March Meeting
Thank you to our generous sponsor:
Pre-Workshop Presentation
Case Study – Audit as a Strategic Planning Tool
Presented by Richard K. Newman, CPA/PFS, AEP, CAP
Life Audit Professionals, LLC
Third-party reviews show that as much as 70% of existing life insurance policies are inappropriate for the clients’ current circumstances and/or are underperforming. Just as the foundation of a house can develop cracks over time, outdated or under-performing insurance policies become cracks in an otherwise solid financial or estate plan. Periodic reviews of your clients’ insurance portfolios should be a part of the overall maintenance of the plans you create for them. Events that could trigger the need for adjustments include: marriage or divorce; birth of children; change in business partnerships; change in career/income; or loss or addition of beneficiaries. Learn why an audit by a competent trusted advisor should be the platform for conducting a thorough risk management review of any clients' business or personal planning.
Richard Newman is a CPA/PFS, AEP, CAP and the founding Member of Life Audit Professionals, LLC. Richard is a well-known life insurance expert who works with CPAs, attorneys, Registered Investment Advisors and nonprofits. For more than 25 years, he has guided clients with their estate planning, wealth transfer and tax-related matters. While providing these services, he also has helped his clients create legacies of giving to favorite charities. He has transformed this knowledge into MyLifeGiving, an innovative life insurance consulting program that specializes in the practical application for identifying and using underperforming and new life insurance policies to benefit clients and the charities they support. A resident of South Florida for 50 years, he is active in various charities. Those special to his heart are his temple, where he served on the board of directors, and Comfort Zone Camp in Richmond, VA, caring for the needs of children who have recently suffered the loss of a parent or main caregiver. He received his BA in Accounting from the University of Miami, BA –Accounting, and is a member of the American Institute of Certified Public Accountants, Florida Institute of Certified Public Accountants, Boca Raton Estate Planning Council, and the National Association of Life Underwriters. Richard is also a frequent speaker and sponsor of the Florida Bar Tax Section, the Florida Bar Real Property Probate and Trust Law, the American College of Trust and Estate Counsel, the Jewish Federation Professional Advisory Committee, and the Heckerling Institute on Estate Planning.
Workshop Presentation
Selected U.S. Tax Compliance Issues for Foreign Investors and Businesses
Presented by Leslie A. Share, Esq.
Packman, Neuwahl & Rosenberg
Foreign individuals and entities are often unaware of the U.S. tax filing requirements associated with their U.S. business activities and investments. In addition, persons receiving gifts from foreign persons and distributions from foreign trusts and entities may not be cognizant of the related filing requirements and the substantial penalties for noncompliance. This presentation will focus upon the most common associated issues and how to correct late or incorrect reporting situations.
Leslie A. Share is a shareholder in Packman, Neuwahl & Rosenberg, P.A., specializing in the areas of domestic and international tax, estate and wealth preservation planning. Mr. Share has advised clients in numerous and diverse areas such as Broadway theatrical productions, domestic and foreign real estate like-kind exchanges, Internet sales tax planning, advanced domestic and foreign wealth preservation techniques, U.S. tax treaties, Internal Revenue Service examinations and voluntary compliance programs and preferred structures for inbound and outbound business and investment planning. He is AV rated by Martindale-Hubbell, and listed in Best Lawyers in America and Florida Super Lawyers in the field of tax law. Mr. Share received his B.A. from Northwestern University, his J.D., with honors, from the University of Florida, and his Master of Laws in Taxation from New York University.
Dinner Presentation
Material Purpose – The “Goal Standard” for Estate Planning
Presented by Raymond C. Odom, JD, CFP®
Director of Wealth Transfer Services, Northern Trust – Chicago
Memorializing the purpose behind donative transfers was once something only charitable planned-giving officers did. That is all changing with the evolution of wealth planning. State Uniform Trust Code provisions that could allow trust beneficiaries to unilaterally modify or terminate spendthrift trusts without a material purpose cause some to ask “what is a trust “material purpose””. Decanting, state “purpose trusts”, and state “silent trusts” often refer to, and defer to, “material purpose”. Yet there is little discussion of this concept in estate planning commentary. For insurance professionals, financial planners, corporate fiduciaries and investment managers outside the business of creating or administering trusts — clients are increasingly expecting that all wealth planning advice be aligned with individualized goals and material purposes. And clients with definitive investment and planning goals seem remarkably willing to engage in expensive and even complex transactions. Why? Come as we take look at the statutory, drafting, planning and common sense reasons behind using “Material Purpose” as the new “Goal Standard” for your wealth planning.
Raymond C. Odom is a Senior Vice President at Northern Trust - Chicago. He serves as Director of Wealth Transfer Services in the Wealth Advisory Services group in the Wealth Management division. Ray serves as a national subject matter expert in wealth transfer planning. Ray works with regional offices across the country to provide valuable planning ideas to partners, clients, prospects and their advisers. Prior to his current role, Ray served in the dual capacity of Trust Administrator and Wealth Strategist, where he was responsible for the solicitation and administration of large, complex accounts for individuals, families and charitable trusts. Ray began his career with Northern Trust in 1980 in the role of tax counsel with special expertise in tax exempt organizations, fiduciary income tax, and estate/gift tax before leaving for private law practice as a partner in the Chicago estate planning law firm of Hoogendoorn & Talbot. Prior to rejoining Northern Trust, Ray also worked in the Wheaton Illinois office of NBD Bank (n/k/a J P Morgan Chase) where he served as relationship manager, trust officer and local trust counsel. Ray has a B.A. from Valparaiso University and a J.D. from The Ohio State - Moritz College of Law. He is an attorney licensed to practice law in Illinois and before the U.S. Tax Court. In addition, Ray is currently a Certified Financial Planner (CFP) and taught as an adjunct professor in the MBA program of Benedictine University and visiting lecturer at Valparaiso University School of Law. He is a current member of the Chicago Estate Planning Council.
