About the Seminar
The Tax Cuts & Jobs Act of 2017 created supposedly “permanent” high federal estate and gift tax exemptions. This CLE studies how to effectively estate plan in the current high federal estate and gift tax environment. In particular, the presentation focuses on non-estate and gift tax motivations for using credit shelter trusts, and examining the positive and negative aspects of utilizing them. ?Additionally, the material critiques on whether to draft credit shelter trusts for clients or whether to rely on electing portability when the first spouse passes, and provides an analysis framework for the estate planner to utilize when deciding on whether to draft credit shelter trusts. Finally, the seminar addresses the important issue of how to mitigate one drawback of the use of credit shelter trusts – the lack of step up income tax basis on the surviving spouse’s death – by discussing various techniques to mitigate such an impact.
About the Speaker
Recognized as a leader in his field in the?2018 Edition of Chambers High Net Worth Guide, G.P. is renowned for his private wealth management work and related specialties. He routinely represents high-net-worth individuals, corporations, and privately-held businesses on a variety of sensitive and complex estate and business planning matters including:
- Taxation (state and local)
- Mergers & acquisitions
- Business litigation
- Estate planning and probate administration
- Probate and estate litigation
- Tax controversy
- Real estate planning
In addition, G.P. is a Certified Specialist in Taxation Law and a Certified Specialist in Estate Planning & Probate Law, distinctions given by the Supreme Court of South Carolina. G.P. has been elected as a Fellow of the American College of Trust and Estate Counsel (ACTEC), a Fellow of the American College of Tax Counsel (ACTC), and a Fellow of the American Bar Foundation (ABF).
In his practice, G.P. represents corporate clients on such diverse matters as the purchase and sale of businesses, shareholder agreements, operating agreements, shareholder buyouts, executive compensation arrangements, and business succession planning. He regularly works with individual clients on income and estate planning matters in the formulation and implementation of strategies to reduce taxation, protect and preserve assets, and facilitate the transfer of assets among family members, foundations, and charities.
A trusted and confidential advisor, G.P. counsels personal representatives, trustees, beneficiaries, and creditors on all phases of the estate probate and trust administration process, including ancillary administration and tax audits. He also advises real estate developers and investors in such matters as the formation of real estate ventures and on the tax planning aspects of the purchase, sale, and exchange of commercial and investment property. He is a frequent lecturer in seminars for attorneys, CPAs and financial planners on such diverse topics as estate planning, trust and probate administration, limited liability companies, S corporations, and other tax-related topics.
- Designed numerous estate and business succession plans for closely held business owners involving business interests valued in excess of $100 million, utilizing tax-efficient planning arrangements, including intentionally defective grantor-retained annuity trusts (IDGTs), sales to grantor trusts, charitable lead trusts, private foundations, various life insurance plans, defined value clauses, qualified personal residence trusts, family limited partnerships, generation-skipping trusts, and other appropriate arrangements.
- Structured business entities, buy-sell agreements, operating agreements, partnership agreements, and various entity governance arrangements among family members and nonfamily members to facilitate business planning operational goals and to coordinate business succession planning with personal estate planning of the business owners.
- Represented executors and trustees of multigenerational trusts with respect to fiduciary and investment issues, including the use of private settlement agreements and decanting to achieve certain family goals, and the formation and subsequent restructuring of family LLCs designed to coordinate investment management among various family trusts.
- Represented purchasers and sellers in mergers & acquisitions transactions with a particular emphasis on income tax and estate tax savings, with transactions ranging from small-to-medium-sized purchase value amounts to others in excess of $100 million.
- Represented trustees, executors, and beneficiaries in litigated probate and trust matters involving will and trust contests and construction disputes before the probate court, circuit court, and U.S. District Court.
- Represented shareholders, partners, owners, and officers in business litigation matters involving shareholder disputes, breaches of fiduciary duty, and forced buyouts.
- Advocated on behalf of taxpayers under IRS audit and before the U.S. Tax Court in matters involving estate and gift tax audits, income tax liabilities and trust fund penalties.
- Recognized as a "Leader in his Field",?Chambers High Net Worth Guide?(2018)
- Fellow, American College of Trust and Estate Counsel (ACTEC)
- Fellow, American College of Tax Counsel
- Certified Specialist in Taxation Law, South Carolina Supreme Court
- Certified Specialist in Estate Planning and Probate Law, South Carolina Supreme Court
- Certified Financial Planner
- AV??Peer Review Rated by Martindale-Hubbell
- Best Lawyers in America, Corporate Law (2019), Tax Law (2017 -?2019), Trusts and Estates (2018 - 2019)
- Charleston Business Magazine, Legal Elite of the Lowcountry, Tax & Estate, Business Litigation (2017)
- McNeill Smith Pro Bono Lawyer of the Year, 2015
- Charleston Regional Business Journal, "40 Leaders Under Forty," 2013
- CALI Award, Mass Tort Litigation
- Legal Writing Instructor, U.S.C. School of Law
- Research Assistant, Prof. F. Patrick Hubbard, U.S.C. School of Law
Professional and Community Affiliations
- Estate Planning & Probate Law, Specialization Advisory Board, S.C. Supreme Court (2012 - present), Chair (2015 - present)
- Charleston Estate Planning Council
- Charleston Tax Council, past President
- Charleston Tax Roundtable
- Trident Technical College Foundation, Board of Directors Executive Committee
- South Carolina Bar Association
- Tax Law Section, Council Member (2013 - present)
- Probate, Estate Planning & Trust Section
- Article 5 Section 5 Durable Powers of Attorney Revision Group
- Corporate, Banking, & Securities Section
- SC Bar Probate, Estate Planning &Trust Section
- American Bar Association
- Tax Section
- Real Property, Probate & Trust Law Section, Business Law Section
- Charleston County Bar Association
- Mentor, S.C. Supreme Court Lawyer Mentoring program
- Attorney to Protect Client Interests, S.C. Supreme Court
- Rotary Club of Charleston, Member and Paul Harris fellow
- Metro Exchange Club of Charleston, Member
- Charleston Metro Chamber of Commerce, Board of Directors
- Leadership Charleston, Class of 2009, Charleston Metro Chamber of Commerce
- Charleston Animal Society, General Counsel and Chair of Planned Giving Committee
- Charleston Defense Contractors Association (CDCA), General Counsel and Ways, Means and Rules Committee Member
- Coastal Community Foundation, Chair, Professional Advisory Group, Development and Stewardship Committee
- Social Venture Partners (Charleston), Board Member/Partner
- Reading Partners (Charleston), Board Member
- Fellow, The Riley Institute at Furman, S.C. Diversity Leadership, Low Country Class IX
- World Trade Center Charleston, Committee Member
- South Carolina Chamber of Commerce, Taxation Committee and Small Business Committee
- Trident United Way, Community Investment Review Team (Cl RT), Member
- Charleston Symphony Orchestra, Development Committee Member
- Porter-Gaud Foundation, Technical Advisor Group Member
- The ALS Association, South Carolina Chapter, Inc., former Board of Directors
- Charleston Stage Company, former Board Member
This program qualifies for 1.0?MCLE credit hours?including up to 1.0 Estate Planning & Probate Law and 1.0?Taxation Law specialty credit hour.
Note: When submitting your compliance reports to the SC Commission on CLE and Specialization, please use this course code for 2019:?192107ADO