Modern Uses of Partnerships in Estate Planning
OL060-16 | On Demand | Update | Self-Study
ATRA has vaulted income tax planning and tax basis management to the forefront of estate planning. Entities taxed as partnerships are the ideal vehicle in this new paradigm. This presentation will discuss how partnerships (and disregarded entities) can be used to shift basis between assets, maximize the “step-up” in basis, defer and shift tax items (income and deductions), and transfer wealth in a world of diminishing valuation discounts.
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Turney P. Berry, JD
Turney P. Berry concentrates his practice in the areas of estate planning, fiduciary matters, and charitable planning. Mr. Berry is Chair of Wyatt, Tarrant & Combs’ Trusts, Estates & Personal Planning Service Team and a past member of the firm’s Executive Committee.
Mr. Berry is active in the American College of Trust and Estate Counsel (ACTEC), currently serving as Chair of the Estate & Gift Committee and State Chair for Kentucky, and is a past Regent of the College, former President of the ACTEC Foundation, and previous chair of the Charitable and Tax Exempt Committee.
As a Uniform Law Commissioner, Mr. Berry currently serves as Chair of the drafting committee for the Uniform Fiduciary Income and Principal Act (a revision of the principal and income acts), Vice-Chair of the drafting committee for the Uniform Directed Trust Act, Vice-Chair of the Drafting Committee on Electronic Wills Act, and Vice-Chair of the Study Committee on Trust Management of Funds Raised through Public Fundraising. He has served as chair of the Uniform Power of Appointment Act and as a member of the drafting committee for Uniform Acts on the Fiduciary Access to Digital Assets (revised act), Decanting, Insurable Interests, Premarital and Marital Agreements, Transfer on Death Deeds, and the Uniform Probate Code Artificial Reproductive Technology provisions.
For the American Bar Association, Mr. Berry serves as Co-Chair of the Charitable Planning Committee for the Section of Real Property, Trust and Estate Law and on the Conservation Easement Task Force.
Mr. Berry is a Fellow of the American College of Tax Counsel, a member of the American Law Institute, a member of the Advisory Council of the Heckerling Institute on Estate Planning, a Member of the Advisory Board of Trusts and Estates Monthly, a member of the Joint Editorial Board for Uniform Trust and Estates Act, and a member of the Bloomberg BNA Tax Advisory Board (Estates, Gifts, and Trusts). He serves as Adjunct Professor at the University of Miami Estate Planning LLM Program (Business Succession Planning), and has served as Adjunct Professor at Vanderbilt University, the University of Missouri, and the University of Louisville, and regularly speaks at the nation's leading estate planning conferences. Since 1996, Mr Berry has served as Co-Chair of the Midwest/Midsouth Estate Planning Institute at the University of Kentucky (the longest continuously run CLE event in Kentucky).
Mr. Berry has been certified as an Accredited Estate Planner® (AEP®) by the National Association of Estate Planners & Councils and is a member of its Estate Planning Hall of Fame [Kentucky does not recognize legal specialties]. He is listed in Woodward/White’s The Best Lawyers in America® and in the Kentucky Super Lawyer Magazine in the area of Trusts and Estates.
Mr. Berry is the author or co-author of three Tax Management Portfolios: Estate Tax Deductions - Sections 2053 and 2054; Private Foundations - Self Dealing - Section 4941; and Taxable Expenditures - Section 4945. In addition he is co-author of Trust Law in Kentucky (in progress) and his frequent articles have appeared in numerous journals and magazines. Mr. Berry received the Texas Bar Foundation Outstanding Law Review Article award for an article he co-authored with Paul Lee titled “Retaining, Sustaining and Obtaining Basis” which was published by the Texas Tech Estate Planning and Community Property Law Journal in January 2015
Mr. Berry has been an Articles Editor of The Tax Lawyer and a past chair of the Louisville Bar Association Probate and Estate Planning Section (1989 Section of the Year). He is a member of the Louisville Estate Planning Council, Kentuckiana Planned Giving Council, and an adjunct member of the American Association of Life Underwriters.
A native of Tennessee, Mr. Berry received his B.A. and B.L.S. in 1983 from the University of Memphis and his J.D. in 1986 from Vanderbilt University.Back to Facilitators
Paul S. Lee, JD, LLM
Paul S. Lee is a Managing Director and Senior Regional Wealth Advisor with The Northern Trust Company. Prior to joining Northern Trust, he was at Bernstein Global Wealth Management as National Managing Director, and a partner in the Atlanta-based law firm of Smith, Gambrell & Russell, LLP.
Mr. Lee received a B.A., cum laude, in English and a B.A. in chemistry from Cornell University, and a J.D., with honors, from Emory University School of Law, where he was notes and comments editor of the Emory Law Journal; he also received an LL.M. in taxation from Emory University. Mr. Lee was the recipient of the Georgia Federal Tax Conference Award for Outstanding Tax Student and the Ernst & Young Award for Tax and Accounting. In 2014, Mr. Lee was inducted into the NAEPC Estate Planning Hall of Fame®, and designated an Accredited Estate Planner® (Distinguished).
A frequent lecturer and panelist on investment planning, tax and estate planning, Mr. Lee has spoken at the Heckerling Institute on Estate Planning, ACTEC National Meeting, Southern Federal Tax Institute, USC Institute on Federal Taxation, Southern California Tax & Estate Planning Forum, Notre Dame Tax and Estate Planning Institute, AICPA National Tax Conference, and the AICPA Advanced Estate Planning Conference. His articles have been published by The ACTEC Law Journal, BNA Tax Management Estates, Gifts & Trusts Journal, BNA Tax Management Memorandum, Estate Planning Journal, Trusts & Estates, Estate Planning & Community Property Law Journal, The Practical Tax Lawyer, Major Tax Planning, and the Emory Law Journal. Mr. Lee co-authored the law review article, “Retaining, Sustaining and Obtaining Basis,” which was awarded Outstanding Law Review Article in 2016 by the Texas Bar Foundation.
He is on the Editorial Board of The Practical Tax Lawyer, a member of the Advisory Committee of the Heckerling Institute on Estate Planning, and the Wilson Society Advisory Council for the Hospital for Special Surgery in New York City.Back to Facilitators