An In Depth Examination of Property Tax and
Fiduciary Income Tax
Program Schedule
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12:30 p.m..
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Registration
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1 p.m. - 2: 30 p.m.
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California Property Tax: Proposition 13 Changes in Ownership, Exclusions and Recent Developments
This program is invaluable for estate planning and family lawyers planning for real property transfers within families, whether inter vivos or at death, as well as for all real estate, tax, and business lawyers who represent legal entities that own or lease California real property. This program focuses on the basic rules for when a Proposition 13 change in ownership occurs and the basic exclusions from change in ownership, including the parent-child and grandparent-grandchild exclusions under Propositions 58 and 193, transfers to and from certain qualifying trusts, the interspousal and registered domestic partner exclusions, the proportional ownership interest transfer exclusion under Rev. & Tax Code § 62(a)(2), the exclusion for proportional transfers of legal entity interests to avoid changes in control, the exclusion for certain transfers of original co-owner interests, and base year value transfers under Propositions 60 and 90. This program also tries to clarify the myriad issues around the filing requirements and statutes of limitations for parent-child and grandparent-grandchild exclusion claim forms and change in ownership statements with the county assessors, and the requirements and deadlines for filing change in ownership statements with the Board of Equalization LEOP program. Often a change in ownership cannot be avoided, but sometimes it can, so it is important to be savvy about particular planning opportunities and be cognizant of common traps and pitfalls. There will be time for questions at the end of the presentation, but questions from the audience throughout the presentation will also be welcome, keeping the discussion lively.
Speaker:
Matthew Burke, Senior Tax Counsel, State Board of Equalization Legal Department
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2:45 p.m. - 4:15 p.m.
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State Fiduciary Income Tax Survival Kit ( also available as live webcast.)
As this presentation will demonstrate, it is not always safe for an estate planner to presume that the trusts he or she creates will always reside in the state in which the client lives and the attorney practices. While the advent of trust situs competition between states may have heightened the awareness of some practitioners to the benefits and burdens of creating a trust in one state or another, a more practical and unavoidable issue often arises unexpectedly – the trust’s state income tax situs may move or multiply without the knowledge or despite the best efforts of the planners.
This presentation will focus on state fiduciary income tax planning and disaster prevention. We will review the basics of fiduciary income taxation before surveying the chaotic, clashing world of state fiduciary income taxes, focusing on the different ways states stake their claim to tax trusts, and the often inconsistent application of these schemes. The panel will discuss ways to move situs to end taxation by a particular state, to avoid unintended taxation (and perhaps double taxation), and plan in advance to avoid state taxation altogether if at all possible. Finally, the panel will address the most problematic state of all: California. Wendy Abkin, an experienced adversary of the Franchise Tax Board, will review the statutory scheme and the creative ways that taxpayers attempt to avoid imposition of the tax by exploiting ambiguities in the statute.
Speakers
- Philip J. Hayes, Bessemer Trust
- Wendy Abkin, Abkin Law LLP
- Michael Burnstein, Schiff Hardin LLP
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Speakers
Mathhew Burke
Wendy Adkin
Michael Burnstein
Philip J. Hayes
Matthew Burke
Mr. Burke is Senior Tax Counsel with the California State Board of Equalization, where he advises BOE staff, county assessor staff, and taxpayers and their representatives on issues relating to local property tax assessment. He also represents BOE staff in state assessment appeals. His principal areas of expertise are Proposition 13 change in ownership, with a particular emphasis on legal entity transactions, transfers to and from trusts, parent-child transfers, and complex lease transactions; taxation of possessory interests and governmentowned property; state assessment; and local assessment reporting and appeal procedures. Mr. Burke speaks regularly at the Beverly Hills Bar Association and various continuing education programs, and also trains county assessor staff on advanced issues in legal entity transfers through the Caliifornia Assessors’ Administrative Services Association (CAASA). He has a J.D., cum laude, from the University of California, Hastings College of the Law and an LL.M. in Taxation from New York University School of Law. He was an associate in the Tax Group in the Los Angeles office of Jones Day, and in the Corporate and Securities Group at the Los Angeles firm Troop Meisinger Steuber & Pasich.
