February 21, 2014

ERIK SCHIMMELBUSCH NAMED 2014 SUPER LAWYER

For the third year in a row, Erik Schimmelbusch has been named an "Oregon Superlawyer" by Super Lawyers, (Thompson Reuters), Super Lawyers is a well respected, third-party attorney directory that confers the "Super Lawyer" title on top-tier attorneys who are nominated by their peers. 


February 20, 2014

ERIK SCHIMMELBUSCH NAMED 2014 FIVE STAR WEALTH MANAGER

For the fourth year in a row, Erik Schimmelbusch has been named a Five Star Wealth Manager. Erik and other 2014 Five Star award recipients will be featured in the May 2014 issue of Portland Monthly. "Wealth managers" for this purpose include estate planning attorneys as well as wealth advisors/managers in other disciplines. As part of the selection process, candidates were evaluated on nine criteria: customer service, knowledge/expertise, value for fee charged, post-sale service, overall satisfaction, integrity, communication, objectives met and quality of recommendations. The 2014 list of Five Star Wealth Managers for the Portland area is a select group, comprising less than four percent of wealth managers in the area.


February 22, 2013

ERIK SCHIMMELBUSCH NAMED 2013 FIVE STAR WEALTH MANAGER

For the third year in a row, Erik Schimmelbusch has been named a Five Star Wealth Manager. Erik and other 2013 Five Star award recipients will be featured in the May 2013 issue of Portland Monthly. "Wealth managers" for this purpose include estate planning attorneys as well as wealth advisors/managers in other disciplines. As part of the selection process, candidates were evaluated on nine criteria: customer service, knowledge/expertise, value for fee charged, post-sale service, overall satisfaction, integrity, communication, objectives met and quality of recommendations. The 2013 list of Five Star Wealth Managers for the Portland area is a select group, comprising less than four percent of wealth managers in the area.


February 17, 2012

ERIK SCHIMMELBUSCH NAMED 2012 FIVE STAR WEALTH MANAGER

For the second year in a row, Erik Schimmelbusch has been named a Five Star Wealth Manager.  Erik and other 2012 Five Star award recipients will be featured in the May 2012 issue of Portland Monthly.  "Wealth managers" for this purpose include estate planning attorneys as well as wealth advisors/managers in other disciplines.  As part of the selection process, candidates were evaluated on nine criteria:  customer service, knowledge/expertise, value for fee charged, post-sale service, overall satisfaction, integrity, communication, objectives met and quality of recommendations.  The 2012 list of Five Star Wealth Managers for the Portland area is a select group, comprising less than four percent of wealth managers in the area.

January 30, 2012

IRS ANNOUNCES 7520 RATE FOR FEBRUARY 1.4 PERCENT - TIES RECORD LOW

The IRS has announced that the Section 7520 rate for February 2012 will be 1.4 percent, which ties the record low (also .  The 7520 rate has never been lower (it was also at 1.4 percent in October 2011, November 2011 and January 2012).  With this extremely low rate, low asset values, and high marketability discounts, there has never been a better time to consider planning strategies such as grantor retained annuity trusts (GRATs) and charitable lead trusts (CLTs).


October 21, 2011

EVENT ANNOUNCEMENT:  ERIK SCHIMMELBUSCH TO SPEAK IN OREGON CITY AT PROVIDENCE WILLAMETTE FALLS MEDICAL FOUNDATION SEMINAR

On November 8, 2011, Erik will speak to professional advisors in Oregon City at a seminar presented by Providence Willamette Falls Medical Foundation.  Erik's presentation will be entitled "Planning Opportunities in a World of Low Interest Rates."  This event will be held from 7:30 a.m. - 8:30 a.m. at Providence Willamette Falls Health Education Center, 519 15th Street, Oregon City OR 97045.

Anyone interested in attending should contact Dawn Bergman, 503-650-6805, dawn.bergman@providence.org.

October 18, 2011

ERIK SCHIMMELBUSCH ELECTED TO AMERICAN COLLEGE OF TRUST AND ESTATE COUNSEL

We are pleased to announce that Erik Schimmelbusch was recently elected to the American College of Trust and Estate Counsel (ACTEC), one of the most pretigious honors for a trust and estate attorney.

