top of page
PEPC Newsletter
A BLOG ABOUT ESTATE PLANNING
No Legal, Investment, Accounting or Tax Advice. The articles published by the Newsletter of the Philadelphia Estate Planning Council (the “PEPC”) and their content are for informational and educational purposes only and should not be used as the basis for any investment, legal or accounting decision. The information contained in the articles is based on publicly available sources believed to be reliable but not a representation, expressed or implied, as to its accuracy, completeness or correctness. No information available through this communication is intended or should be construed as any advice, recommendation or endorsement from the PEPC, nor any member of its Board or Committee thereof, nor of any author or member of the PEPC, as to any legal, tax, investment or other matters.
Views, Opinions and AI. The views and opinions expressed in these articles are those of the author-members and not necessarily representative of the PEPC or the Newsletter Committee. Articles are reviewed and edited for content. We believe the information to be accurate and do not independently verify the sources used by the authors. Portions of the articles may be enhanced, in the author’s discretion, by Artificial Intelligence.
Fall 2026 President's Message
By Alan Weissberger It is a true honor to serve as President for the 86th year of the Philadelphia Estate Planning Council ("PEPC"). PEPC is one of the largest and oldest estate planning councils in the country, and stepping into this role means carrying forward a legacy built by generations of dedicated members. I want to start by thanking our immediate past President, Jackie Barras, for her outstanding leadership this past year, and for the warmth and energy she brought to
Alan Weissberger, Esq.
22 hours ago4 min read
Advisor’s Guide to Helping Business Owners Improve Their Company’s Valuation
By Curtis Farrow, CPA, ASA For many closely held and family-owned businesses, exit planning is often viewed as a discrete event, such as a sale, recapitalization or generational transfer to the next generation. In reality, the most successful exits are the result of years of deliberate planning, operational discipline and strategic investment in the underlying drivers of value. Exit planning, at its core, is not a transaction, but rather a business strategy focused on buildin
Curtis Farrow, CPA, ASA
22 hours ago12 min read
De-Risking Business Succession: Insurance, Due Diligence, and Structuring Considerations in Private Equity Transactions
By Shane M. Johnson, CLU®, ChFC®, RICP®, AEP®, Rory Magargee, MS, ARM and Andy Tribendis, CIC Business succession planning in the lower and middle markets has shifted materially over the past decade. Transactions that were predominantly internal family transitions or management buyouts are now increasingly driven by private equity sponsors, strategic acquirers and other institutional investors. This evolution has introduced greater rigor in due diligence, tighter documentatio
Shane M. Johnson, CLU®, ChFC®, RICP®, AEP®
22 hours ago11 min read
Life, Leadership and Legacy: Preparing for Succession
By Megan Helzner, MPA, MBA and Kim V. Heyman, J.D., LL.M., AEP® Picture a company dinner. The family business leader stands up to make an announcement and waves off the prepared remarks: “They gave me a speech, but I don’t need to read it.” The leader goes on to introduce a “new” product that launched a year ago and then calls a vice president by the wrong name. No one says a word, but everyone in the room knows something is off. By dessert, the adult child who works in the b
Megan Helzner
22 hours ago13 min read
Failing to Plan Is Planning to Fail – Three Business Succession Case Studies
By Victor Levy, Dylan Elgart, and Mason Clatterbuck Failing to Plan Is Planning to Fail – Three Business Succession Case Studies[i] Planning for the proper succession of a business is one of the most important and often overlooked areas in all of financial planning. The Deloitte 2026 Family Business Succession Survey found that while 85% of family business leaders recognize succession planning as critical to their long-term success, only 57% have established a formal successi
Victor Levy
22 hours ago12 min read
How Do You Solve a Problem Like Connelly? A Few of a Practitioner’s Favorite Things
By Brian M. Balduzzi, Esq., Tax LL.M., MBA, CFP®, CEPA®, AEP®, IPA A buy-sell agreement has been a fundamental part of thoughtful business planning for decades, but it received renewed attention following the 2024 United States Supreme Court decision in Connelly v. United States, 602 U.S. 257. In Connelly, the Court held that for purposes of valuing the company shares for federal estate tax purposes, a company’s contractual obligation to redeem shares would not necessarily be
Brian Balduzzi
22 hours ago16 min read
Who Am I Without the Business? The Psychology of Owner Transition - and the Role Advisors May Play
By Brian D. Brogan, MS, CMT, CEPA, WFAA Transparency Statement: I used ChatGPT as a writing and editing tool to help organize and communicate my professional experience, qualifications and perspective. The substance of this letter reflects my own background and views, and I have personally reviewed and approved its content for accuracy. As millions of business owners approach retirement, the greatest challenge may be preparing themselves—not merely their businesses—for what c
Brian D. Brogan, MS, CMT, CEPA, WFAA
23 hours ago13 min read
News from the PEPC NAEPC Engagement Committee
