Planning For Estates Under $10 Million
5:30pm Cash Bar, 6:15pm Dinner, 7:00-8:00pm Council Business and Program
With the estate tax exclusion set at over $11 million, this session will cover the non-tax reasons why our clients still need to do an estate plan. We will cover the basics of the estate/gift tax exclusion, lifetime gifting strategies, beneficiary designations, electing portability along with a comparison to conventional credit shelter trust planning. We will also discuss the use of QDOTs, the importance of beneficiary designations and other tax, fiduciary and administrative elections available to the estate/trust, including those when the estate/trust has an ownership interest in a partnership or S corporation. Finally, the session will cover various elections that the executor can make on the decedent's final income tax return.
Lawrence J. Macklin is a Managing Director and Wealth Strategist at Bank of America Private Bank. In this role, Larry coordinates the development and delivery of innovative strategies and solutions for high net worth individuals and families helping them pursue their goals in financial and estate planning, risk management, wealth transfer, intergenerational planning, business succession, pre- and post-liquidity event strategies, and philanthropy. Larry also collaborates with the client’s team of advisors and conducts periodic reviews to help clients monitor progress. Larry began his tax and estate planning career in 1982. Prior to joining Bank of America Private Bank (formerly U.S. Trust) in 1994, Larry was a tax and estate planning attorney with Venable LLP, a national law firm, and a Tax Manager with Price Waterhouse. Larry received his B.S. in accounting from the University of Maryland and earned a juris doctorate from the University of Maryland School of Law in Baltimore. He is a member of the Maryland state bar, holds a Certified Public Accountant license and is an Accredited Estate Planner® (AEP®) designee. Larry is a past President of the Baltimore Estate Planning Council and is currently on the Board of the National Association of Estate Planners and Councils (NAEPC). He is a frequent speaker at estate planning councils around the country and recently spoke at the Notre Dame Tax & Estate Planning Institute. *Note: Larry does not provide legal or tax advice in his current role at Bank of America Private Bank.
Thank you to Life Managers & Associates for sponsoring this meeting. Please visit their website at https://www.life-managers.com/.
