Pub. 7 2018 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 2018 MOKAN CONFERENCE Marit Anne Peterson addresses how banks can respond to financial exploitation. Bert Purdy of BKD shard the most common trust administration errors identified in trust audits and exams. Jeff King and Tad Layton assist attendees in avoiding “Ethical Pitfalls in Trust Administration”. T RUST OFFICERS, REGULATORS AND attorneys from 15 states met in Overland Park, Kansas on May 2 – 4, 2018 for the 39th annual MOKAN Trust Conference. As conference attendance and vendor participation has steadily increased over the past several years, a new venue was required this year and the Overland Park Convention Center welcomed us into their facility. Vendor participation was strong with 105 business partners manning 64 booths with a wide array of services all targeted at the attendees and their companies. Kicking off the conference on Wednesday morning was Bernard Krooks, JD of Littman Krooks LLP with his general session on Special Needs Planning. He discussed using special needs trusts as a method to improve the quality of life of an individual with disabilities while preserving the family nest egg. After lunch, the opening keynote speaker, Michael Kitces, with Pinnacle Advisory Group, addressed the group with his talk on “Tax Planning Developments and Opportunities Under The Tax Cuts and Jobs Act of 2017”. Mr. Kitces discussed the many ways that this massive tax reform overhaul impacted not only individuals, but corporations as well, focusing on the ways that consultants and financial advisors can assist their clients in taking advantage of the new rules. Attendees took advantage of the many breakout sessions on Wednesday afternoon. Marit Anne Peterson from the Minnesota Elder Justice Center presented her topic “The Power to Prevent! How Banks Can Respond to Financial Exploitation”. Charles “Clary” Redd from Stinson Leonard Street discussed “Basis Bonanza: A Few Creative Ways to Generate Basis Step-Up”, and Bert Purdy from BKD presented “The Most Common Trust Administration Errors Identified in Trust Audits/Exams”. Wednesday afternoon wrapped up with both the KBA Trust Division and the Missouri Bankers Association’s Trust group having their annual meetings, followed by a very well attended reception in the exhibit hall, which gave the attendees and exhibitors ample time for networking. The Wednesday night excitement was far from over, however! Attendees were treated to a bit of springtime Kansas weather drama that evening, as tornado warnings were prevalent in that part of Kansas City. Everyone got to take cover in the basement of the hotel for a period of time that evening. Luckily, everyone stayed in good spirits, and the weather passed by without creating too much havoc in Overland Park. Thursday morning began with Dr. Stephen Happel presenting his topic of “The U.S. Economy: Past, Trump and Future”, in which he reviewed the 2018 and 2019 Blue-Chip forecasts, as well as historical perspectives over the last thirty years. Following him was Ben Carlson of Ritholtz Wealth Management speaking about “Surviving and Thriving in the New World of Financial Advice”. Mr. Carlson discussed how technology will impact the financial services industry and the adaptations that will be required in order to have a glimpse into what the next generation of financial service businesses might look like. The afternoon session began with motivational speaker Holly Hoffman, who was a contestant on season 21 of the CBS hit reality show “Survivor”. Holly brought her upbeat and powerful message to the group as she talked about the experience of being on the show, how to decide to survive on a daily basis, six words to develop survival skills, and take on any challenges facing you.