Take This Job and Shove It! Navigating a Successful Transition Between Fiduciaries (D) Planning Strategies After the Health Care Surtax (W)
Dinner Sponsored By: BNY Mellon Wealth Management
Workshop Summary
Planning Strategies After the Health Care Surtax
The 3.8% Medicare surtax, a pivotal provision of the 2010 Patient Protection and Affordable Care Act, underscores the current significance of tax-conscious investment management and estate administration for fiduciaries and higher-income taxpayers. As an estate planning practitioner, you can employ proactive and appropriate strategies to mitigate the impact of this 3.8% Medicare surtax liability without disrupting the overall plan for estates, trusts, and beneficiaries. This workshop session will highlight practical planning opportunities and potential wealth transfer techniques to consider implementing in 2014.
Philip Herzberg, CFP®, CTFA, AEP® is a Certified Financial Planner® professional, Certified Trust and Financial Advisor, and Accredited Estate Planner® designee with over seven years of experience at the Private Client Services division of a national financial institution. A Northwestern University graduate with a Bachelor of Science in Speech with departmental honors, he earned a Master of Science in Finance from Florida International University with a graduate certificate in Investments.
Recognized as a devoted ambassador to his profession and community, Mr. Herzberg is the President of the Financial Planning Association (FPA®) of Miami and serves on the Board of Directors for the Estate Planning Council of Greater Miami and FPA of Florida. Mr. Herzberg has authored or contributed to 40 peer-reviewed estate, tax, and financial planning articles. He has frequently appeared in regional and national media publications, such as the Wall Street Journal, Miami Herald, and Sun-Sentinel.
Dinner Summary
Take This Job and Shove It! Navigating a Successful Transition Between Fiduciaries
Personal representatives and trustees, particularly corporate fiduciaries, are often eager to take on a new fiduciary position and jump in with zeal only to find that the estate or trust is teaming with trouble: litigious beneficiaries, unreasonable co-fiduciaries, and difficult to manage assets. Sometimes, the risk and headache just isn’t worth the reward and the fiduciary is left searching for an exit. Other times, the beneficiaries themselves demand change. The failure to obtain a proper discharge and/or release can result in lingering liability. This presentation will focus on the procedural steps associated with the succession and discharge of both personal representatives and trustees. Topics include voluntary succession (resignation), as well as involuntary succession (removal), and the procedure for obtaining discharge under both scenarios.
William T. Hennessey is Shareholder with Gunster, PA. He is Chairman of the Probate, Trust and Guardianship litigation practice. He is the immediate past chair of the Probate and Trust Litigation Committee of the Real Property, Probate, and Trust Law Section (RPPTL) of the Florida Bar and is a member of RPPTL’s Executive Council. He is a Fellow of the American College of Trust and Estate Counsel (ACTEC) and a frequent author and lecturer on probate and trust litigation topics.
Practice Areas
- Probate, Trust and Guardianship Litigation
- Will and Trust Contests and Defense of Fiduciaries and Beneficiaries
- Complex and Disputed Estate and Trust Administration
- Estate, Gift and Generation-Skipping Tax Planning
- Business Succession Planning
- Will and Trust Construction and Reformation
- Trust Modification, Revocation, and Termination
- Surcharge and Removal Litigation
- Competency Proceedings
Education
- University of Florida, J.D., highest honors, 1996 Senior Editor, Florida Law Review
- Teaching assistant, legal research and writing
- University of Florida, B.S. Accounting, highest honors, 1993
John C. Moran is a shareholder with the Gunster Law Firm in West Palm Beach, Florida. He concentrates his legal practice in the areas of probate, trust, guardianship, and fiduciary litigation. Mr. Moran is a Fellow of the American College of Trust and Estate Counsel (ACTEC) and a member of ACTEC’s Fiduciary Litigation Committee. He is currently Chair of the Probate Law and Procedure Committee of the Florida Bar’s Real Property, Probate and Trust Law Section (RPPTL). Mr. Moran is a member of the RPPTL’s Executive Council, and he serves on the Probate and Trust Litigation Committee, Trust Law Committee, and Guardianship, Power of Attorney and Advance Directives Committee. He is also a past Chair of the Florida Bar Probate Rules Committee. Mr. Moran is a former President of the Craig S. Barnard American Inn of Court in West Palm Beach, Florida. He earned his B.S. degree, magna cum laude, from Florida State University and his J.D. degree, with honors, from The George Washington University School of Law. Mr. Moran is the co-author of “Intestate Succession” and “Will Construction” in Litigation Under Florida Probate Code, published by the Florida Bar. He is a frequent lecturer on probate and trust topics.
