The VP of Trust Policy for the Wealth Management and Trust Group will provide an update on regulatory and legislative developments of interest to the asset management and trust business. In addition to hearing the latest Congressional bills that may affect fiduciary duties and taxation, the session will cover federal agency guidance issued by the Department of Labor, Securities and Exchange Commission, Internal Revenue Service, as well as the banking regulators.

This presentation provides an in-depth analysis of trends in the economy and financial markets and concludes with recommendations on investment strategy.

Interest on Lawyers' Trust Accounts (IOLTA) are the only accounts which can hold attorney trust funds. These accounts come with special ethical considerations for attorneys. Attorneys and banks must work together to ensure that the funds are held in compliance with attorney ethics rules. In many instances, attorneys don't correctly set up their accounts correctly, leading to compliance headaches for both the attorney and the bank. This session will cover everything that bankers need to know to help their attorney customers maintain trust accounts in compliance with attorney ethics rules. This includes identifying when an IOLTA account is appropriate, setting up the account to avoid improper tax consequences, remittance of interest to the IOLTA Program, and the bank's role when an attorney fails to properly maintain their IOLTA account.

Eric Haar, Federal Home Loan Bank of Dallas

In this informational session, all the SECURE Act changes and proposed regulations will be detailed in reference to future planning for your clients.

• How the owner’s age at the time of death and the beneficiary categories determine what payout options the beneficiaries may use?
• How do the new rules affect RMDs to qualified trust beneficiaries?
• How will the Roth IRA play a factor in future estate planning options?
• Will naming a spouse vs. a non-spouse beneficiary make a big difference in estate and future financial planning?
• Why Traditional IRA to Roth IRA conversions may be a good choice to minimize future tax liability to beneficiaries?
• How to encourage the use of the Qualified Charitable Distribution Exemption to your clients and beneficiaries who are age 70.5 and older.
• When should a spouse beneficiary treat an IRA as his/her own vs. an Inherited IRA?

 

2:15 p.m.

Many trust officers deal with real estate on a daily basis. This presentation will focus on emerging issues in real estate law. Topics will include: (i) the potential impact of blockchain, cryptocurrency, and NFT's on real estate, (ii) ordering surveys under the new ALTA/NSPS standards; (iii) interpreting the new title insurance forms; (iv) Arkansas's new limited liability company act: (v) the latest impacts of marijuana legislation on real estate operations, and (vi) proposals for new laws including the Uniform Easement Relocation Act, changes to commission payments, and short-term rental regulations.