PLANNING WITH UNIQUE ASSETS: ART, GUNS, WINE, PLANES AND CANNABIS STL CLUB
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Planning With Unique Assets: ART, GUNS, WINE, PLANES ANd CANNABIS
Date: Monday, March 11, 2024
Time: 12:00pm – 1:15pm
Location: Saint Louis Club 7676 Forsyth Blvd., Clayton, MO 63105
Speaker: Wendy Goffe
About the presentation: Clients need to understand that there are fiduciary responsibilities in administering unique and regulated assets. Understanding a client’s intentions with respect to unique and regulated assets is important in structuring an estate plan. Is it legal for the fiduciary to even take possession of the assets? Will they be sold, or given to charity? Is the collection important to the next generation? Who should pay for maintenance costs? Fiduciaries have a responsibility to reasonably diversify trust assets. An estate plan may need to specifically authorize the fiduciary to retain unique assets. A boilerplate provision negating the duty to diversify is not always going to be sufficient. The will or trust may indemnify the trustee with respect to the unique assets. But, the trustee may have little experience with the particular assets and may need to hire special expertise. This presentation will examine these issues and more in connection with artwork, wine, weapons, airplanes, and cannabis.
To register for this session, go to www.epcstlouis.org and click the link for the session.
CPA's - CPE Credit Note: In order to be awarded the full credits, you must be responding to three out of the four polling questions asked during the program on ZOOM.
Continuing Education
EPCSTL has requested approval for continuing education in the following areas: CTFA, CLE, CPE, CFP, L&H Insurance
CPE Information for CPAs
The sponsor assures that the program content and program level is appropriate for the intended participants.
Participants will:
Learning Objectives: Learning Objectives
Participants will receive the following:
- An understanding of the nuances of owning and managing certain regulated assets.
- An understanding of how to manage and protect the value of the collection (document, catalog, photograph, insure, and appraise the collection)
- Receive an overview of various vehicles (entities, trusts, donor-advised funds) and how they can be used to hold regulated assets.
- An understanding of methods of disposition (sell, donate, gift) and an overview of how to transfer assets by auction, private sale, gifts to family members or to charitable recipients.
An overview of appraisals and valuations
The sponsor assures that the program content and program level is appropriate for the intended participants.
Participants will earn 1 CPE credit.
Field of Study: Specialized Knowledge
Additional Information:
Delivery Method: Group Live/Group Internet Based
Program Level: Basic
Pre-requisite: NONE
Who should attend: This presentation is aimed at lawyers, accountants, trust officers and other estate planning professionals with a background in estate planning topics?
Refunds and Cancellations: All attendees are required to register in advance. If you reserve and are unable to attend, please cancel your reservation at least three working days in advance of the meeting to receive a refund or a credit for a future meeting. For more information regarding refund, complaint, and/or program cancellation policies please contact our offices at 314-520-3564.
Estate Planning Council of St. Louis is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
National Registry of CPE Sponsors Number 109467
CTFA
CTFA 1.25 CE credit
CFP
Learning Objectives
Participants will receive the following:
- An understanding of the nuances of owning and managing certain regulated assets.
- An understanding of how to manage and protect the value of the collection (document, catalog, photograph, insure, and appraise the collection)
- Receive an overview of various vehicles (entities, trusts, donor-advised funds) and how they can be used to hold regulated assets.
- An understanding of methods of disposition (sell, donate, gift) and an overview of how to transfer assets by auction, private sale, gifts to family members or to charitable recipients.
An overview of appraisals and valuations
About the Speaker:
Wendy S. Goffe is a partner with the law firm of Stoel Rives LLP, Seattle, Washington, with over 30 years of experience counseling clients on estate planning issues. She has been named one of “The Best Lawyers in America” for trusts and estates (2007–2023), Super Lawyers for estate planning and probate, nonprofit organizations (2003–2022), top 50 women lawyers (2006 2019, 2021-2022), and top 100 lawyers (2008–2014, 2018, 2021-2022). She has been listed in Chambers High Net Worth Guide (Private Wealth Law – Washington) (2016–2022), and is a Fellow of the American College of Trust and Estate Counsel (ACTEC), chair of the ACTEC Family Law Task Force, a member of the ACTEC Digital Property Committee, a member of the Fiduciary Litigation Task Force and ACTEC Liaison to the American Academy of Matrimonial Lawyers. She is an Accredited Estate Planner® (Distinguished) as awarded by the National Association of Estate Planners. Her experience includes advising clients on probate and trust administration, estate and gift taxation, charitable and nonprofit organizations, family-owned business succession, and issues concerning unmarried couples. Wendy has many years of experience representing and collaborating with art dealers, private collectors, foundations and museums that need legal counsel relating to the purchase, sale, gifting and recovery of fine art and other creative works.
Wendy is the co-editor of The Tools & Techniques of Estate Planning for Modern Families, Leimberg Library, The National Underwriter Company (2019), and the author of the following chapters: “Planning for Unmarried Couples and Cohabitation Agreements,” “Planning for Same Sex Couples,” and “Advising and Planning for Transgender Family Members.” She has been interviewed by and written for many national publications and was previously a contributor to Forbes.com.
She is a Professional Advisor on Estate Planning Law to the American Law Institute Continuing Legal Education (ALI CLE), The Fred Hutchinson Cancer Center Planned Giving Advisory Council, The Seattle Foundation Professional Advisory Council, and the Children’s Legacy Council of the Children’s Hospital Foundation. She is a former Adjunct Instructor at Seattle University Law School, as well as a former member of The Nature Conservancy Planned Giving Committee. She is also a former member of the ABA Taxation Section Community Property Comment Project, the Executive Committee of the Estate Planning Council of Seattle, the Acquisition Committee of the Tacoma Art Museum, the Executive Committee of the WSBA Real Property, Probate and Trust Section, the YWCA Planned Giving Advisory Committee, the Ethics Committee of Valley Medical Center, and the Board of Directors and Grants Committee of The Women’s Endowment Foundation, a supporting organization of the Jewish Community Endowment Fund, Seattle, Washington. In her free time Wendy is a volunteer for Girls on the Run and an avid trail runner.
