Join us for this NAEPC Webinar: The Fiduciary Era for Life Insurance at Berkshire Bank Wealth Management in Lenox.

Networking/snack at 2:30; Presentation at 3pm.

Speaker: Steven S. Zeiger, Managing Director at KB Financial

RSVP to Tanya Haas (button below). Free for Members! Non-members: $20. Pay via PAYPAL or mail a check: Donna Turner, Smith Watson & Company LLC, 7 North Street, Suite 205, Pittsfield, MA 01201. Thank you!

Program

The fiduciary era for life insurance began on February 1st, 2020, with the implementation of NYS DFS Reg 187. This Clients Best Interest Regulation was constitutionally affirmed on October 20th, 2022, by the NYS Court of Appeals. The CFP Board implemented its Fiduciary Standard related to life insurance on June 1st, 2020.

The NY Regulation and the Fiduciary Standard use fiduciary language — “care, skill, prudence, diligence of a prudent person” while evaluating “cost, performance and risk.” Ethically, the regulation applies in every state, the Standard applies in every state.

Reduce fiduciary risk Further your education and unwrap the black box of life insurance Help clients achieve better outcomes, further strengthen client relationships. Generate new HNW/UHNW client referrals Learn how to use independent research for life insurance just like you use independent research from Morningstar for investments.

Who should be interested in attending?

Fiduciaries have told us that they are:

1. Frustrated by life insurance broker conflict of interest and lack of transparency.

2. Concerned that the “full story" is not available with the typical life insurance illustration analysis.

3. Disappointed that they can’t figure out which policy will lead to a better outcome for their clients.

4. Uncomfortable working with insurance advisors who are not fiduciaries or who do not work under a clients best interests framework.

Do any of these issues listed above resonate with you?

Learning Takeaways

Learn why the current standard of care--"side by side" life illustration comparisons are now considered “misleading”, “fundamentally inappropriate” and unreliable according to guidance from industry regulators. Learn the information required for life insurance decision-support material that conforms to the fiduciary’s duty to exercise care, skill, prudence, and diligence. Recognize when life insurance product recommendations are in your client’s best interest (as defined by NY Regulation 187 and generally accepted fiduciary principles including the FPA Practice Standard). Learn how to compare life insurance illustrations to life insurance industry benchmarks- just as you compare investment performance to investment industry benchmarks such as the S&P 500 Index or the DJIA. The presentation is based on guidance from the UPIA, NYS DFS Reg 187, the OCC, FINRA and adjudicated lawsuits.

Presenter Biography

Steven serves as a Managing Director at KB Financial and has been asked to educate members of STEP, NAEPC, PLI, NYC EPC, the ABA, the CFA Society, FI 360/Broadridge and dozens of other groups on the application of prudent investor guidelines to life insurance product selection and portfolio management. These guidelines are based on established and proven asset management doctrine- benchmarking, analysis of cost, performance and risk, etc.. Steven helps fiduciaries guide their clients’ insurance decisions based on the only patented prudent process for life insurance selection and retention.

Presented by National Association of Estate Planners & Councils

The full title! Designing and Implementing Estate Planning Structures with the IRS in mind: Audit Triggers and Considerations Associated Therewith.

This Webinar is viewed IN-PERSON at Berkshire Bank, 25 Main Street, Lenox, Massachusetts.

Wednesday, October 11, 2023, 3:00pm - 4:00pm ET

Speaker: Alan S. Gassman, JD, LL.M. (Taxation), AEP® (Distinguished)

Designing and Implementing Estate Planning Structures with the IRS in Mind: Audit Triggers and Considerations Associated Therewith

Estate Planners must be aware of opportunities and risks involved in designing and implementing estate and estate tax plans. Risks include scrutiny by the IRS, Audit representation cost, and possible taxes, interest, and penalties that can be imposed when there is a disagreement over tax reporting or treatment of a particular strategy or entity or situation.

This intermediate presentation will review primary planning strategies, entities, and arrangements with a view towards how the IRS may treat various situations from an audit and tax interest and penalty stand point. The viewer will receive practical and technical guidance along with explanations of strategies and communications that can be important with respect to this subject matter.

