February 28, 2018 Platinum Sponsor

LUNCH MEETING-What's wrong with your ILIT?

Date: Wednesday, February 1, 2012
Time: 12:30 PM - 2:00 PM
Location: Crowne Plaza, 66 Hale Avenue, White Plains
Speaker: Scott M. Sherman, Attorney at Law

This will be our second seminar of the 2001-2012 council year.  This one will be a luncheon as we are trying out a new format.  Reservations are limited to Estate Planning Council members only, on a first come, first served basis.  In addition, guest reservations may be accepted if space is available.

Seating is limited as we are striving for a seminar-like, informal session, with participation by all in attendance.  We look forward to an enlightening group discussion.

Please submit your reservation as soon as possible so that we can make arrangements for food service.  Due to our commitment to the caterer, we will be unable to make a refund after a reservation has been accepted.

Michael Weitzner, Esq        
Chair, Education Committee

TOPIC HIGHLIGHTS:

"WHAT’S WRONG WITH YOUR ILIT?"

Typical problems with an existing irrevocable life insurance trust, including effectiveness of the assignment of the policies; grantor trust treatment of side fund; reciprocal trust issues; eligibility for gift-splitting; eligibility for allocation of GST exemption; Crummey problems; spouse as sole trustee; solutions to problems including decanting and sale of policies to new trust.

SPEAKER:
 
SCOTT M.  SHERMAN
Attorney at Law

Scott brings new ideas to estate planning, often for clients who already have an estate plan in place. Many of his clients are elderly or dying (or the children of elderly parents) so the focus is on generation-skipping tax planning; achieving a basis step-up at death; avoiding probate where appropriate; and using discounts to minimize estate tax.

Scott also has considerable experience planning for pension/IRA death benefits.  For example using those benefits to fund trusts while still achieving a slow, tax-deferred payout of the benefits, or as another example; using the benefits to satisfy charitable bequests without interfering with the payout of the rest of the benefits.

Scott has worked on numerous estate plans and estates involving non-citizen spouses, including severing joint assets under the special gift tax rules that apply.

For families with substantial real estate holdings, Scott has been a pioneer in using a single trust to hold life insurance and to serve as an “intentionally defective grantor trust” purchasing assets at a discounted value.  For more typical suburban families, Scott often can complete the estate plan in two meetings: one meeting to review the family situation and the ownership of the assets, explain the appropriate plan, and quote a  fee, and a second meeting (after drafts have been sent to the clients for review) to execute the documents.

Education
Yale University, B.A. Political Science 1972
American University Law School, J.D. 1977
Phillips Academy, Andover, Massachusetts, Class of 1968
 
Legal Experience
Reed Smith LLP, New York City, 2005-2008
Danziger & Markhoff LLP, White Plains, New York, 1983-2005
 
Court Admissions
New York, 1978
U.S. Tax Court, 1978
 


BASED UPON OUR INTERPRETATION OF THE NEW YORK STATE BOARD FOR PUBLIC ACCOUNTANCY REGULATIONS, THIS EVENT WILL QUALIFY FOR ONE (1) CPE CREDIT IN SPECIALIZED KNOWLEDGE.
Our New York State CPE Sponsor license number is 000783.

 

RSVP MUST BE MADE ON-LINE NO LATER THAN FRIDAY, 1/27/2012.

Cost: $40 (includes parking)

Payments made by check:

Mail your reservation receipt with your check payable to the Estate Planning Council of Westchester County, Inc. to:

Estate Planning Council of Westchester County Inc.
C/O Michael Weitzner, ESQ.
Kurzman, Eisenberg Corbin & Lever, LLP
ONE North Broadway
White Plains NY  10601

See Upcoming Event Calendar