The College honors accomplished trust and estate ttorneys whose sustained performance in the practice exemplifies the highest standards of professionalism and achievement by granting them membership as Fellows.  ACTEC's admission standards are rigorous, requiring candidates to practice for a minimum of ten years in the trust and estate field, receive an AV rating by Martindale-Hubbell, speak before groups of attorneys on important trust and estate topics, publish in national journals or bar assocation books, and serve in bar association and community activities.  Candidates are not permitted to apply for membership; they must be nominated by existing Fellows outside the candidate's law firm.  After nomination, candidates undergo a thorough review process at state and national levels, and then successful candidates are elected by ACTEC's Board of Regents.

April 29, 2011

ERIK SCHIMMELBUSCH NAMED 2011 FIVE STAR WEALTH MANAGER

Erik Schimmelbusch will be featured in the May 2011 issue of Portland Monthly as one of the 2011 Five Star Wealth Managers.  "Wealth managers" for this purpose include estate planning attorneys as well as wealth advisors/managers in other disciplines.  As part of the selection process, candidates were evaluated on nine criteria:  customer service, knowledge/expertise, value for fee charged, post-sale service, overall satisfaction, integrity, communication, objectives met and quality of recommendations.  The 2011 list of Five Star Wealth Managers for the Portland area is a select group, comprising less than four percent of wealth managers in the area.


September 21, 2010

EVENT ANNOUNCEMENT:  ERIK SCHIMMELBUSCH TO SPEAK IN PORTLAND AT OHSU FOUNDATION GIFT PLANNING WORKSHOP

Erik will speak to professional advisors at the upcoming Fall Gift Planning Workshop, presented by Oregon Health & Science University Foundation.  The workshop will be held at the Multnomah Athletic Club on Thursday, October 21, from 11:45 a.m. to 1:30 p.m.  Erik's presentation will be entitled "Succession Planning for Small Business Owners:  Charitable Options May Help."

To register for the Fall Planned Giving Workshop, contact M. Kate McGinn at 503-412-6366 or mcginnm@ohsu.edu by Monday, October 18, 2010.


September 18, 2010

IRS ANNOUNCES 7520 RATE FOR OCTOBER 2.0 PERCENT - TIES RECORD LOW

The IRS has announced that the Section 7520 rate for October 2010 will be 2.0 percent, down from 2.4 percent for September 2010.  The 7520 rate has never been lower (it was also at 2.0 percent in February 2008).  With this extremely low rate, low asset values, and high marketability discounts, there has never been a better time to consider planning strategies such as grantor retained annuity trusts (GRATs) and charitable lead trusts (CLTs).


August 19, 2010

IRS ANNOUNCES 7520 RATE FOR SEPTEMBER 2.4 PERCENT

The IRS has announced that the Section 7520 rate for September 2010 will be 2.4 percent, down from 2.6 percent for August 2010.  The 7520 rate is used to value certain charitable interests in trusts.  It is also used in some other cotexts of estate and gift tax planning, including grantor retained annuity trusts.  The Section 7520 rate is 120 percent of the applicalbe federal midterm rate (compounded annually) for the month in which the valuation date falls.  The rate is then rounded to the nearest two-tenths of one percent.

With the 7520 rate near an all-time low (it was only lower in February 2009 at 2.0 percent), this is an ideal time to consider planning strategies such as grantor retained annuity trusts (GRATs) and charitable lead trusts (CLTs).


August 18, 2010

EVENT ANNOUNCEMENT:  ERIK SCHIMMELBUSCH TO SPEAK IN PORTLAND, SALEM, BEND AND EUGENE AT OCF PHILANTHROPY FORUM

Erik will provide an update to professional advisors on recent and proposed federal tax law changes impacting estate and charitable planning. These changes could influence decisions that advisors and their clients make in pursuing their planning objectives.  Those desiring to attend must RSVP at the OCF website (link below). 

The Philanthropy Forum is sponsored by Oregon Community Foundation (OCF).  With assets of more than $900,000,000, OCF is the sixth largest community foundation in the nation.  OCF works with individuals, families, businesses and organizations to create charitable funds to support the community causes they care about.  Through these funds, OCF awards more than $60 million annually in grants and scholarships.

