BEPC Members Round Table Breakfast
at the University of Massachusetts Club
7:30 AM to 8:00 AM Registration and Networking
8:00 AM to 8:15 AM Opening Remarks
8:15 AM to 9:30 AM Round Table Sessions
Round Table Session Descriptions
Session 1: Tax Planning for Later in Life
Moderator: Laura Berard, Andersen Tax
Description: It’s never too late to do gift and estate tax planning. Some planning strategies are actually better suited to elderly clients, while other strategies require more lead time to execute successfully. Laura will discuss tax planning strategies for elderly clients, including making a “net, net gift”. Laura will also discuss different cost basis step-up planning strategies using real life examples. These strategies can help minimize taxes while keeping wealth in the family.
Category of Track: Tax
Level of Track: Fundamental
Session 2: Divorce and Mediation: How to Address Estate Planning Issues in a Divorce
Moderator: Caren Z. Schindel, Esq., McLaughlin, Richards, Biller, Schindel & Winter, LLP
Description: This discussion will present an overview of the ways in which a divorcing couple can identify and negotiate the tricky estate planning issues that arise in connection with separation and divorce. The presentation will describe the factors to consider when deciding whether or not to mediate a divorce or engage in other methods of alternate dispute resolution. The SJC 2016 decision in Pfannenstiehl will be discussed as a guide for drafting trusts that will not be included in the beneficiaries’ marital estate.
Category of Track: Legal
Level of Track: Technical
Session 3: The Art of Downsizing
Moderator: Valerie Achorn, Simplified Lives and Steven M. Fusco, Simplified Lives
Description: How to work with clients (and family members) in downsizing, including how to appraise and value tangible personal property. Participants will understand the specifics of appraisal – purpose of the appraisal and intended use; equitable disposition, item replacement, donation or sale – these will all be explored. The method of value determination will be explained. Simplified Lives has created an inventory and photograph system useful for estates/estate attorneys, insurance agents, and individual’s family members. It is beneficial to attorneys that need to get items out of a house but the family is “stuck” on how to move forward, or when there is a contentious situation where an individualized inventory management report would enable the family/attorneys to make headway on getting a house processed through probate. It is helpful for insurance agents that need to have a personal possession inventory. At the BEPC round table in February, we will be handing out a report, produced by a program used by all of the staff at Simplified Lives. The digital program enables us to describe each item that is photographed, keeping track of items, person by person, room by room, and generating a report that can be shared in written form and electronically. Associate Estate & Appraisal Co. often works in tandem with Simplified Lives with the inventory management system which can help attorneys and families get items inventoried and moved into storage, whether climate-controlled storage or an artwork facility – we know exactly how to create a user-friendly inventory report with appropriate appraisal information. Appraisal reports are written in a USPAP compliant format; compliance standards will be discussed at the Round Table.
Category of Track: Supporting Disciplines
Level of Track: New Developments
Session 4: Long Term Care: Who Needs It, Who Doesn’t and How Do You Decide
Moderator: Dave Shannon, CCT Insurance
Description: Understand the process of working with other advisors in determining whether the individual(s) have a “need” for the long-term care coverage (i.e. do they have existing coverage, is self-insuring an option, or some type of insurance). Provide some background information regarding how the current long-term care marketplace arrived at where we are today. These changes and alterations in the marketplace will transition into discussions on the current products, and how we might advise clients on those products and how they might fit into their planning. Discussion to include: working with clients in determining their long-term care needs, implementation of the various products, process of obtaining coverage, and how the claims process is administered.
Category of Track: Insurance
Level of Track: Fundamentals
Session 5: Optimizing your Benefits in Retirement: Social Security and Medicare Demystified
Moderator: Renee W. Senes, CDFA, Senes & Chwalek Financial Advisors
Description: Understanding the basics of Medicare and Social Security, should you wait until age 70 to begin social security or take the money and run, how Spousal, Survivor and Divorced Spousal Benefits impact retirement, using social security strategies to create a retirement financial plan
Category of Track: Financials
Level of Track: Fundamentals
*When completing registration, please select only one session to attend.*
*This event is for BEPC members only. If you are interested in becoming a member of BEPC, see here. There is no registration fee required for this event*
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