Chicago Estate Planning Council

1. Chicago Estate Planning Council Webinar - Administering Estates of 2010 Decedents – The Knowns, The Unknowns and the Will We Ever Knows? Sponsored by Associated Wealth Management Friday, November 5, 2010 8:30am – 9:45am IRS Circular 230 Notice: Chicago Estate Planning Council and its affiliates do not provide tax advice, and this communication cannot be used to avoid tax penalties. Consult with your legal or tax adviser before taking any action relating to the subject matter of this document.

2. Today’s presenters • Lou Harrison, Harrison, Held, Carroll & Wall • Domingo Such, McDermott, Will & Emery, LLP • Fred Weber, J.P. Morgan Chase • Moderator: Stacy Singer, The Northern Trust Company This webinar is sponsored by Associated Wealth Management

3. Overview of 2010 Law This webinar is sponsored by Associated Wealth Management Modified Carryover Basis $1.3 million basis allocation $3 million spousal basis allocation Eligible & ineligible property Reporting rules Possible outcomes

4. Issues for 2010– Funding Formulas This webinar is sponsored by Associated Wealth Management • Funding formulas that reference pre-2010 terms • Marital deduction • Applicable exclusion • Amount that can pass free of estate tax • GST exemption

5. Issues for 2010-- Disclaimers This webinar is sponsored by Associated Wealth Management • Disclaimers • Timing • Who can execute • Planning for contingencies

6. Issues for 2010: Settlement Agreements This webinar is sponsored by Associated Wealth Management • Use of virtual representation and family settlement agreements • Risks • Advantages

7. Issues for 2010– GST This webinar is sponsored by Associated Wealth Management • GST uncertainty • Difference between lifetime and testamentary gifts • Can you allocate? • What effect will 2010 fundings have on trusts exempt under pre-2010 law? • Impact of “exempt” trusts created in 2010

8. Issues for 2010-- Investments This webinar is sponsored by Associated Wealth Management • Investments post mortem • Sales • Retention • Distribution

9. Issues for 2010: Early Distributions This webinar is sponsored by Associated Wealth Management Distributions prior to year end/certainty Terms of receipt & refunding agreements for “early” distributions

10. Issues for 2010– Basis Allocation This webinar is sponsored by Associated Wealth Management • Where to allocate basis • Sales to raise cash v. residue • Specific bequests v. residue • Allocate pro rata or non pro rata

11. Issues for 2010: Real Estate & Partnerships This webinar is sponsored by Associated Wealth Management • Issues in allocating basis to real estate or partnerships • IRC Section 121 • IRS Section 754

12. Issues for 2010: Increases to the Basis Allocation This webinar is sponsored by Associated Wealth Management • Basis allocation amount is increased by certain additional amounts • Loss Carryforwards • Section 165 • Assets that “step down” under 2010 law

13. Questions? This webinar is sponsored by Associated Wealth Management

14. Thank you for your participation! • Continuing Education Information • The CEPC webinar has been approved for one (1) credit hour for MCLE, Insurance/CLU, CPA and pending approval for CFP. • Following the webinar, please email cepc@smithbucklin.com and indicate what forms you need (i.e., CPA, CFP, etc) and a certificate of attendance will be sent to you. This webinar is sponsored by Associated Wealth Management