2020 FSP Institute Agenda


Sunday, February 9


4:00-5:00 pm

Examples Illustrating How the SECURE Act Will Enhance
Retirement Plans and Retirement Planning      

    Kenn Beam Tacchino, JD, LLM

The SECURE Act was enacted on December 20, 2019, and most provisions were made effective for January 1, 2020. The new law extends the starting date for required minimum distributions (RMDs), enables traditional IRA contributions after age 70 1/2, and allows penalty-free distributions for childbirth and adoptions. To entice small-business owners to adopt retirement plans, the new law increases tax credits for startup costs and provides an incentive for the enhanced use of multiple employer plans. The law also impacts plan sponsors in a variety of ways, including promoting annuity usage as a payout option. Not all the news was good, however; stretch IRAs were adversely impacted. We will take a look at many of the  new rules by reviewing short examples that illustrate how the SECURE Act will impact your clients.


5:00-6:00 pm  |  Registration and Reception

6:00-7:30 pm  |  Dinner


Monday, February 10

7:15 am  |  Registration and Continental Breakfast


8:00-9:50 am

Advanced Post-Mortem Estate Planning                       

    Jeremiah W. Doyle IV, JD, LLM (tax), LLM (banking law)

Often the most important planning takes place after the client dies. This session will address the various income tax, estate tax, fiduciary income tax, and generation-skipping-tax elections that are available after death to accomplish the best tax and dispositive objectives for the client. A checklist of planning opportunities, complete with authoritative citations, will be included in the material.


10:00-11:50 am

Liquidity Strategies for Business Owners

    Kelly O. Finnell, JD, CLU, AIF

There are some 12 million baby boomers who own a business and 70 percent of them will be retiring over the next couple of decades. Estimates of the total wealth locked up in these companies run in the trillions of dollars. This creates unprecedented opportunities for financial professionals to provide tax, estate planning, investment, and insurance advice. This session will address the three ways business owners typically structure liquidity events: sell to an insider, sell to an outsider, or sell to an ESOP. It will examine the pros, cons, tax, and legal considerations of each approach so that advisors can be prepared to help their clients with the most significant financial decision of their lives.


12:00 pm  |  Lunch


1:00-3:50 pm

Navigating the Complex Issues of Affluent Families and Closely Held Businesses:

A View from a Collaborative Team

    James S. Aussem, JD, AEP

In this dynamic session attendees will explore the many facets of business succession planning in today’s environment. Harry Golucki is the founder and sole owner of a business he is retiring from; he has two children from his first marriage and his current wife of 20 years has two children from a previous marriage. In this complex but not uncommon scenario, there is no plan for transferring the Golucki enterprise to the next generation.

    Using the case study format, the moderator will lead the discussion among a panel of experts with attendees participating as part of the planning team. The goal will be to provide Harry and his family guidance and solutions on issues such as the need for an estate plan, possible insurance for key person purposes, balancing the estate equities, retaining key employees, general risk management, income tax issues, as well as the clear need for a comprehensive retirement/financial plan. The nontechnical “soft issues” add a layer of analysis which makes the case study both challenging and quite entertaining.


4:30-5:30 pm  |  Q&A with today’s speakers


5:30-6:30 pm  |  Reception


Tuesday, February 11


7:15 am  |  Continental Breakfast


8:00-9:50 am

New Qualifying Event: The In-Marriage QDRO®

    Marcus T. Foote, JD

    Stephanie N. Prestridge, JD

The utilization of qualified domestic relations orders (QDROs) as an estate planning or financial tool for married couples is a recent development starting to gain national attention. The strategy, known as the In-Marriage QDRO®, incorporates the ability of spouses to contract under state law with the enforcement mechanism of a QDRO under federal law. It has been used by estate planning attorneys in multiple states to delay required minimum distributions, fund Roth IRAs for previously unqualified parties, and Medicaid planning for long-term care needs. It has also been used by clients of financial planners to diversify 401(k) investments, fund self-directed IRAs, and obtain emergency liquidations without paying the 10 percent early withdrawal penalty. In this session the presenters will explore this intriguing strategy and how advisors can apply it to help their clients achieve their financial goals.


10:00-11:50 am

Long-Term Care: Impact & Solutions

    Christopher Means, CLU

In this session the presenter will discuss the consequences of providing care over an extended period of years and the impact it has on the client's family. How to discuss this topic with clients and mitigate the consequences of long-term caregiving through thoughtful planning will be addressed. A review of various samples of insurance coverages, including hybrid policy types as this is the fastest growing and most requested type of coverage, will be included.


12:00 pm  |  Lunch


1:00-3:50 pm

Maricopa Hedge Fund Case Study: How Your Brain Can

Unknowingly Compromise Your Ethical Profile

    Michael Bret Hood, CFE, MBA

David Mobley was Barron’s #1 ranked hedge fund manager, but he had a secret. His fund had been falsifying returns for years. Despite growing annual losses, Mobley maintained a luxury lifestyle while associating with societal icons until it all came crashing down. How do Mobley as well as others, keep fraud alive knowing that they are stealing from innocent and unsuspecting people?

    The latest scientific research has shown that the brain will work in ways of which a person is not consciously aware. The need for a positive self-image leads to errors and biases in decision-making. Just like Mobley, any advisor may not recognize the severity of the ethical deviation until it is too late. In this session, the speaker will discuss how Mobley was able to deceive himself as well as others, while also discussing controls, mechanisms, and triggers to make sure that such ethical deviations do not happen to us.


4:30-5:30 pm  |  Q&A with today’s speakers


5:30-7:30 pm  |  Reception and Dinner


Wednesday, February 12


7:15 am  |  Continental Breakfast


8:00-9:50 am

50/50, Right...? A Spotlight into Divorce Finance Topics

    Karen D. Sparks, CDFA, JD

If you serve clients in the financial services or related fields, there is probably no greater disruption to plans and objectives than separation and divorce. Attempting to navigate this new financial frontier can sometimes be frustrating, confusing, and uncertain. This interactive session will provide a look inside the world of divorce finances and the role of a certified divorce financial analyst® in this process. This presentation will explore the impact of the 2017 Tax Reform Act, an overview of the divorce finance analysis process, unique asset division categories, and sample case study applications.


10:00-11:50 am

Impact of Cannabis on Financial Services

    Ian Stewart, JD

The commercial cannabis industry is highly regulated and is an emerging risk that will begin to touch financial institutions in numerous ways as this new societal trend continues. Those who provide professional services to the cannabis industry should have some understanding of the unique structure of the industry and the individual state regulated markets. The interplay between the state legal commercial cannabis market and federal illegality causes a unique dilemma for the financial services industry. As the cannabis industry matures at the state, federal and international levels, the emergence of a global market is creating numerous complex risks for financial institutions from a risk management and regulatory perspective. This presentation will provide a current description of the cannabis, hemp, and CBD industries, as well as a discussion of the status of federal legality and the state commercial cannabis markets. Various risk management topics will be covered for those who provide financial services to the cannabis industry.


12:00 pm  |  Adjournment