Above: Mitch Caddell and Brenda Benning, representing FORVIS, following their enlightening session on Tax Strategies.

The 2023 KBA Trust Conference occurred on October 19-20 at the DoubleTree by Hilton in Lawrence, KS. Trust Division President Chris English, The Trust Company of Kansas, and Mark Schifferdecker, the current KBA Chairman from GNBank, extended a warm welcome to all attendees at the conference and introduced the speakers.

Economic and Market Outlook — John Tousley, Goldman Sachs

In 2022, economic conditions underwent a dramatic shift, causing both stocks and bonds to suffer. The Federal Reserve had been telegraphing significant tightening in 2023, and recessionary expectations reached historic levels. Tousley, Senior Strategist within Goldman Sachs Asset Management, reviewed the economic conditions we were set to face in 2023 and beyond. He examined major economic factors, discussed asset allocation outlooks and talked about risks on the horizon, equipping attendees with valuable information.

Transfer of Wealth & Tax Strategies — Brenda Benning and Mitch Caddell, CPAs, FORVIS

Brenda Benning and Mitch Caddell, representing FORVIS, emphasized the significance of educating customers on various aspects of financial planning, including income tax, estate planning, wealth trust planning and common transfer planning. They delved into wealth transfer issues spanning generations and explored tax strategies such as charitable contributions, the utilization of diverse trust vehicles and inherited IRAs.

The Guide to Retirement — Mike Conrath, J.P. Morgan Asset Management

Mike Conrath explained that as people continue to live longer, market forces are changing, and the retirement landscape is shifting. Planning for a successful retirement is increasingly becoming more complex. The role of a financial advisor has never been more important in helping clients navigate these challenges and keep them on a path to achieving their retirement goals. Now in its 11th year of publication, J.P. Morgan’s Guide to Retirement serves as the go-to resource for financial professionals to simplify complex topics and facilitate retirement-led conversations.

Retirement Reimagined — Carrie Horn, Ascensus

Carrie Horn’s comprehensive overview of the impact of Secure 2.0 on retirement planning provided valuable insights into the evolving landscape of financial preparation for the golden years. With over 90 retirement provisions embedded within this legislation, its reach extends across not only the core players but also those on the periphery of retirement planning. These provisions, which encompass areas such as IRAs, qualified retirement plans, and health and welfare plans, are poised to influence a broad spectrum of individuals and professionals. As we embrace this paradigm shift in retirement planning, understanding the implications of Secure 2.0 becomes increasingly crucial in guiding both industry veterans and newcomers toward securing their financial future.

The KBA Trust Division’s annual meeting marked a significant moment at the conclusion of the first day of the conference. During this assembly, an essential transitional milestone unfolded as the new slate of officers and directors for the 2023-2024 year was officially approved.

This transition embodies the ongoing commitment of the KBA Trust Division to uphold excellence and visionary leadership. The elected officers, through their dedication and collective expertise, are well-positioned to steer the division toward its goals for the forthcoming year. Their role not only represents a commitment to the division’s mission but also serves as a testament to the dynamic and evolving landscape of trust services and financial stewardship.

Federated Hermes Fixed Income Market Outlook — Jerry Conner, CFA

The second day commenced with Jerry Conner, who provided a comprehensive outlook on the economic and credit markets, along with updates on Federal Reserve Policy. The session also touched on ethical considerations when collaborating with multiple professionals. This well-rounded approach ensured attendees gained valuable insights into both the financial and ethical aspects of their work.

Ethical Considerations When Multiple Professionals Serve a Mutual Client — Tim O’Sullivan, Foulston Siefkin, LLP

Tim O’Sullivan addressed ethical considerations when multiple professionals from various disciplines serve a mutual client in estate planning. These factors include managing conflicts of interest, ensuring competence, maintaining confidentiality, transparent fees, effective communication, adhering to ethical rules and resolving disputes when necessary, all while prioritizing the client’s best interests.

Human Connection in a Digital World — Curtis Waltermire

Successful businesses often strike a delicate balance between nurturing human connections and harnessing digital assets. While digital tools enhance client service, they can inadvertently distance us from genuine human interaction. In an engaging and insightful presentation, Curtis Waltermire explored the reasons behind this disconnection and offered strategies to avoid it. He shared fun and remarkable methods to connect with people, inspiring us to enhance the quality of human connections in our own lives.

Ethical Obligations of Tax Practitioners: Understanding the Rules to Protect Yourself and Your Clients — Stephen Mazza, University of Kansas

Navigating the fine line between legitimate tax avoidance and unlawful tax evasion presents a significant challenge. Those who venture across this boundary, including practitioners and their clients, risk facing a broad spectrum of penalties enforced by the Internal Revenue Code, the Treasury Department and regulatory bodies overseeing the ethical conduct of practitioners. This presentation delved into the diverse governing standards applicable to taxpayers and tax practitioners alike, shedding light on incongruities that had the potential to generate conflicts between advisors and clients.

Thanks to this year’s sponsors! Their expertise, support and dedication were instrumental in the success of our conference.