Wednesday, November 2, 2022
9:00 AM - 4:30 PM
Estate planning attorneys are finding that clients are becoming increasingly connected with two or more states, either by maintaining residences or investment property in multiple jurisdictions. Since different states may have different laws that apply to residents of that state—as well as non-residents who own property within the state—it’s imperative that estate planning attorneys be informed of their clients’ state connections. This course will explore the issues when a client has significant ties to more than one state. Specifically, this course will address how estate planning documents (wills, revocable and irrevocable trusts, health care directives, and powers of attorney) differ in states outside of Minnesota and what to do when a client has significant ties with one or more states.
8:30 – 9:00 a.m.
CHECK-IN & CONTINENTAL BREAKFAST
9:00 – 9:10 a.m.
WELCOME & ANNOUNCEMENTS
– Laura E. Halferty, Course Chair
9:10 – 9:55 a.m.
Residency and Domicile Wars: What Does It Really Take to Leave Minnesota?
This presentation will identify issues individuals should consider before attempting to change their residency and offer tips on how to best prepare for and survive a Minnesota residency audit given recent changes in residency audit techniques. This presentation will also answer questions including “do I have to fire my Minnesota attorneys, bankers, and accountants to make a residency change,” “where can I get a ‘checklist’ that tells me exactly what I need to do,” and “what if my spouse wants to remain a Minnesota resident?”
– Lynn S. Linné
9:55 – 10:40 a.m.
Community Property vs. Separate Property – What Minnesota Attorneys Need to Know
Nine states in the United States are community property states while the remaining 41 states are separate property states. Understand the difference between community property and separate property and how this distinction affects assets such as a home or a business, what is quasi-community property, and what happens if your client buys a vacation home in a community property state.
– Alison J. Midden
10:40 – 10:55 a.m.
10:55 – 11:40 a.m.
Planning Considerations When Your Client Owns Property or Assets in Other States
Ownership of property in multiple states can raise many estate planning issues. Whether your client owns property directly or through an entity (such as a trust or corporation) may have a dramatic impact on the settlement of their estate and the taxes due. Fortunately, there are numerous ways to structure ownership of property. Which way is best for your client will depend on their goals and interests. This session will explore the various options available and the appropriate planning strategies for the most common scenarios.
– Rachel M. Dahl
11:40 a.m. – 12:40 p.m.
Location, Location, Location – Choosing the Situs of a Trust
Location is a key element in creating an irrevocable trust. Specifically, the place of administration of a trust and the governing law of a trust for purposes of interpreting its provisions are key considerations for clients. Attorneys who assist clients in the creation or on-going administration of trusts should be analyzing a trust’s situs to determine which jurisdiction offers maximum tax benefits, asset protections and administrative flexibility. This session will address these factors and more when considering the situs of an irrevocable trust.
– Daniel R. Donovan
12:40 – 1:30 p.m.
1:30 – 2:15 p.m.
Noncitizen Residents – The Mysteries of the QDOT and Portability Solved
The existence of a noncitizen spouse can significantly change the estate planning landscape for federal estate tax purposes. Additionally, the Treasury regulations layer on specific rules that may limit a noncitizen surviving spouse’s ability to benefit from portability of an estate’s unused estate tax exclusion amount. Learn the general rules for the marital deduction in this context and how the general rules affect portability. Then, explore planning considerations for a client seeking to take advantage of these rules.
– Katherine A. Charipar
2:15 – 3:15 p.m.
Top 10 Estate Planning Considerations for Clients Who Frequently Cross State Lines
This session will explore key considerations when assisting clients who frequently travel or have interests in other states. Topics will include:
– Sharma Foley Affeldt
3:15 – 3:30 p.m.
3:30 – 4:30 p.m.
Planning Techniques and Opportunities to Help Your Clients Navigate Their Jurisdiction-Hopping Lifestyle: A Scenario-Based Discussion
Over the course of the day, you have learned tools and ways you can assist your clients in creating an estate plan that works for their lifestyles in multiple jurisdictions. Join our panel of experts in this scenario-based session as they discuss what strategies they would recommend for various circumstances. Learn more advanced estate planning tips and explore what strategies make the most sense.
– Jennifer A. Lammers, Sonny F. Miller & Lauren Winter Routhier
– Laura E. Halferty (moderator)
Tuesday, October 4, 2022
Minnesota CLE Conference Center
600 Nicollet Mall, Suite 370
Seventh Street & Nicollet Mall, Third Floor City Center
Wednesday, November 2, 2022
A moderator will be available to answer questions by email.
$245 MSBA members / $245 paralegals / $295 standard rate
Other discounts that may apply:
Need-based scholarships are available for in-person and online seminars. For further information or to obtain a scholarship application, contact us at 800-759-8840 or firstname.lastname@example.org.
Minnesota CLE is applying to the Minnesota State Board of CLE for 6.0 standard CLE credits. The maximum number of total credits attendees may claim for this program is 6.0 credits.