Practical Ways of Course Correcting Estate Plans
Often, irrevocable trusts drafted decades ago hold power over grantors and beneficiaries alike. This legal course gives estate planners the tools to create new options for clients whose trusts no longer fulfil their intended purpose or for those whose needs and circumstances have changed since the drafting. Make more room to maneuver - register today!
- Identify the circumstances that allow for trust modification.
- Determine the role of the power of appointment in modifying trusts.
- Make better use of non-judicial settlement agreements.
- Explore sample trust provisions that allow for flexibility down the line.
All times are shown in Eastern time.
11:00 - 12:30, Ashley E. Felton
- Reasons to Modify
- Tax Inefficiencies: Step-up in Basis, Income and Transfer Tax
- Qualifying a Beneficiary for Government Benefits
- Trustee and Trust Protector Changes
- Making Changes to Distributions Provisions
- Adjusting/Removing a Power of Appointment
- Adding or Removing Beneficiaries
- Changing Jurisdiction and/or Governing Law
- Drafting the Flexibility into the Irrevocable Trust (With Sample Language)
12:45 - 2:15, Leslie A. Share
- Methods of Modifying the Irrevocable Trust
- Exercise of a Power of Appointment
- Trust Protector Modification
- Disposition of Trust Property
- Non-Judicial (Trustee or Beneficiary) Modification
- Non-Judicial Settlement Agreements
- Judicial Modification
- Judicial Reformation
- Judicial or Non-Judicial Conversion
This program is designed for attorneys. Accountants, trust officers, tax professionals, and paralegals may also benefit.