Basis Bonanza — Generating Step-Up and Dealing With Consistency Rules
Title: Basis Bonanza — Generating Step-Up and Dealing With Consistency Rules
About the talk: Everyone at all levels should attend with specific sessions set for individual groups-associates and senior; supervisors and managers, senior managers, principals and directors.
Participants will learn about (1) the increased emphasis on income tax planning in estate planning because of the increase in estate tax exemptions, (ii) post-death basis adjustment rules, and (iii) planning options to take advantage of the post-death basis adjustment rules.
Bio: Clary Redd concentrates his practice in estate planning, estate and trust administration and estate and trust-related litigation. Prior to joining the firm, Clary was a partner with another large law firm where he served as Vice Chair of its Trusts & Estates Practice Group. He was previously employed as a trust administrator by First Wisconsin Trust Company (now U.S. Bank, N.A.) in Milwaukee and as an assistant counsel by Centerre Trust Company of St. Louis (now U.S. Trust, Bank of America Private Wealth Management).
Clary has extensive experience and expertise in: (a) the drafting of wills, trust instruments, durable powers of attorney, marital agreements and other estate planning documents; (b) pre- and post-death tax planning for individuals, trusts and estates; (c) preparation and filing of estate tax returns, gift tax returns and fiduciary income tax returns; (d) representation of individual and corporate fiduciaries; and (e) litigation in the Probate Division and other equity divisions of the Circuit Court. He has worked on estates and estate planning projects, some involving assets valued at over a billion dollars, and has successfully handled numerous estate tax matters, gift tax matters, generation-skipping transfer tax matters, will and trust construction cases, will contests, contests of trust instruments, breach of fiduciary duty cases and other types of cases involving estates and trusts.
Education
· St. Louis University, J.D., 1979
· St. Louis University, B.A., summa cum laude, History, 1976
o Phi Beta Kappa
Of Note
· Clary was the principal author and played a significant role in the enactment of the Missouri Family Trust Company Act;
· He was chairman of The Missouri Bar's Health Care Durable Power of Attorney Subcommittee, and he played a significant role in the drafting and enactment of the Missouri Durable Power of Attorney for Health Care Act;
· He is an elected member of The American Law Institute;
· Clary is a fellow of The American College of Trust and Estate Counsel (Past Regent, Past Missouri State Chair; Communications Committee (Past Chair); Estate and Gift Tax Committee; and Fiduciary Litigation Committee);
· Clary was an adjunct professor of law (Estate Planning) at Northwestern University School of Law for fifteen years;
· He serves as Co-Chair of the Editorial Advisory Board of, and writes a regular column in, Trusts & Estates magazine; and
· Clary speaks and writes frequently on topics in the trusts and estates field. Among his numerous nationwide speaking engagements, he is the lead presenter in Cannon Financial Institute's monthly estate planning teleconference series. He is also an adjunct instructor in the Cannon Trust Schools.
Professional and Civic Activities
· State Bar of Wisconsin
· The Missouri Bar
o Probate and Trust Committee
· Illinois State Bar Association
o Section on Trusts and Estates
· The Bar Association of Metropolitan St. Louis
o Probate and Trust Section, member and past Chairman
· Estate Planning Council of St. Louis
Admissions
· Illinois, 1991
· Missouri, 1980
· Wisconsin, 1979
· U.S. District Court for the Eastern District of Wisconsin
· U.S. District Court for the Western District of Wisconsin
· U.S. District Court for the Eastern District of Missouri
· U.S. Tax Court
