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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Estate Planning

Date & Time
  • event Date

    Wednesday, December 11, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$297.00
CLE
CPE
ALL

This CLE/CPE webinar will provide estate planners a detailed analysis of key challenges and pitfalls to avoid when drafting revocable trusts. The panel will discuss the legal framework and key considerations for revocable trusts, pros and cons for grantors, funding the trust and key issues, transferring assets to the trust, dispositions of personal property and real estate, key tax planning considerations, and other issues in drafting revocable trusts.

Faculty

Nicholas W. Keller
Attorney
McCarter & English

Mr. Keller focuses on Trusts & Estates law. Prior to joining the firm, he held clerkships with the Honorable Peter E. Doyne, Assignment Judge, Bergen County, and the Honorable John C. Kennedy, Appellate Division. Mr. Keller is an active member of the Bar Associations of the State of New Jersey and Bergen County, as well as a member of the American Bar Association and the New York State Bar Association.

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Louis A. Silverman
Attorney
Praesidium Law, PLLC

Mr. Silverman has been practicing law in Arizona since 1981. In 2005, he changed the focus of his civil litigation practice to estate planning, trust and estate administration, and probate law. In 2015, Mr. Silverman became board-certified in estate and trust law by the State Bar of Arizona with the accreditation of “Certified Specialist in Estate and Trust Law.”

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Description

Effective use of the right type of trust can save on taxes, clarify intent, organize the transfer of assets, and simplify estate administration. Trusts and estates counsel use revocable trusts to protect assets and provide a level of flexibility to adapt to changing circumstances while also maintaining control of assets.

Revocable trusts are created when the grantor executes a trust agreement naming a trustee to administer the trust. This trust agreement will define the grantor's desires and plans for assets during the grantor's lifetime, incapacity, and at death. The grantor typically retains the right to distribute trust property, change or revoke the trust, and make discretionary distributions of income and principal. Upon the grantor's death, the property is distributed to the beneficiaries as directed by the trust agreement.

Revocable trusts can be funded at death and during the lifetime of the grantor. Funding a trust during a grantor's lifetime requires reregistering securities, real property, and other assets in the name of the trust.

Counsel must understand the legal framework and rules related to revocable trusts, requirements for transferring assets, restrictions, grantor and trustee powers, how to make distributions, and various tax considerations.

Listen as our authoritative panel of estate planning counsel discusses the legal framework and critical considerations for revocable trusts, pros and cons of their use, facilitating transfers, funding issues, dispositions of personal property and real estate, and other key considerations.

Outline

  1. Revocable trust planning options
    1. Marital deduction planning
    2. Supplemental needs trusts
    3. Charitable planning options
    4. Other options
  2. Grantor powers and funding issues
  3. Trustee rules, powers, and duties
  4. Key trust provisions and drafting considerations
  5. Tax planning and reporting
  6. Revocable trust administration

Benefits

The panel will discuss these and other key issues:

  • What are the reasons and circumstances for utilizing revocable trusts?
  • What are the key distinctions for revocable vs. irrevocable trusts?
  • What are the applicable legal and tax rules to consider when utilizing revocable trusts?
  • What are the best revocable trust structures and their pros and cons?
  • How are revocable trusts funded and what are the challenges?
  • What are the key provisions and pitfalls to avoid?
  • How are these types of trusts implemented and administered?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify applicable legal and tax rules to consider when utilizing revocable trusts
  • Recognize the circumstances on when to use and tax implications for revocable trusts
  • Understand the distinctions and tax issues for revocable vs. irrevocable trusts
  • Ascertain key tax provisions for revocable trust structures and their pros and cons

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience at mid-level within the organization, drafting wills and trust documents, supervising other attorneys or estate planners. Specific knowledge and understanding of revocable trusts and various state rules governing trusts. Familiarity with the Uniform Trust Code, rules and restrictions on revocable trusts.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).