Kim Kamin, now Chief Wealth Strategist at Gresham Partners, LLC, presented “Planning for the 50%: Trust Issues in Divorce,” during “Estate Planning in Depth,” the University of Wisconsin’s ALI CLE Summer Program. This session addressed the use of trusts in the context of divorce and what a practitioner should consider in estate planning before, during and after divorce, as well as upon remarriage. Ms. Kamin is a frequent lecturer at industry conferences and seminars. She has extensive experience advising individuals, families and closely held businesses in wealth preservation, asset protection and succession planning issues. She also represents fiduciaries, beneficiaries and custodians in estate administration and contested trust and estate matters. The event took place on June 22-27, 2014, at University of Wisconsin Law School (975 Bascom Mall, Madison, WI 53706). CLE credit.
Participants in three conditions (foresight, hindsight, and a modified hindsight condition designed to ameliorate the hindsight effect) assessed whether a municipality should take, or have taken, precautions to protect a riparian property owner from flood damage. In the foresight condition, participants reviewed evidence in the context of an administrative hearing. Hindsight participants reviewed parallel materials in the context of a trial. Three quarters of the participants in foresight concluded that a flood was too unlikely to justify further precautions—a decision that a majority of the participants in hindsight found to be negligent. Participants in hindsight also gave higher estimates for the probability of the disaster occurring. The debiasing procedure failed to produce any significant differences from the regular hindsight condition. The results suggest that absent an effective debiasing technique, risk assessments made in foresight will be judged harshly in hindsight.