. Berlin, Levenfeld
Pearlstein, LLC, Chicago
Grant R.
Hendricks, Levenfeld Pearlstein, LLC, Chicago
12:30 – 1:15 Lunch break
1:15 – 2:00 It’s the Tangible Personal
Property, Stupid!: How to Mitigate the Risks of Costly Fights Over “Stuff” Post-Death
Antiques, art, jewelry, and other family heirlooms are often the source
of the most anxiety and carry the greatest potential for conflict following a
death in the family. In many cases, the financial value of the “stuff” is
modest relative to other assets that comprise a typical estate or trust.
Mitigating the risks of fights over stuff also goes beyond the standard
language that is often written into estate plan documents to dispose of
tangible personal property at death. This presentation will examine a few of
the ways in which planners can help their clients reduce the risk of
destructive and costly fights over stuff long before their clients actually
die.
Louise Barrett, Northern Trust, Chicago
2:00 – 2:45 Real Property, Closely Held Business Interests and
Special Assets
Real property, closely-held business interests and the evolving class of
“special assets” often involve unique post-death administration issues. For example, statutory and common-law
property laws governing real property may result in unintended ownership rights
after death. In addition, the transfer
of closely-held business interests down a family line challenge family members
to address legal and operations concerns related to ownership and control of
what is often the “bread winning” element of a family’s wealth. Lastly, ownership issues related to special
assets (such as cryptocurrency and other digital assets) continue to emerge as
decedents’ estates become the recipients of these assets. This presentation will explore the unique
nature of each of these asset classes, the challenges related to the transfer
of ownership of these assets at death, and best practices in administering
these assets post-death.
Christopher
Floss, ArentFox Schiff, LLP., Lake Forest
2:45 – 3:00 Break
3:00– 3:45 Completing the Picture: A Discussion of
Assets that Pass Outside of the Estate Plan
Understand
the post-death administration of transfer-on-death assets, life insurance,
retirement plan assets, and JTWROS assets with a focus on situations
complicating the administration and transfer of these assets.
Hallie
Ritzu, Olive Avenue LLC, Chicago
Jane
Zhao, McDermott Will & Emery, Chicago
3:45 – 4:30 Distributions, Funding and Completion of Post-Death
Administration
Get
tips for efficiently and effectively wrapping up post-death administration. Distributions,
funding and more will be demystified.
Michael
T. Wycklendt, Reed Smith LLP, Chicago
4:30 Adjourn