Pub. 2 2013 Issue 4

l e a d i n g a d v o c a t e f o r t h e b a n k i n g i n d u s t r y i n k a n s a s 8 T he 34th MOKAN Midwest Trust & Financial Services Conference was held at the Sheraton Kansas City at Crown Center on May 8-10. With an opening keynote address by Paul Kasriel, Econtrarian, LLC, titled “Follow the Money…If You Want to Know Where the Economy is Likely to Go,” attendees were plunged into a straightforward, no nonsense view of the world economy. Other topics were covered on day one to include specific information on unique assets and ethics. Jim Russell, U.S. Bank, opened day two with a Capital Markets Outlook for 2013. He noted that the economy is stronger and gave multiple demonstrations of why he holds that opinion. In a no-holds-barred fashion Russell claimed that China will have the largest economy by 2017 and while it may be politically unsavory for us to imagine, he recommends looking to investments in Southeast Asia as their middle income spending is growing at a rapid pace. Susan Porter, Brown Brothers Harriman Trust Company, NA, delivered a presentation titled “Exercising Discretion in Discretionary Trusts.” Giving many examples and stories on discretionary powers, Porter described the tax consequences related to decisions made. She also covered many planning and property law considerations. There were breakout sessions that included a discussion with two authors. Evan Carroll, author of “Your Digital Afterlife,” addressed the significance of considering digital assets in estate planning. Margaret May Damen, author of “Women, Wealth & Giving,” addressed the significance of understanding women and how they relate to money. Other breakout sessions included “Retirement Planning Tax Issues,” by Professor Roger McEowen and “Emerging Issues Under the Twin UPIAS,” by Susan Porter. Air Force Major General Garrett Harencak, Pentagon, Washington, D.C. gave a dynamic presentation on leadership. With an authentic style, General Harencak listed the top four leadership qualities that make a boss someone he always wanted to work for. He listed loyalty first and added that this tool carries the greatest impact. The second quality listed was a boss that is willing to take some risks, noting that the inability to take risks can be the greatest flaw of a leader because it hinders growth. The General then listed calmness under pressure as an important trait because it helps others remain calm as well. The fourth leadership quality discussed was humor. If a leader demonstrates happiness and good humor it promotes a positive atmosphere. “At the end of the day being a leader is a privilege and honor…be cheerful,” stated Harencak. “As a leader you have tremendous opportunity to impact people.” The conference closed on Friday with a general session on “Employee Benefits Update” given by Charles Lockwood, TRI Pension Services and a session titled “Recent Developments in Estate Planning and Trust Administration,” by Charles Redd, Stinson Morrison Hecker. 2013 MOKAN Conference Susan Porter, Brown Brothers Harriman Trust Company, N.A., explains the tax implications of a discretionary trust. Jim Russell, U.S. Bank, describes how rapid growth in emerging countries will lead the world economy in four years.