The Southpac Offshore Planning Institute ~ The 2010 Annual Conference
Encore at the Wynn Las Vegas
September 30 & October 1, 2010

Seminar Agenda and Highlights

Please note that the following pertains to the 2009 conference. Specific events and speakers at the 2010 conference may vary from what is described here. Please check back periodically for updates.

Thursday, September 30

8:00am - 8:30am ~ Breakfast Served

8:30am - 9:00am ~ Introductory Comments & Recent Developments (Southpac Representative to be named / Neal B. Rubin ~ Rochdale Offshore Investment Management)

A representative of Southpac will provide an industry perspective of recent developments affecting asset protection and other forms of offshore planning. Presenting alongside Southpac, Mr. Rubin will cover important changes in international banking that affect offshore planning for U.S. persons.

9:00am - 10:30am ~ Fundamental Principles of Asset Protection Planning (Howard D. Rosen ~ Donlevy-Rosen & Rosen, P.A.)

Mr. Rosen is a nationally-recognized estate planning attorney focusing on asset protection planning strategies. He is also the founding author of the BNA Tax Management Portfolio treatise, "Asset Protection Planning." This presentation will focus on the essential considerations of asset protection planning, with particular emphasis on one of the most powerful planning tools in use today: the foreign asset protection trust.

10:30am - 10:45am ~ Morning Break

10:45am - Noon ~ Asset Protection Planning for Immoveable Assets (Patricia Donlevy-Rosen, Donlevy-Rosen & Rosen, P.A.)

While cash and securities may be relatively mobile, many forms of valuable assets -- real estate and operating businesses , for example -- cannot be physically relocated to a protective jurisdiction. Ms. Donlevy-Rosen will provide a detailed overview of the latest innovations in financing techniques to help protect immoveable assets, including the Real Estate Equity Investment Strategy offered exclusively by the Southpac Group.

Noon - 1:30pm ~ Mid-Day Break

1:30pm - 2:15pm ~ Domestic Asset Protection Trusts: Do They Really Work? (John E. Dawson ~ Lionel, Sawyer & Collins)

Southpac helped introduce the world's first asset protection trust law in the Cook Islands in 1989. Over the past twenty years, this legislation has served as a model for similar laws in over a dozen other countries, and now several U.S. states have implemented their own protective statutes. Mr. Dawson will analyze the state and federal legal issues affecting domestic planning, the constitutional concerns, and the potential for attorney liability if things go wrong. Special attention will be directed at Nevada’s own domestic asset protection trust law.

2:15pm - 3:15pm ~ U.S. Tax Considerations & Planning Strategies (Leslie A. Share - Packman Neuwahl & Rosenberg)

Offshore planning strategies require careful attention to tax reporting requirements and important income and estate tax consequences. Mr. Share will cover (i) choice of holding entity issues and planning from a U.S. tax standpoint, (ii) the U.S. reporting requirements for trusts, settlors, and beneficiaries with respect to transfers, distributions, income, and underlying assets, (iii) certain U.S. "income tax traps" applicable to offshore trusts and how to avoid them, and (iv) the use of offshore trusts for pre-immigration planning for foreign persons contemplating a move to the United States. Special attention will be directed at recent initiatives to bring unreported offshore structures into compliance with IRS and Treasury Department requirements.

3:15pm - 3:30pm ~ Afternoon Break

3:30pm - 4:15pm ~ Trusts: Funding & Operations (Edward D. Brown ~ Engel & Reiman pc)

If a trust is not properly designed, the trust may be penetrated, allowing a creditor access to the trust assets. Just as important as the design, however, is the trust’s proper funding and administration. To protect the assets of a well-designed trust, the trust must be funded and administered in a manner that does not detract from the protective nature of the trust. Mr. Brown will discuss the principle of separateness and how it affects the funding and administration of trust plans. This presentation will cover the administrative formalities that must be followed (i) when transferring assets into the trust, (ii) while administering the trust; and (iii) when making distributions from the trust.

4:15pm - 5:00pm ~ Completing the Asset Protection Toolkit (Bradley G. Barth ~ Barth, Berus & Calderon, LLP)

The offshore asset protection trust is one of several devices to be considered as part of a comprehensive asset protection plan. Mr. Barth will discuss several other techniques for protecting clients assets and the circumstances under which these techniques should be considered, including state exemption statutes, domestic asset protection trust laws, domestic LLCs, and qualified personal residence trusts (QPRTs). This presentation will also discuss applicable protection techniques for specific types of assets such as S corporation stock.

8:00PM ~CONFERENCE RECEPTION & DINNER (Ticketed Event ~ Registration Required)

This year's conference features the addition of a special conference reception and dinner. The reception offers an invaluable opportunity for attendees to meet with colleagues, exchange business cards, and dialog with conference speakers in a relaxed setting. Host Neal B. Rubin of Rochdale Offshore Investment Management will introduce the 2009 members of the Southpac Board of Advisors at this event.

Friday, October 1

8:00am - 8:30am ~ Breakfast Served

8:30am - 9:30am ~ Drafting the Asset Protection Trust Agreement (Howard D. Rosen ~ Donlevy-Rosen & Rosen, P.A.)