RSVP to Tanya Haas (button below). Free for Members! Non-members: $20. Pay via PAYPAL or mail a check: Donna Turner, Smith Watson & Company LLC, 7 North Street, Suite 205, Pittsfield, MA 01201. Thank you!

Join us at Berkshire Bank in Lenox for this in-person NAEPC replay webinar from 1:00pm - 2:00-pm. We can lunch and network from 12:30 - 1:00. Snacks provided.

This is a replay from the NAEPC’s May 10 Webinar. This is an in-person viewing event.

Speaker: Lisa M. Cukier, JD

Divorce of couples in the mid-life stage and age range of approximately 45-70 years of age is unlike divorce at any other age range because this demographic is at prime income earning and asset accumulation years, compensation is often a blend of cash and sophisticated alternatives, asset valuation tends to be complex and managing emotions related to empty nesting and the challenges of telling adult children and long-standing in laws about the divorce and managing the consequent family dynamics comes with heightened challenges.

The manner in which these divorces are handled is key to a successful outcome by which both spouses, their families, and succeeding generations are protected. These divorces can be handled with elegance if the lawyers involved use a negotiation mindset and take emotionally intelligent steps to prevent upticks in acrimony. An elegant process ensures an outcome by which the entire family can move forward without acrimony, taking sides, nor blame and anger. 

RSVP to Tanya Haas (button below). Free for Members! Non-members: $20. Pay via PAYPAL or mail a check: Donna Turner, Smith Watson & Company LLC, 7 North Street, Suite 205, Pittsfield, MA 01201. Thank you!

BIOGRAPHY

LISA M. CUKIER is a Partner, Co-Chair of the Private Client Group, and Chair of the Fiduciary Litigation Group at Burns & Levinson LLP in Boston. Her practice includes fiduciary representation, service as concierge trustee, trust and estate dispute resolution and litigation, guardianship and conservatorship litigation, grandparents visitation matters, and elder financial exploitation and undue influence matters, family crisis and family dispute resolution, sophisticated high end divorce, divorce impacted by family trusts and family business, blended family planning and litigation, mental health and addiction related legal interventions. Previously, Ms. Cukier was assistant general counsel for the Massachusetts Department of Mental Health and Department of Mental Retardation (now DDS). As Special Assistant Attorney General at DMR, she prosecuted disabled person abuse cases for the Disabled Persons Protection Commission. She is a past president of the Massachusetts Family and Probate American Inn of Court and is presently serving on its Board of directors, serves on the program planning committee of the Boston Probate and Estate Planning Forum and serves on the networking committee of the Boston Estate Planning Council. Ms. Cukier has been recognized with the Best Lawyers designation from 2010 – 2022, the SuperLawyers designation from 2005-2022, the Massachusetts Bar Association Community Service Award in 2005, a National Law Journal Trailblazer in 2017, the Women Worth Watching recognition in 2018, Top Women of Law in 2019, and sat on the WBA Women Leaders Initiative for the 2020/21 year. Ms. Cukier is a graduate of Northeastern University and Suffolk University Law School in Boston. Ms. Cukier is a single mother raising her two high school aged children in Weston Massachusetts

This webinar is viewed IN-PERSON at the Marble House, Lee Bank, 102 W. Park St., Lee

Bag lunch starts at 12:00pm; program begins at 12:30pm. This is a replay of the May 2022 webinar.

Location: Webinar

Speaker: Christine S. Wakeman, JD

Millennials are taking over.  They now make up the largest living generation in the world and the largest portion of the United States workforce.  The first half of this presentation will provide you an overview of trends in education, employment, family, and marriage for Millennials. The second half of the presentation will provide the audience a list of specific DOs and DON’Ts of interacting with Millennials regarding their property, families, trusts, and philanthropy.  Along the way, participants will get some “milk” and learn certain tips regarding how to speak like and communicate with a Millennial.

Christine Wakeman is a shareholder in the Wealth Preservation Group at Winstead in Dallas Texas. She is fellow of the American College of Trusts and Estates Counsel (ACTEC) and is board certified in estate planning and probate law by the Texas Board of Legal Specialization. She focuses her practices on translating the complexities of the Internal Revenue Code, Texas Trust Code, and Texas Estates Code to a wide range of clients from stay-at-home parents, to teachers, to engineers, to corporate CEOs.

