PROGRAM OVERVIEW

With higher income tax rates likely in the future and the popularity of sales to IDGTs in estate planning, understanding the income tax aspects of taxable installment obligations vs. IDGT installment notes vs. intrafamily promissory notes is crucial. This presentation (a fresh look at an old planning idea) will discuss the income tax benefits, pitfalls, planning opportunities, and the surprising unknowns surrounding taxable and non-taxable deferred payment arrangements commonly used by planners.

Paul S. Lee is the Chief Tax Strategist of The Northern Trust Company, within the Global Family & Private Investment Offices Group and Wealth Management division of Northern Trust. He is an Executive Vice President and Managing Director of the 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.

Paul is a Fellow of the American College of Trusts and Estate Counsel and an Academician of the International Academy of Estate and Trust Lawyers. He has been inducted into the NAEPC Estate Planning Hall of Fame® and designated an Accredited Estate Planner® (Distinguished). He was the American Bar Association Advisor to the Uniform Law Commission Uniform Fiduciary Income and Principal Act. Paul is a member of the American Bar Association, Florida Bar, and State Bar of Georgia.

Paul 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. Paul was the recipient of the Georgia Federal Tax Conference Award for Outstanding Tax Student and the Ernst & Young Award for Tax and Accounting.

He is a member of the Advisory Committee of the Heckerling Institute on Estate Planning, Bloomberg BNA Estates, Gifts and Trusts Advisory Board, and the University of Florida Tax Institute Advisory Board.

One Education Credit for CLE (PA Only), Insurance (PA Only), CFP, CPA (PA Only), PACE and CTFA will be offered.

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