Learn the fundamentals of trusts in estate planning alongside the different purposes for each trust specifically.
Review the use of trusts in estate planning. Trusts may be used for a variety of different purposes, from the simple, such as creating a trust to provide for minor children in the event of a parents death, to the complex, an example of which might be creating trusts to take advantage of certain tax exemptions or deductions. Trusts are also useful for asset protection, special needs planning, and keeping family assets in the family line. Gain information on several different types of trusts and the essential requirements of a trust, including thoughts on selecting trustees. Review the differences between testamentary and inter vivos trusts, revocable and irrevocable trusts, and trusts that are for the benefit of others versus those that are selfsettled. Since trusts can be used for tax planning purposes, this information will address various tax planning strategies as well. Learn ways to use trusts for income tax planning, estate and gift tax planning, and generationskipping transfer tax planning. Gain best tips for trust drafting with an eye toward flexibility, given that tax laws are likely to change over time.
Overview of Trusts in Estate Planning
ï Trust Purposes/Intent
ï Identity of Grantor and Beneficiaries
ï Selecting Trustees
General Types of Trusts
ï Testamentary or Inter Vivos
ï Revocable or Irrevocable
ï Self-Settled or for the Benefit of Others
Drafting Trust Provisions
ï When Can the Beneficiaries Receive Distributions From the Trust?
ï What Safeguards Can Be Added to Provide Support for the Beneficiary If Circumstances Change?
ï Adding Flexibility in Various Ways ñ Even in an Irrevocable Trust
Income Tax Consequences
ï Grantor Trusts
ï Income Tax Paid by the Trust, the Grantor, or the Beneficiary
Advanced Planning Ideas
ï State and Local Tax Benefits of Certain Trusts
ï Self-Settled Asset Protection Trusts
ï Estate Tax Planning
ï Medicaid and Special Needs Planning
Jonathan G. Blattmachr with InterActive Legal, Teresa L. Bush, Esq. with InterActive Legal
CFP (Pending) ,CLE (Please check the Detailed Credit Information page for states that have already been approved) ,CPE ,Enrolled Agents ,Additional credit may be available upon request.