Estate Planning 101 for Bankruptcy Lawyers

Jim Clay, a seasoned estate planning attorney, will discuss what bankruptcy practitioners need to know about estate planning.

Speaker:

James M. Clay is a principal at Morrison Sund PLLC in Minnetonka, Minnesota, and focuses his practice on estate planning, probate and trust administration, family business succession and tax planning.  He works closely with couples and individuals to help structure estate plans to achieve the clients’ objectives in the most tax efficient manner possible. Prior to joining Morrison Sund, Jim spent over 10 years with larger firms in Minneapolis focusing his practice on estate planning, estate and trust administration, and tax planning. Jim has a master’s degree in taxation (LL.M) and has been enrolled to practice before the Internal Revenue Service since 1985.  His extensive tax background enables him to assist families, individuals and small business owners to develop and accomplish their estate planning goals, and to pass on family values in a manner that will minimize their exposure to federal and state taxes.  Jim earned his juris doctorate cum laude and his LL.M (Taxation) from the William Mitchell College of Law, and his bachelor of arts from St. Olaf College. Jim is a frequent lecturer on advanced estate planning, tax and business succession planning topics.  He has taught numerous continuing legal education courses on estate planning, tax and related topics and often speaks to members of various civic organizations.  He is a member of the Minnesota State Bar Association’s Probate and Trust Law Section, and is actively working on legislative issues for the Association.

Jim designs and prepares estate planning documents such as wills, revocable trusts (living trusts), financial powers of attorney, health care directives (living wills), and beneficiary designations for life insurance and retirement plans.  He also works with people to plan and implement trusts for children or grandchildren, irrevocable life insurance trusts (ILITs), grantor retained annuity trusts (GRATs), qualified personal residence trusts (QPRTs), intentionally defective grantor trusts, installment sales, charitable remainder trusts (CRTs), charitable lead trusts (CLTs), family limited partnerships, limited liability companies, and buy-sell agreements. Jim works with families and individuals to help them through the probate and estate settlement process, administer and resolve trust and estate disputes. In addition, he has extensive experience working with individuals and fiduciaries to resolve estate, gift and income tax disputes.