The Philanthropy Forum dates and cities where Erik will be speaking are:

September 16 (8:00 - 10:00 a.m.)
Salem Philanthropy Forum
Mission Mill Museum (Third Floor of Mill Building)
1313 Mill St., SE
Salem, Oregon 97301

October 1 (11:30 a.m. - 1:30 p.m.)
Portland Philanthropy Forum
University Club
1225 SW Sixth Avenue
Portland, Oregon 97204

October 14 (11:30 a.m. - 1:15 p.m.)
Eugene Philanthropy Forum
Eugene Public Library (Bascom-Tykeson Room)
100 W. 10th Ave.
Eugene, Oregon 97401

October 15 (7:30 a.m. - 9:30 a.m.)
Bend Philanthropy Forum
St. Charles Medical Center (Heart Conference Room)
2500 Neff Road
Bend, Oregon 97701

You can RSVP for an upcoming Philanthropy Forum and learn more about OCF at:  http://oregoncf.org/plan/events-seminars


June 28, 2010

EVENT ANNOUNCEMENT:  ERIK SCHIMMELBUSCH TO SPEAK AT 22ND ANNUAL NORTHWEST PLANNED GIVING ROUNDTABLE CONFERENCE

The 22nd annual Northwest Planned Giving Rountable Conference will be held on September 14, 2010, at the Lloyd Center Doubletree.  The conference, entitled "Thriving in Uncertain Times," will feature speakers on a variety of topics related to charitable planned giving.  Erik's presentation will be entitled "Charitable Planning Strategies for Family Business Owners."  

The conference is open to members and nonmembers of the Northwest Planned Giving Roundtable.  More information regarding the conference can be obtained at: 

http://nwpgrt.org/conference.asp 


June 25, 2010

ESTATE PLANNING CONSIDERATIONS IN MARITAL DISSOLUTIONS

On June 24, 2010, the Family Law Newsletter, published by the Family Law Section of the Oregon State Bar, published an article by Erik Schimmelbusch, entitled "Estate Planning Considerations in Marital Dissolutions."  This article, which runs as the lead article for the June issue of the newsletter, provides family law attorneys with perspectives of an estate planning lawyer, with the hope that lawyers in both practice areas can render legal advice to clients with greater awareness andn coordination of relevant issues.  The article can be viewed in the newsletter archives of the OSB Family Law Section by clicking here.


June 24, 2010

SECTION 7520 RATE DOWN TO 2.8 PERCENT FOR JULY 2010

The IRS has announced that the Section 7520 rate for July 2010 will be 2.8 percent, down from 3.2 percent for June 2010.  The 7520 rate is used to value certain charitable interests in trusts.  It is also used in some other cotexts of estate and gift tax planning, including grantor retained annuity trusts.  The Section 7520 rate is 120 percent of the applicalbe federal midterm rate (compounded annually) for the month in which the valuation date falls.  The rate is then rounded to the nearest two-tenths of one percent.


June 23, 2010

HOUSE BILL INCLUDES GRAT REFORM PROVISIONS

On June 15, the U.S. House of Representatives passed H.R. 5486, that includes a requirement that grantor retained annuity trusts (GRATs) have a term of at least 10 years.  A GRAT is a powerful estate planning tool that permits appreciating assets to be placed in a trust that pays out to the trust's grantor a fixed (or graduated) annuity amount, and then provides for the transfer of any assets remaining at the end of the trust's term to children or other beneficiaries.  The GRAT can be an effective means of  transferring assets to beneficiaries with reduced or zero gift tax liability and estate tax savings, assuming the grantor survives the GRAT term.  If the grantor does not survive the GRAT term, then all of the assets in the GRAT are included in the grantor's estate for federal estate tax purposes. 

GRATs are especially powerful when interest rates are low, because the federal "7520 rate" is used to measure the present value of the future gift to GRAT remainder beneficiaries.  It is essentially an assumed rate for measuring the expected growth of the GRAT assets for federal estate tax purposes.  If the assets appreciate in excess of the 7520 rate, that excess appreciation will pass to the remainder beneificiaries estate and gift tax free.  Therefore, the lower the 7520 rate, the more appreciation can pass to beneficiaries tax free.  For June 2010, the 7520 rate is 3.2%, and will drop to 2.8% in July, so this is an ideal time for using GRATs.

One popular technique that miniimizes the chances of a grantor dying during the GRAT term is to set up a series of short-term GRATs.  For example, assets might be placed in a GRAT for a three-year term.  At the conclusion of that term, the grantor can then fund another three-year GRAT, and this process can be repeated every three years.  The provision in H.R. 5486 would increase the likelihood of a grantor dying during the GRAT term (and thereby increasing the chances of estate inclusion) by requiring that a GRAT term be at least 10 years.


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