Powers of Appointment in Today's Enviroment
Cost: Members $25, Guests $50
Speaker: Turney P. Berry
About the talk: Powers of appointment are seemingly ubiquitous and have a myriad of family, administrative and tax uses. We will examine the state law of powers of appointment focusing on the new Uniform Powers of Appointment Act adopted by the Uniform Law Commission as well as the Federal income, gift & estate tax consequences of holding and exercising powers. We will also review some nifty planning ideas that involve powers of appointment as basis attractors and trustee substitutes.
Speaker bio: Turney P. Berry concentrates his practice in the areas of estate planning, fiduciary matters, and charitable planning. Mr. Berry is a Member of the Executive Committee and the Chair of Wyatt, Tarrant & Combs’ 22 lawyer Trusts, Estates & Personal Planning Service Team.
Mr. Berry is active in the American College of Trust and Estate Counsel (ACTEC), currently serving as Kentucky State Chair and Chair of the Estate & Gift Committee, and is a past Regent and former President of the ACTEC Foundation. As a Uniform Law Commissioner, he currently serves as Chair of the drafting committee for the revised Uniform Principal and Income Act, Vice-Chair of the drafting committee for the Uniform Directed Trust Act, and Vice-Chair of the Study Committee on Trust Management of Funds Raised through Public Fundraising. For the American Bar Association, Mr. Berry serves as Co-Chair of the Charitable Planning Committee for the Section of Real Property, Trust and Estate Law and on the Conservation Easement Task Force.
Mr. Berry is a Fellow of the American College of Tax Counsel, a member of the Advisory Council of the Heckerling Institute on Estate Planning, a Member of the Advisory Board of Trusts and Estates Monthly, a member of the Joint Editorial Board for Uniform Trust and Estates Act, and a member of the Bloomberg BNA Tax Advisory Board (Estates, Gifts, and Trusts). Mr. Berry has been certified as an Accredited Estate Planner® (AEP®) by the National Association of Estate Planners & Councils [Kentucky does not recognize legal specialties.] and is listed in Woodward/White’s The Best Lawyers in America® and in the Kentucky Super Lawyer Magazine in the area of Trusts and Estates.
Mr. Berry is the author or co-author of three Tax Management Portfolios: Estate Tax Deductions - Sections 2053 and 2054; Private Foundations - Self Dealing - Section 4941; and Taxable Expenditures - Section 4945. In addition he is co-author of Trust Law in Kentucky (in progress) and his frequent articles have appeared in numerous journals and magazines. Mr. Berry received the Texas Bar Foundation Outstanding Law Review Article award for an article he co-authored with Paul Lee titled “Retaining, Sustaining and Obtaining Basis” which was published by the Texas Tech Estate Planning and Community Property Law Journal in January 2015
Mr. Berry has been an Articles Editor of The Tax Lawyer, a past chair of the Louisville Bar Association Probate and Estate Planning Section, has served as Adjunct Professor at Vanderbilt University, the University of Missouri, and the University of Louisville and regularly speaks at the nation's leading estate planning conferences. He is a member of the Louisville Estate Planning Council, Kentuckiana Planned Giving Council, and an adjunct member of the American Association of Life Underwriters.
Mr. Berry is Chair of the Center for Interfaith Relations, a Director of the Kentucky Opera, a Board Member for Actors Theatre of Louisville, Muhammad Ali Center, Earth School/Carbon Nation, and a Member of the Honorable Order of Kentucky Colonels. He is a member of Louisville Downtown Rotary, and is a past President of the Daily Bread Sunday School Class at Christ Church United Methodist.
A native of Tennessee, Mr. Berry received his B.A. and B.L.S. in 1983 from the University of Memphis and his J.D. in 1986 from Vanderbilt University.