by Tim Zeigler and Kim V. Heyman, PEPC Board Members & NAEPC Engagement Committee Co-Chairs In addition to the exciting news shared by our President (that PEPC has once again been awarded the Council of Excellence by the National Association of Estate Planners & Councils (“NAEPC”) - for the second year in a row), we would like to announce that so far this year two of our esteemed members have been accepted for the Accredited Estate Planner® (“AEP®”) designation! We would lik
Kim Heyman, JD, LLM, AEP
1 day ago2 min read
My Experience Joining the Philadelphia Estate Planning Council
By Michaela O'Connell , UBS When I joined the Philadelphia Estate Planning Council two years ago, I had a feeling that I might be among the youngest in the room … and that both intimidated and excited me. While there are many professional networking organizations in the city to choose from, I chose the PEPC over a “young professionals” organization on purpose. Both are certainly valuable, but I set out with a networking goal to focus on high quality relationships over a lar
Michaela O'Connell
Apr 152 min read
My Experience Joining the Philadelphia Estate Planning Council
By Kourosh Ghaleh , Senior Vice President, Stout After moving to Philadelphia in August 2023, I was actively looking to meet new people and establish local connections, especially among professionals working in the Trust and Estate space. This led me to my first PEPC event in May 2024. Stepping into a room of new faces felt a little uncomfortable as a newcomer, but the friendly and welcoming nature of the members quickly reassured me. Several individuals made a point to intro
Kourosh Ghaleh
Apr 152 min read
From Liability to Strategic Asset: A Fiduciary’s Roadmap to Life Settlements
By Scott Etish , Vice President, Advanced Markets at Coventry Life insurance has long been central to estate and business planning, providing liquidity for estate tax, funding buy-sell agreements and ensuring smooth business succession, among other benefits. However, clients today face evolving challenges that could outweigh the usefulness of their policies. Fluctuating interest rates, ongoing inflation concerns, global economic uncertainty and sweeping legislative changes,
Scott Etish
Apr 155 min read
Personal Risk and Protecting Wealth Beyond Estate Planning
By Colin Williams , Mid-Atlantic Practice Leader for Personal Risk, USI Insurance Services Executive Summary Most affluent families put real time and care into their estate plan as it relates to governance, tax and legacy. But their plans usually get tested by the everyday risks that live around the family – homes insured to last year’s construction costs, cyber criminals that treat households like a small business, an injury or auto incident that suddenly extends beyond li
Colin Williams
Apr 1510 min read
![Joint Trusts [Not Your Father’s Oldsmobile]](https://static.wixstatic.com/media/11062b_2e2e1ee323444a079b92407761fc73fc~mv2.jpeg/v1/fill/w_1333,h_1000,fp_0.50_0.50,q_30,blur_30,enc_avif,quality_auto/11062b_2e2e1ee323444a079b92407761fc73fc~mv2.jpeg)
![Joint Trusts [Not Your Father’s Oldsmobile]](https://static.wixstatic.com/media/11062b_2e2e1ee323444a079b92407761fc73fc~mv2.jpeg/v1/fill/w_1168,h_876,fp_0.50_0.50,q_90,enc_avif,quality_auto/11062b_2e2e1ee323444a079b92407761fc73fc~mv2.jpeg)
Joint Trusts [Not Your Father’s Oldsmobile]
By Joel S. Luber , Senior Counsel and Chair, Reger Rizzo & Darnall I’m old enough to remember when first studying estates and trusts in law school, that the Federal estate tax exemption amount was $60,000 per person. Then, under the Tax Reform Act of 1976 (unifying estate and gift taxes), the exemption began a steady rise and hit $600,000 by 1987, where it remained the same for ten years. Thereafter, by and through statutes with acronyms like EGTRRA; ATRA; TCJA; and most r
Joel Luber
Apr 1510 min read
Living Fully, Planning Thoughtfully: Moving Beyond the Technical in End-of-Life Conversations
By Kim V. Heyman, JD, LLM, AEP , Director, Wealth Planning Group, Pathstone As estate planning professionals, we spend our time helping clients prepare for the inevitable – death. (Sometimes we have to break the news to them that it is not a question of “if” but rather of “when.”) We draft documents, structure wealth transfers and try to anticipate eventualities with technical precision. Yet, for all our expertise, we often sidestep or downplay the most human - and arguably
Kim Heyman, JD, LLM, AEP
Apr 1512 min read
Moving from a High Tax State to a Low or No Tax State: Opportunities, Challenges, and What You Need to Know
By Rick Bell , CKA® – Partner, Regional Director, Wealth Advisor at Waverly Advisors, LLC Relocation has always been about lifestyle, but for many individuals and families, it is also about strategy. Moving from a high tax state to a low or no tax state may reduce ongoing tax obligations, preserve more of a family’s wealth for future generations and support broader life goals. While the potential benefits are compelling, the decision is not simple. States differ widely in the
Rick Bell
Apr 159 min read
Spring 2026 President's Message
by Jacklynn Barras To my fellow Philadelphia Estate Planning Council members, As we move into spring after a seemingly endless winter, we welcome the opportunity to reflect, renew and continue the celebration we started at the beginning of PEPC’s 2025-2026 season. For those of us in the estate planning profession, it also marks the close of another demanding tax season and a moment to recognize the important work that we have done on behalf of our clients, their families, the
Jacklynn Barras
Apr 153 min read
What Do Women Want?