Wendy Abkin
Abkin Law LLP – San Francisco
Ms. Abkin specializes in tax controversies and tax litigation with the Internal Revenue Service (IRS), Franchise Tax Board (FTB) and other state and local taxing agencies. She represents clients in civil and criminal tax matters, including voluntary disclosures, offshore matters, audits, appeals, litigation and collection. She also assists clients with state and local tax matters, with representation before the California Franchise Tax Board, the State Board of Equalization and Employment Development Department. Ms. Abkin has focused on tax controversy and litigation throughout her career and has substantial trial experience. She served as a law clerk for the Hon. Charles E. Clapp, Judge, United States Tax Court in Washington, D.C. She is also a former IRS trial attorney, having worked with the IRS Office of Chief Counsel in San Francisco, where she litigated cases for the IRS before the U.S. Tax Court. In private practice, Wendy has represented individuals, privately-held businesses, nonprofits and other tax-exempt entities, estates and trusts (particularly trusts with exposure to California income tax issues).
Michael Burnstein
Michael Burnstein is a partner in the law firm of Schiff Hardin LLP. Mr. Burnstein served as the first law clerk (styled attorney-advisor) for the Honorable Maurice B. Foley of the United States Tax Court during the years when the Tax Court decided the first Section 2036 family limited partnership case. In 2002, he received an LL.M in Taxation from New York University. He practiced law in the area of estate planning and charitable giving in the Manhattan office of a prominent New York law firm before returning to California in late 2002.
Mr. Burnstein’s practice continues to focus on wealth planning for high net worth individuals and families as well as advising nonprofit organizations. Mr. Burnstein serves as an adjunct professor of law in Golden Gate University’s LL.M program in Taxation, where he has taught Tax Aspects of Charitable Giving and Income Taxation of Trusts and Estates. He has authored a chapter in CEB’s California Estate Planning treatise, and he updates and edits two other chapters in CEB publications. Mr. Burnstein currently serves as a member of the Trusts and Estates Executive Committee of the State Bar (TEXCOM) and as the President of the San Francisco Estate Planning Council. He is a frequent lecturer on topics of interest to the estate planning and charitable giving community.
Philip J. Hayes
Philip J. Hayes, Managing Director and Fiduciary Counsel, Western Region Mr. Hayes, who joined Bessemer Trust as a Legacy Planning Specialist for the West Coast region in 2001, works with attorneys and other advisors to develop generational wealth transfer plans for Bessemer clients. Mr. Hayes also acts as fiduciary counsel for Bessemer’s Western Region offices. Before joining Bessemer Trust, Mr. Hayes practiced as an estate planning attorney in Pasadena and San Francisco.
Among recent professional activities, Mr. Hayes is the former Executive Editor of the California Trusts and Estates Quarterly, the official publication of Trusts and Estates Section of the California State Bar, and a former member of the Executive Committee of the Trusts and Estates Section of the California Bar. He is the primary author of current legislative proposals to revise the Probate Code to authorize the use of directed trusts and repeal the Rule Against Perpetuities.
Mr. Hayes received a B.A. in economics from University of California at Los Angeles, and his J.D. from University
of California, Hastings College of the Law.
Essential Information
Program package includes 3.0 Hours CLE (including 3.0 hours in Legal Specialization in Estate Planning) and program materials.
Printable Brochure
For your convenience we've provided a printable version of the program brochure, which duplicates the information on this web page.
PRE-Registration Fees
- $175 Trusts and Estates Section Members
- $195 Non-Section Members (includes enrollment in the Trusts and Estates Section for 2012)
In order to pre-register, your form and check, payable to the State Bar of California, or credit card information, must be received no later than March 9, 2012.
On-Site
On-site registration will be on a space available basis. Call to confirm space availability.
Register Online
You can now REGISTER ONLINE for the in-person program or attend via webcast.
Register by Mail or Fax
Use the Mail / Fax Registration Form and return it with payment to The State Bar of California.
Mail To: Program Registrations, State Bar of California, 180 Howard Street, San Francisco, CA 94105.
Fax To: Program Registration at 415-538-2368. In order to fax your registration, credit card information is MANDATORY. (Photocopies of checks will NOT be accepted.)
Cancellation / Refund Policy
Cancellations and requests for refunds must be received in writing no later than March 9, 2012 and are subject to a $25 service charge. Refunds will not be available after March 9, 2012.
Questions
For registration information call 415-538-2508. Telephone registrations will not be accepted. For program content and/or Section information call 415-538-2206.
Special Assistance
For special assistance, please call 415-538-2206.
Audio CDs
Audio CDs of the program will be available with a complete set of written materials from Versa-Tape. To order, please call 1-800-468-2737.
MCLE
The State Bar of California and the Trusts and Estates Section are approved State Bar of California MCLE providers.