Mr. Rosen is a nationally-recognized estate planning attorney focusing on asset protection planning strategies. He is also the founding author of the BNA Tax Management Portfolio treatise, "Asset Protection Planning." Mr. Rosen will conduct this special clinic on practical drafting skills and solutions needed to address the challenges uniquely presented in asset protection planning.

9:30am - 10:30am ~ Creditor Challenges to Asset Protection Structures (John E. Sullivan, III ~ Sullivan & Sullivan Ltd.)

As asset protection structures become increasingly sophisticated, so do the efforts of determined and deep-pocketed creditors to overturn these structures. Mr. Sullivan, an attorney with Sullivan & Sullivan, Ltd., frequently presents on asset protection strategies. He has represented a key witness in one well-known case involving a Cook Islands trust, served as lead civil defense counsel in one of the earliest suits involving a Cook Islands trust, and has advised clients in connection with many different types of offshore transactions . Mr. Sullivan will review domestic and international fraudulent transfer laws, the techniques creditors use to challenge asset protection structures, and the methods attorneys may undertake to better protect client assets from unanticipated creditors.

10:30am - 10:45am ~ Morning Break

10:45am - Noon ~ Introduction to Life Insurance & Annuities (David Henderson, C.P.A., J.D., LL.M. ~ Duggan Bertsch, LLC)

Confronted with higher taxes and litigation risks in the U.S., many high net worth clients are seeking a safe haven for investment assets offshore. Offshore life insurance and annuities offer a unique level of tax benefits for U.S. persons. Mr. Henderson, an attorney with Duggan Bertsch L.L.C., is a frequent speaker and lecturer on international business and tax planning matters. His presentation will focus on the fundamental income and estate tax principles that make life insurance and annuities favored products for wealthy families.

Noon - 1:00pm ~ LUNCHEON & PANEL DISCUSSION: Current Trends in Offshore Planning (Moderator: Arnold S. Goldstein ~ Presser Goldstein, LLC)

Members of Southpac's Board of Advisors will discuss the latest trends and innovations in asset protection planning and offshore business and tax strategies. Special consideration will be given to the integration of estate and asset protection planning objectives with broader wealth management techniques.

1:00pm - 2:00pm ~ PANEL DISCUSSION: Offshore Banking Practices & Strategies (Moderator: Neal B. Rubin ~ Rochdale Offshore Investment Management)

Establishing a trust or LLC is only the beginning of a comprehensive asset protection plan. The attorney and client must carefully weigh the advantages of offshore banking and select an appropriate custodian for trust or LLC assets. For example, many clients often find out too late in the planning process that they cannot obtain foreign bank account services due to litigation concerns back in the U.S. Mr. Rubin, Managing Director of Rochdale Offshore Investment Management, will be joined by a panel of leading experts in international banking to discuss the mechanics, due diligence considerations, and compliance requirements involved with establishing foreign bank accounts for asset protection planning clientele. Panelists will also discuss recent efforts by international banks to shut out high-risk U.S. clients and the latest initiatives by the IRS and Treasury Department to force disclosure of foreign bank accounts.

2:00pm - 3:00pm ~ Migrating the Domestic Trust Offshore (David M. Grant ~ JEFFREY BURR, LTD.)

Many clients in consultation with their advisors opt to establish a domestic asset protection trust to protect their assets. If the client later decides to migrate the trust offshore, myriad planning considerations must be carefully examined by the attorney. Mr. Grant, an associate with JEFFREY BURR, LTD. will discuss the legal and practical aspects of migrating a domestic trust to a foreign jurisdiction.

3:00pm - 3:15pm ~ Afternoon Break

3:15pm - 4:15pm ~ The Asset Protection LLC: Myth vs. Reality (Elizabeth Zagajeski ~ Law Offices of Elizabeth Zagajeski)

Many clients utilize limited liability companies, both domestically and abroad, as a fundamental component of a comprehensive asset protection plan. A minority of these individuals may use an LLC as a substitute for an asset protection trust, unaware of the limitations and pitfalls faced when using an LLC alone. Ms. Zagajeski, an experienced wealth preservation attorney, will discuss the pertinent aspects of domestic and foreign LLC laws that affect the viability of LLCs as asset protection devices. She will also discuss the 2008 Cook Islands LLC Act, which contains several new asset protective legal concepts unique to Cook Islands law.

4:15pm - 5:00pm ~ Ethics & the Asset Protection Attorney (Gary J. McCarthy ~ Eizen Fineburg & McCarthy P.C.)

Asset protection planning is fraught with pitfalls for both the client and the attorney. In certain states, attorneys may be subject to civil liability, ethical sanctions, or potential criminal liability for assisting with fraudulent transfers. Mr. McCarthy, an estate and wealth preservation planning attorney with Eizen Fineburg & McCarthy, P.C., will provide an overview of the ethics regulations that govern attorneys when advising clients on asset protection planning. The discussion will cover methods that attorneys can use to protect themselves from this exposure, including undertaking adequate due diligence on their clients.