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Advanced Estate Planning 2021 Advanced Estate Planning 2021 Cosponsored by the Estate Planning and Administration Section Friday, June 11, 2021 8:30 a.m.–4:10 p.m. 5.75 General CLE credits and 1 Ethics (Oregon specific) credit (ID 79374) ADVANCED ESTATE PLANNING 2021 SECTION PLANNERS Philip Jones, Duffy Kekel LLP, Portland Katharine Malone, Katharine L Malone PC, Portland Robin Smith, Butcher & Smith Law LLC, Portland Margaret Vining, Davis Wright Tremaine LLP, Portland Eric Wieland, Samuels Yoelin Cantor LLP, Portland OREGON STATE BAR ESTATE PLANNING AND ADMINISTRATION SECTION EXECUTIVE COMMITTEE Eric J. Wieland, Chair Hilary A. Newcomb, Chair-Elect Erin K. MacDonald, Treasurer Barbara J. Smith, Secretary Stuart B. Allen Shane J. Antholz Susan B. Bock Michele Buck-Romero Nicholas Matthew Frost Heather O. Gilmore Sally Anderson Hansell Phillip D. Jones Erin C. Rickards Robin A. Smith June M. Wiyrick Flores Whitney D. Yazzolino The materials and forms in this manual are published by the Oregon State Bar exclusively for the use of attorneys. Neither the Oregon State Bar nor the contributors make either express or implied warranties in regard to the use of the materials and/or forms. Each attorney must depend on his or her own knowledge of the law and expertise in the use or modification of these materials. Copyright © 2021 OREGON STATE BAR 16037 SW Upper Boones Ferry Road P.O. Box 231935 Tigard, OR 97281-1935 Advanced Estate Planning 2021 ii TABLE OF CONTENTS Schedule. v Faculty. .vii 1. Charitable Deductions. 1–i — Penny Serrurier, Stoel Rives LLP, Portland, Oregon — Robin Smith, Butcher & Smith Law LLC, Portland, Oregon 2. Presentation Slides: Pre-Transaction Planning: Opportunities and Pitfalls. 2–i — Brent Berselli, Holland & Knight LLP, Portland, Oregon 3. 2021 Oregon Legislative Updates . .3–i — Eric Wieland, Samuels Yoelin Kantor LLP, Portland, Oregon 4. Presentation Slides: Drafting Flexible (or Inflexible) Irrevocable rustsT . .4–i — Christopher Cline, Riverview Asset Management, Vancouver, Washington — Michele Wasson, Riverview Asset Management, Vancouver, Washington 5. Presentation Slides: Planning for a Reduced Exclusion (and What to Do If It Doesn’t) . 5–i — Professor Samuel Donaldson, Georgia State University, Atlanta, Georgia 6. Presentation Slides: Ethical Considerations in a Remote Estate Planning Practice. 6–i — Theodore Reuter, Wool Landon, Portland, Oregon Advanced Estate Planning 2021 iii Advanced Estate Planning 2021 iv SCHEDULE 8:30 Tax Matters in Charitable Giving F Income tax and gifts during life F Estate tax and gifts at death F Split interest gifts F Private foundations and alternatives Penny Serrurier, Stoel Rives LLP, Portland Robin Smith, Butcher & Smith Law LLC, Portland 9:30 Transition 9:35 Pre-Transaction Planning—Opportunities and Pitfalls F Income tax and domicile planning F Form of entity considerations; QSBS eligibility F Use of irrevocable trusts with a situs outside of Oregon F Completed gift versus incomplete gift; donor as a discretionary trust beneficiary Brent Berselli, Holland & Knight LLP, Portland 10:35 Break 10:50 Oregon Legislative Update: Bills that Impact Estate Planning and Administration Eric Wieland, Samuels Yoelin Kantor LLP, Portland 11:20 Lunch 11:50 Drafting Flexible (or Inflexible) Testamentary Trusts F Drafting tips from a trustee’s perspective F The pros and cons of trust protectors F The importance of giving beneficiaries some measure of control over testamentary trusts F New perspectives on beneficiary distribution provisions Christopher Cline, Riverview Asset Management, Vancouver, Washington Michele Wasson, Riverview Trust Company, Vancouver, Washington 12:50 Transition 12:55 Planning for an Expected Reduction in Exclusion (and What to Do If It Doesn’t Happen) F Review strategies estate planners recommend in light of an expected drop in the federal wealth transfer tax exclusion amount F Specific strategies, including spousal lifetime access trusts, sales to “defective” grantor trusts, and long-term GRATs F How to make changes to plans should exclusion amounts not reduce Professor Samuel Donaldson, Georgia State University, Atlanta 2:55 Break 3:10 Ethical Considerations in a Remote Estate Planning Practice (Oregon Rules of Professional Conduct) F Legal ethics rules implicated by speaking with clients exclusively by phone or video conference F Pitfalls related to remote execution of legally operative documents F Implications of providing services across state lines Theodore Reuter, Wool Landon, Portland 4:10 Adjourn Advanced Estate Planning 2021 v Advanced Estate Planning 2021 vi FACULTY Brent Berselli, Holland & Knight LLP, Portland. Mr. Berselli is a member of the firm’s Private Wealth Services Practice Group. He serves as general counsel to wealthy individuals, their