RSVP to Tanya Haas (button below). Free for Members! Non-members: $20. Pay via PAYPAL or mail a check: Donna Turner, Smith Watson & Company LLC, 7 North Street, Suite 205, Pittsfield, MA 01201. Thank you!

Live In-Person Event: Presented by National Association of Estate Planners & Councils

The full title: 2023 IRS Civil and Criminal Tax Enforcement Priorities

This webinar is viewed at the Marble House, Lee Bank, Lee, Massachusetts

Wednesday, March 22, 2023

3:00pm - 4:00pm ET (Time TBD)

Speaker: Caroline D. Ciraolo and John D. (Don) Fort

This exciting and timely presentation will address the IRS “Dirty Dozen,” a variety of common scams that taxpayers may encounter anytime but that peak during filing season as people prepare their returns or hire someone to help with their taxes, enforcement priorities, international and cryptocurrency enforcement efforts, parallel proceedings, and best practices that all members should be aware of.

RSVP to Dan Stanyon (button below). Free for Members! Non-members: $20. Pay via PAYPAL or mail a check: Donna Turner, Smith Watson & Company LLC, 7 North Street, Suite 205, Pittsfield, MA 01201. Thank you!

REPLAY: Presented by National Association of Estate Planners & Councils

Wednesday, January 18, 3:00pm - 4:00pm. Webinar is viewed IN-PERSON at Berkshire Bank, 25 Main Street, Lenox, Massachusetts.

Speaker: Paul S. Lee, JD, LL.M. (taxation), AEP® (Distinguished)

TCJA, COVID-19, and Congress have and will change everything we know as planners.  Significant tax code changes are on the horizon.  This presentation will discuss straightforward and innovative planning opportunities for families that best take advantage of both the “expiring” and “permanent” provisions of the tax law, with an eye toward anticipated changes to the future planning landscape.

RSVP to Dan Stanyon (button below). Free for Members! Non-members: $20. Pay via PAYPAL or mail a check: Donna Turner, Smith Watson & Company LLC, 7 North Street, Suite 205, Pittsfield, MA 01201. Thank you!

Presenters: Donna Yetter, CPA, CES & Seunghee Cha, LLM

Thursday, October 21, 2021, 8:15am

Location: Zoom (You will receive a link via email)

Donna Yetter, CPA and Partner with the Melanson accounting firm, has over 30 years of experience in the field of public accounting in the areas of business and individual taxation, estate and trust planning, financial and business management, accounting, buying and selling businesses and other related business assistance required will be current and relevant. Her practice provides trusted, proactive and responsive advice to a myriad of accounting needs, using state-of-the-art technology to create the utmost efficiencies. She is passionate about her work, and strives to understand her clients’ business and personal objectives, and collaborates with them on the process of how to achieve their goals.

Seunghee Cha is a partner at Bulkley, Richardson & Gelinas, LLP and a member of the firm’s Trusts and Estates and Special Needs Planning practice areas. Seunghee represents clients in estate planning, estate settlement, trust administration, charitable planning, and guardianship and conservatorship proceedings, and has extensive experience in working with individuals with special needs and their families on a wide range of legal issues relating to trusts and estates. She currently serves on the board of directors of the Center for Human Development, The Loomis Communities, and the Estate Planning Council of Hampden County.

Members: Free; Non-Members: $35:00 payable in advance via Paypal: berkshirestateplanning.org/events or check to BCEPC c/o Donna Turner, Smith Watson & Company, 7 North Street, Suite 205, Pitsfield, MA 01201.

RSVP mfresia@leebank.com by October 20.

This event was formally on 9/21/2021 and has been delayed until mid to late October. October 1st is a place holder until that time has been selected.

RSVP to Loretta Mach (button below). Free for Members! Non-members: $35. Pay via PAYPAL or mail a check: Donna Turner, Smith Watson & Company LLC, 7 North Street, Suite 205, Pittsfield, MA 01201. Thank you!