by Beverly Bernstein Joie, MS, CMC On Thursday, March 13, 2025, in honor of Women’s History month, The Women’s Event Committee presented their annual panel, this year entitled: “Helping Women Craft Financial Legacies.” The event took place at Glenmede Trust Company. The members of this diverse panel included: Jane Scaccetti of Armanino Advisory, Jillian Kukucka of Glenmede Trust, and Beverly Bernstein Joie, of Solo Wise and Complete Care Strategies. The panel presented 4 case
Beverly Bernstein Joie, MS, CMC
Oct 24, 20252 min read
Revisiting Annuities in 2025 for Financial and Estate Planning
By Victor Levy & Jacob Clatterbuck Working with annuities in both financial planning and estate planning presents opportunities and challenges. In one instance, understanding the basics of commercial annuities (annuities issued by insurance companies) can help a financial advisor guide a client toward guaranteed income for life: the focal point of most retirement planning. However, because an annuity creates a “life estate,” it also is an asset with zero value at death; ther
Victor Levy
Oct 24, 20259 min read
Fall 2025 President's Message
by Jacklynn Barras To my fellow Philadelphia Estate Planning Council members, As we embark on another exciting year together, I am honored PEPC’s 2025-26 season, and my presidency, begins in celebration. First, at our September meeting, PEPC recognized previous board member, John Hook, Esq. of Stradley Ronon, as our latest Distinguished Planner Award winner. Throughout his career, John has worked tirelessly to advance the PEPC and the broader estate planning industry. Serv
Jacklynn Barras
Oct 24, 20252 min read
Ownership of Assets and Considerations in Insurance Programs
by Rick Davis, CPCU Extensive tax and estate planning for successful business owners and families is often the result of a long process of assessment, education and implementation on the part of a number of trusted advisors. As a professional who analyzes private client and business risk management and insurance programs, I often find that the planning isn’t always adequately reflected in clients’ property & casualty programs. This lack of follow-through can put the plannin
Rick Davis, CPCU
Oct 24, 20258 min read
From the NAEPC Engagement Committee
by Tim Zeigler and Kim V. Heyman Members of the PEPC Board of Directors accept NAEPC's Council of Excellence award. As you may have heard previously, the PEPC is a member of the National Association of Estate Planners & Councils (“NAEPC”). As a member of PEPC, you are as well! NAEPC serves estate planning councils with goals of excellence in estate planning, education and collaboration. In addition to providing great networking opportunities, among your benefits as a member
Kim Heyman, JD, LLM, AEP
Oct 24, 20252 min read
Disability Insurance - Is this an E&O Risk to Financial Advisors?
by Ronald I. “Woody” Woodmansee, CLU, CEBS, MSFS Many years ago, I wrote an extensive article for PEPC with much of the detailed contractual features and language around both group and individual disability insurance (“DI”) contracts. Although that article (Fall 2003), and the details in it, are still very relevant, I think it is time to take a step back and educate fellow financial advisors (“FA”) on the need for a thorough review of disability coverage for their clients. Be
Ronald I. “Woody” Woodmansee, CLU, CEBS, MSFS
Oct 24, 202510 min read
Beneficiary Well-Being Trust – Panacea Or Panoply of Perplexities
by Joel S. Luber The Great Wealth Transfer . Over the next 10-15 years, estimates range from $84 to $90 trillion in wealth will be transferred from the Silent Generation (born from 1925 to 1945), Baby Boomers (1946 to 1964) and the older end of Generation X (1965 to 1979) to younger generations. The recipients of a large majority of this transfer of wealth will be millennials, also known as Generation Y (those born from 1981 to 1996). After that, Generation Z (1997-2012). Tha
Joel Luber
Oct 24, 202510 min read
EQ & The Art of Difficult Conversations, Part III
The purposeful prenups approach takes a stressful conversation and turns it into a way to talk about money and values.
Clémence R. Scouten
Oct 24, 20258 min read
bottom of page