Chicago Estate Planning Council Webinar Administering Estates of

Chicago Estate Planning Council Webinar - Administering Estates of 2010 Decedents – The Knowns, The Unknowns and the Will We Ever Knows? Sponsored by Associated Wealth Management Friday, November 5, 2010 8: 30 am – 9: 45 am IRS Circular 230 Notice: Chicago Estate Planning Council and its affiliates do not provide tax advice, and this communication cannot be used to avoid tax penalties. Consult with your legal or tax adviser before taking any action relating to the subject matter of this document.

Today’s presenters n. Lou Harrison, Held, Carroll & Wall n. Domingo Such, Mc. Dermott, Will & Emery, LLP n. Fred Weber, J. P. Morgan Chase n. Moderator: Stacy Singer, The Northern Trust Company This webinar is sponsored by Associated Wealth Management

Overview of 2010 Law n n n Modified Carryover Basis $1. 3 million basis allocation $3 million spousal basis allocation Eligible & ineligible property Reporting rules Possible outcomes This webinar is sponsored by Associated Wealth Management

Issues for 2010– Funding Formulas n Funding formulas that reference pre-2010 terms ¡ ¡ Marital deduction Applicable exclusion Amount that can pass free of estate tax GST exemption This webinar is sponsored by Associated Wealth Management

Issues for 2010 -- Disclaimers n Disclaimers ¡ ¡ ¡ Timing Who can execute Planning for contingencies This webinar is sponsored by Associated Wealth Management

Issues for 2010: Settlement Agreements n Use of virtual representation and family settlement agreements ¡ ¡ Risks Advantages This webinar is sponsored by Associated Wealth Management

Issues for 2010– GST n GST uncertainty ¡ ¡ Difference between lifetime and testamentary gifts Can you allocate? What effect will 2010 fundings have on trusts exempt under pre-2010 law? Impact of “exempt” trusts created in 2010 This webinar is sponsored by Associated Wealth Management

Issues for 2010 -- Investments n Investments post mortem ¡ ¡ ¡ Sales Retention Distribution This webinar is sponsored by Associated Wealth Management

Issues for 2010: Early Distributions n n Distributions prior to year end/certainty Terms of receipt & refunding agreements for “early” distributions This webinar is sponsored by Associated Wealth Management

Issues for 2010– Basis Allocation n Where to allocate basis ¡ ¡ ¡ Sales to raise cash v. residue Specific bequests v. residue Allocate pro rata or non pro rata This webinar is sponsored by Associated Wealth Management

Issues for 2010: Real Estate & Partnerships n Issues in allocating basis to real estate or partnerships ¡ ¡ IRC Section 121 IRS Section 754 This webinar is sponsored by Associated Wealth Management

Issues for 2010: Increases to the Basis Allocation n Basis allocation amount is increased by certain additional amounts ¡ ¡ ¡ Loss Carryforwards Section 165 Assets that “step down” under 2010 law This webinar is sponsored by Associated Wealth Management

Questions? This webinar is sponsored by Associated Wealth Management

Thank you for your participation! n Continuing Education Information ¡ The CEPC webinar has been approved for one (1) credit hour for MCLE, Insurance/CLU, CPA and pending approval for CFP. ¡ Following the webinar, please email cepc@smithbucklin. com and indicate what forms you need (i. e. , CPA, CFP, etc) and a certificate of attendance will be sent to you. This webinar is sponsored by Associated Wealth Management