Gina Barry of Bacon Wilson and her Colleague, Atty. Daniel McKellick, have agreed to present to our council on the topic of Business Succession.

Unfortunately, most business owners fail to plan for the continued operation of their business should they become incapacitated or die. Currently, only 30% of family-run companies succeed into the second generation, and only 15% percent survive into the third generation.  When a business owner becomes incapacitated or passes away without a plan in place, the business always falters and often fails.  More often than not, the family business is doomed by a failure to plan.  To be prepared to discuss business succession planning with your clients, join us for this informative presentation that will cover establishing timelines, identifying successors, and financial strategies for accomplishing the transfer.

GINA M. BARRY is a shareholder with the regional law firm of Bacon Wilson, P.C., who practices law in Massachusetts and Connecticut. She graduated cum laude from Western New England University School of Law, where she served as the Articles Editor of the Western New England Law Review. She then completed a one-year clerkship with the Massachusetts Superior Court before beginning her career with Bacon Wilson. Attorney Barry is a board member of the Massachusetts Chapter of the National Academy of Elder Law Attorneys and the Western Massachusetts Elder Care Professionals Association. She served as the President of the Estate Planning Council of Hampden County from 2013-2014, and is the current President of The Joy of Jasper, a non-profit horse sanctuary she founded in 2007. She has been named as a Super Lawyer by Boston Magazine for many years. Attorney Barry has also received additional awards and recognition as follows: “Lawyer of the Year” for Springfield Elder Law by Best Lawyers (2019), Distinguished Alumni of Holyoke Community College (2015); Woman of Influence by the Women Business Owners Alliance (2015); Visionary Achievement Award from Western Mass Women's Magazine (2014); one of the Top Five Business Women in Western Mass by Western Mass Women's Magazine (2010); one of Forty Under Forty by Business West (2009); Woman of Distinction by the Girl Scouts of America (2008), and Business Woman of the Year by the Women Business Owners Alliance (2005). Attorney Barry is a frequent lecturer and published author in her field. She practices in Estate Planning, including Estate Planning for Pets, Asset Protection/Medicaid Planning, Elder Law, Probate and Trust Administration, Guardianships, Conservatorships, and Residential Real Estate.

DANIEL M. MCKELLICK is a shareholder with the law firm Bacon Wilson, P.C.  His area of focus is in real estate and business matters, including real estate transactions; leases; commercial lending; mergers and acquisitions; business startup and succession; corporate matters; and contract drafting and review. Attorney McKellick is licensed in both Massachusetts and Connecticut. He received his undergraduate degree in Business Management, cum laude, from the University of Massachusetts, Isenberg School of Management, and his law degree, magna cum laude, from Western New England University School of Law. Before joining Bacon Wilson, he worked for the Superior Court of Massachusetts Western District as clerk to the Justices. Prior to entering the legal profession, he worked in sales and senior management for a large wholesale distribution company, which provides him with a unique insight on business operations and profitability. Attorney McKellick is on the Board of Directors for the Greater Westfield Chamber of Commerce, The Cutchins Programs for Children & Families, and The Hampden County Bar Foundation.  He is a member of the Hampden County Bar, where he has previously served on the Board of Directors, and a member of the Massachusetts Bar Association. 

RSVP to Dan Stanyon (button below). Free for Members! Non-members: $35. Pay via PAYPAL or mail a check: Donna Turner, Smith Watson & Company LLC, 7 North Street, Suite 205, Pittsfield, MA 01201. Thank you!

This Events Sponsors are Bacon Wilson Attorneys at Law, Donovan O’Connor & Dodig, LLP and the Berkshire County Estate Planning Council

This PG Calc Webinar in sponsored by Berkshire Taconic Community Foundation and hosted by BCEPC and runs from 1:00 pm - 2:30 pm. The topic is Intermediate Taxation for Gift Planners.

Taxes are complex. But you don’t need to be a tax attorney or accountant to understand how they can affect charitable planning. This webinar will assume basic understanding of the income tax and transfer tax system so that it can focus on some of the finer points of the interplay between taxes and charitable giving.

Location 1Berkshire. RSVP to Dan Stanyon - Non members can pay $30 at the door or via Paypal HERE.