COURSE DESCRIPTION
Clients frequently have substantial reactional assets that they want to pass in their estates – family cabins, mountain houses, other retreats, boats, and other assets. These assets may be held in full or in fractional interests, sometimes shared uncomfortably by different parts of a single family or with third parties, giving rise to issues of control, value, and transfer. Any or all of these assets may have substantial financial value and almost always have emotional value to clients. Planning for these assets is a blend of property and tax law, but also practical counseling of clients. This program will provide you with a real world guide to trust and estate planning for recreational assets.
- How to title and/or hold assets in LLCs or other business entities
- Methods and agreements foster stable and cooperative use property among many family members
- Special trust and estate planning issues for reactional assets
- Use of Qualified Personal Residence Trusts for cabins and other vacation homes
- Real estate issues – capital improvements, treatment of taxes and expenses, conservation easements
- Special issues related to boats and airplanes
Speakers:
Missia H. Vaselaney is a partner in the Cleveland office of Taft, Stettinius & Hollister, LLP, where her practice focuses on estate planning for individuals and businesses. She also represents clients before federal and state taxing authorities. Ms. Vaselaney is a member of the American Institute of Certified Public Accountants and has been a member of the Steering Committee for AICPA’s National Advanced Estate Planning Conference since 2001.
Michael Sneeringer a partner in the Naples, Florida office of Porter Wright Morris & Arthur LLP, where his practice focuses on trust and estate planning, probate administration, asset protection planning, and tax law. He has served as vice chair of the asset protection planning committee of the ABA’s Real Property, Trust and Estate Section and is an official reporter of the Heckerling Institute.