families, and their businesses throughout the United States to design and implement sophisticated strategies integral to family wealth planning. He is an Associate Committee Member of the Campaign for Equal Justice, a member of the Oregon State Bar Business Law Section, Estate Planning and Administration Section, and Taxation Section, the Multnomah Bar Association, the Clark County Bar Association, and the American Bar Association. He holds an LL.M. in Taxation from the University of Washington School of Law. Mr. Berselli is admitted to practice in Oregon and Washington. Christopher Cline, Riverview Asset Management, Vancouver, Washington. Mr. Cline is President and Chief Executive Officer of Riverview Trust Company, where, in addition to overseeing all aspects of Riverview’s operations, he works directly with clients to help them navigate the challenges of estate planning and trust administration, particularly in business succession, trust design, and charitable planning. He is a Fellow of the American College of Trust and Estate Counsel, past president of the Estate Planning Council of Portland, and past chair of the Oregon State Bar Estate Planning and Administration Section and current editor of section’s newsletter. Mr. Cline is a nationally recognized speaker and author on numerous estate planning topics. He has written seven books on estate planning, including The Law of Trustee Investments, published by the American Bar Association. He has drafted trust and probate legislation for the State of Oregon. Professor Samuel Donaldson, Georgia State University, Atlanta. Professor Donaldson teaches a number of tax and estate planning courses, as well as courses in the areas of property, commercial law, and professional responsibility. Prior to joining the Georgia State faculty in 2012, he was on the faculty at the University of Washington School of Law in Seattle for 13 years, where he served for two years as Associate Dean for Academic Administration and for six years as the director of the law school’s Graduate Program in Taxation. Professor Donaldson is an Academic Fellow of the American College of Trust and Estate Counsel (ACTEC) and a member of the bar in Washington, Oregon, and Arizona. Among his scholarly works, he is a coauthor of the West casebook, Federal Income Tax: A Contemporary Approach, and a coauthor of the Price on Contemporary Estate Planning treatise published by Wolters Kluwer. Professor Donaldson has served as the Harry R. Horrow Visiting Professor of International Law at Northwestern University and a Visiting Assistant Professor at the University of Florida Levin College of Law. Professor Donaldson holds an LL.M. in Taxation from the University of Florida. Theodore Reuter, Wool Landon, Portland. Mr. Reuter handles will contests, trust litigation, and contested guardianship and conservatorship matters at the trial court level and on appeal. He advises professionals, particularly attorneys, about their obligations under the regulatory codes that govern their conduct and representing them before the regulatory bodies that license them. He is a member of the American Bar Association Professional Responsibility Section, the Oregon State Bar Appellate Practice Section and Estate Administration and Planning Section, and the Multnomah Bar Association. He is admitted to practice in Oregon and Idaho (inactive). Mr. Reuter has presented on attorney ethics and topics in estate litigation. Penny Serrurier, Stoel Rives LLP, Portland. Ms. Serrurier helps nonprofit organization clients navigate the complex laws and regulations in all aspects of governance, compliance, and tax-related matters. She has substantial experience working with higher education institutions, health care organizations, public charities, and private foundations on issues involving fundraising, governance, advocacy, tax status, scholarship compliance, endowment management, and related matters. Ms. Serrurier also serves as an Adjunct Professor of Law teaching nonprofit organizations at Lewis & Clark Law School. She is a Fellow of the American College of Trusts and Estates Counsel, a member and past chair of the Oregon State Bar Estate Planning and Administration Section, and a member of the Estate Planning Council of Portland, Northwest Planned Giving Roundtable, Oregon State Bar Business Law Section and Taxation Section, the American Bar Association Taxation Section, the Multnomah Bar Association, and Oregon Women Lawyers. Ms. Serrurier is admitted to practice in Oregon and Washington. Advanced Estate Planning 2021 vii FACULTY (Continued) Robin Smith, Butcher & Smith Law LLC, Portland. Ms. Smith focuses her practice in the areas of estate planning, trust administration, nonprofit organizations, tax, and real estate. Ms. Smith assists her estate
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