February Members Only Round Table
- 7:30 a.m. to 8:00 a.m. Registration and Networking
- 8:00 a.m. to 8:15 a.m. Opening Remarks
- 8:15 a.m. to 9:30 a.m. Round Table Sessions
Session 1: Diminished Capacity Issues and Elder Law Planning
Speaker: Jeffrey Bloom
Session Description: Many of our clients will suffer some form of diminished capacity at some point. What can we do to help protect them from this risk and ensure their affairs continue to be managed as they wish? With whom can we share information? From whom can we take instructions? What do we do when there are conflicts? In short, we will discuss how can we best serve our clients in this often grey area and avoid getting sued.
Session 2: Buy-Sell Agreements and Transfer for Value
Methods of structuring the agreement and life insurance funding to avoid transfer for value and other considerations in buy-sell planning
Speaker: Edward L. Wallack, JD., AEP, AIF
Session Description: Buy-Sell agreements allow business owners to access the wealth that is concentrated in their businesses by creating a market for an owner’s interest after a specified triggering event and by minimizing conflict during a buy-sell transaction. Funding Buy-Sell agreements with life insurance can ensure that the business and/or the remaining owners have the necessary resources to acquire a deceased owner’s interest. Proper structuring of the life insurance purchase, ownership and payout is critical to ensure smooth implementation and maximum tax efficiency for the buy-out. Topics to be discussed include transfer for value, buy-sell planning with an Insurance LLC and the cross-endorsement buy-sell.
Session 3: Trust Decanting in Massachusetts: Where Are We?
Speaker: Eric P. Hayes, Esq.
Session Description: The discussion will review common law decanting in Massachusetts under Morse v. Kraft and Ferri v. Powell-Ferri. Why decant? When is decanting preferable to modifying the trust under the Massachusetts Uniform trust Code and vice versa? Does a trustee have a duty to consider decanting? What are the prospects for enacting the Uniform Trust Decanting Act in Massachusetts?
Session 4: Planning for Medicare
Speaker: Susan Flanagan
The discussion will help people approaching Medicare eligibility understand their health insurance options outside of employer sponsored coverage. Topics covered will include:
· Explanation of Medicare
· Medigap and Medicare Advantage Plans
· Medicare Part D
· Where to go for additional help
· Programs available to early retirees, such as COBRA
Session 5: Retirement Plan Designs
Speaker: Jeffrey G. West CFP,AIF, MBA
Session Description: Retirement plans are one of the few remaining tax deductible programs! Having the right plan design is key to creating a successful qualified retirement plan. Plan designs to maximize employer contributions while minimizing employee contributions will be explored as well as integrating retirement planning with business continuation, life insurance funding and estate planning. Defined benefit plan designs, and a full array of defined contribution qualified plan designs will be explored, and the DOL recent rule changes and timelines will be highlighted. Also covered will be “fully insured” 412(e)(3) defined benefit plans for the successful business owner interested in contributing amounts much larger than traditional defined benefit plan limits.