For many clients, the Covid-19 pandemic has highlighted a lack of preparation for asset management in times of emergency. By failing to prepare for potential shutdowns and unexpected illness, clients can face expensive legal proceedings and assets can be put at unnecessary risk. This course will describe the unforeseen hurdles clients may face when emergencies arise and how they can prepare for the unexpected. You will also learn the pros and cons of using different methods of asset protection and debunk some common misconceptions regarding creditor rights and the use of trusts during a client’s lifetime.
Publication Date: July 2020
Designed For
Attorneys, CPAs, and Enrolled Agents.
Topics Covered
- Advising in the Age of COVID
- Creditor rights and exempt assets during life and at death
- Small Business Owners: Preparation for incapacity and Dealing with the death of the majority owner
- Using entities for outside creditor protection
- Irrevocable trusts for tax and creditor protection
- Protecting incapable and disable beneficiaries using trusts
- Planning for beneficiary divorce using trusts
Learning Objectives
- Describe the importance of planning to protect assets from unforeseen disability or creditor claims
- Identify the difference between planning for the client's own protection and planning for beneficiaries' protection
- Identify situations when a client should take proactive steps to protect assets
- Recognize how to analyze the pros and cons of implementing asset protection techniques
- Identify how to recommend asset protection methods to clients facing a range of potential risks
- Identify taxable gain on a sale
- Describe characteristics of an Irrevocable Trust
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Klaralee R. Charlton
Klaralee Charlton is a Partner at 3i Law in Denver, Colorado. She practices fiduciary tax, estate administration, and business transactional law. As part of her practice, she guides clients through the process of administering a loved one’s estate including the collection, valuation, management and transfer of assets including financial accounts, real estate, and business interests with a focus on minimizing estate and income tax liability. Klaralee also works closely with trustees of ongoing trusts to ensure compliance and prepares clients’ fiduciary income tax returns annually.
Klaralee has written and lectured on topics including estate and gift tax, fiduciary income tax reporting and U.S. regulations governing the valuation of small family businesses. She is an active member of the Colorado Bar Association, Tax Section and Adjunct Profession at the University of Denver, Graduate Tax Program.
She earned her J.D. in 2011 from the University of Utah, S.J. Quinney College of Law, her LL.M. in Tax Law from the University of Denver in 2013, and her B.A. in political science in 2009 from Bryn Mawr College. She is admitted to practice in both Colorado and Montana.