The 2023 Mortimer H. Hess Memorial Lecture: Don’t Forget to Read the Owner’s Manual (and the Fine Print!) for Your Sophisticated Estate Planning Vehicle

Like a high-end sports car, sophisticated Estate Planning Vehicles can be quite powerful but can also be quite temperamental and require lots of attention. It is critical that the owner/client reads the owner’s manual, and importantly the fine print, in order to avoid potentially severe complications from failing to operate the vehicle correctly. In this lecture, Todd Angkatavanich discusses a number of complications that can arise as a result of the failure to properly operate popular estate planning vehicles, including Family Limited Partnerships, GRATs, Sales to Defective Grantor Trusts, Preferred Partnerships, Buy-Sell Agreements and Carried Interest Transfer structures, as well as best practices in connection with same. In addition, Todd discusses a number of potholes in the road that can potentially damage even the most finely tuned vehicle along with some defensive driving tips.

Lecture Given by:
Todd Angkatavanich, McDermott Will & Emery LLP

Since the late 1960s, the Mortimer H. Hess Memorial Lecture has been sponsored annually by the Estate & Gift Taxation Committee.  The lecture series, originally created by the family of the late tax lawyer Mortimer H. Hess, are made possible through a generous grant from Mr. Hess’s family and former partners.  The subjects of the lectures are related to the law of trusts, estates, and taxation, subjects on which Mr. Hess was an acknowledged authority.

Sponsoring Committee:
Estate & Gift Taxation, Kevin Matz, Chair