It wasn’t on the agenda, but between sessions Trump’s tax plan was a topic of discussion

April 29--While President Donald Trump's tax plan wasn't on the agenda, it was top of mind at Ave Maria Law School's Estate Planning Conference.

Talk of the tax plan could be heard as lawyers, accountants, insurance agents and estate planners huddled and networked between sessions at the event on Friday, held at the Ritz-Carlton Golf Resort, Naples.

Jonathan Gopman, a co-founder of the conference and chairman of the Trusts & Estates Services Practice Group at Akerman LLP in Naples, said he thought Trump could be a subject of formal presentations next year, especially with the president's proposal to do away with the estate tax.

While Gopman doesn't believe the estate tax will be abolished, he does expect the rules to change in a big way and hopes they'll be more clear.

"I just think personally in the end we will have an estate tax," he said. "What it's going to look like is uncertain."

Trump's proposal to eliminate the state income tax deduction could send more people packing for Florida and other states without an income tax. The lack of a deduction could be a big talker at next year's conference, with the focus shifting away from strategies to avoid or reduce the estate or "death" tax, Gopman said.

The day-long estate planning conference attracted a crowd of more than 130, delivering high-level information to its attendees, who could receive continuing legal education credits.

Gopman suggested the idea for having an annual event in Collier County about five years ago to the law school. About a year later the first conference was held. Since then attendance has grown every year.

"Naples is a very high net worth area, so it was a great fit," said Kevin Cieply, president and dean of Ave Maria's law school.

Mark Matos, president of the Financial Planning Association of Southwest Florida, said the event had massively improved since last year, with an impressive keynote speaker. The keynote speaker, national expert Stacy Eastland, delivered a more than one-hour presentation that compared "freeze techniques," which are used to manage the size and growth of an estate in a way that will reduce or eliminate estate taxes. He rattled of all sorts of acronyms such as GRAT, SPLAT and LAGRAT, referring to different types of trusts that can be set up to protect assets.

"It's a good place to discuss good ideas and hear new ones," Matos said.

He said while it wasn't on the agenda Trump's tax plan and it's implications on estate planning is the major story. Besides changes to estate tax and state income tax rules, reforms could reduce the corporate tax rate and the top tax rate for individuals.

"It could benefit the high-income earners," Matos said. "It could also rejuvenate the GDP and encourage investment."

Attorneys Sean and Anne Flynn, alumni of Ave Maria Law School, who have a law firm in Bradenton, attended the event, in large part to support their alma mater. She described the event as extremely informative, she and her husband planned to return next year.

"It's a good conference," she said.

___

(c)2017 the Naples Daily News (Naples, Fla.)

Visit the Naples Daily News (Naples, Fla.) at www.naplesnews.com

Distributed by Tribune Content Agency, LLC.