Gift and Estate Tax in Practice (Kamens/Lipschutz)
R 4:30PM - 6:20PM
Tanenbaum Hall 320
Harry Bloom is a successful, second generation entrepreneur, and with his wife, Joan, the parents of three adult children; they have four grandchildren. The family business is growing, Joan is involved in important charitable work, they are enjoying spending time in their new winter home in Florida, and a bit unsure who succeeds Harry in running the business. The Blooms need help in their estate planning. They have come to the students in this immersive, interactive class for advice on the many issues they are likely to face (and some of which they may be unaware!). The Blooms’ new lawyers will experience the real life practice of law, utilizing in-class simulations, client interactions, factual analysis and drafting. Through practical and actual examples derived from a combined 75 years of sophisticated Estate Planning, coverage of this course will be over three principal areas: (1) the fundamental tools used in estate and gift tax planning - the statutory and legal framework, and the documents (including tax returns, Wills, Trusts) employed in implementation; (2) how “non-tax concepts” such as: protection of assets from creditors and divorcing spouses; issues associated with owning, managing and valuing one’s assets; use of investment advisors; use of life insurance; issues associated with philanthropic giving play into estate and gift tax planning in practice; and (3) use of those fundamental tools and non-tax concepts in the integration of a complex planning model for the Bloom family and gauging results of such planning, including estate administration issues. There is no expectation that students will come to this class with a particular expertise, other than an interest in the subject matter; it will be helpful, but not required, to have some basic federal income tax knowledge. Students will be clearly guided in their assignments. Preparation will be required for each class and will, at different times, include: (i) readings; (ii) drafting (a) client and intra-office memoranda, (b) one brief research memorandum and (c) other documents (or portions thereof) needed by the clients; and (iii) preparation for simulated client meetings and interactions. The principal goal over the course of the semester is to have students know and become engaged with the Bloom family, apply the evolving facts to the practical needs of the family and provide the kind of advice the clients will expect from their lawyers. This is the course “we wish we had available in law school,” and will be a helpful transition to the full time practice of law. Students will be assessed on their writings, work product in simulation exercises and the like and on the effort and progress shown in advancing from the academic to legal practice. The following are specifics: 1. Written Assignments: a) Estate planning memoranda (three) 25% b) Drafting: tax returns, planning documents (two) 15% 2. Simulation exercises and preparation and presentations: a) Simulation exercises (six) 30% b) Preparation and presentations (three) 20% 3. Class participation: 10%
Family Law Learning outcomes: Demonstrate a core understanding of family law; Perform legal analysis in the context of family law; Communicate effectively on topics related to family law; Demonstrate an understanding of how family law affects other areas of law.
Tax Law Learning outcomes: Demonstrate a core understanding of tax law and policy; Perform legal analysis in the context of tax law and policy; Communicate effectively on topics related to tax law and policy; Demonstrate an understanding of how tax law and policy affect other areas of law and business.