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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

    Tuesday, September 24, 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.

$297.00
CLE
CPE
ALL

This CLE/CPE course will provide estate planning counsel and advisers with a practical guide to structuring trust protectors and directing party provisions into a trust or estate plan. The panel will discuss the specific duties to assign to trust protectors and potential risks to both the trustor and the protector and detail jurisdictional challenges in determining when to use a trust protector.

Faculty

Diedre Wachbrit Braverman
Attorney
Braverman Law Group, LLC

Ms. Braverman practices in the areas of estate planning, special needs planning, asset protection, elder law and business planning.

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Imelda Monaghan
Founding Partner
Wilchins Cosentino & Novins, LLP

Ms. Monaghan concentrates her practice in the areas of trust and estate planning, including estate administration, trust administration and taxation. She works closely with clients to implement a comprehensive estate plan that meets the family’s goals. Ms. Monaghan is knowledgeable about all aspects of estate tax, gift tax and generation-skipping transfer tax planning. She advises fiduciaries about probate, estate taxes, trust funding and administration. Ms. Monaghan also works with business owners in forming entities and business succession planning. She teaches the Estate Planning class at Boston University Law School Graduate Tax Program and is an active member of the Boston Estate Planning Council.

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Description

Estate planners and trust counsel are increasingly using trust protector provisions in trust documents to preserve the intent of the maker of the trust and resolve disputes between trustees and/or beneficiaries. Trust protector provisions are especially useful in trusts with longer terms.

However, there are variances among states as to the treatment of trust protectors. Estate planning counsel must be aware of tax and fiduciary risks in drafting the provisions to avoid costly consequences.

Trust protectors must oversee the operation of the trust and the actions of the trustees. In some jurisdictions, trust protectors can modify trusts, make elective distributions, change the trust's situs, and replace the trustee. While no state law defines a trust protector's powers, there are restrictions and consequences if the powers are not properly structured.

Estate planning counsel must use caution in drafting trust agreements, identifying the trust protector's powers, and designating the extent to which a trust protector serves as a fiduciary.

Listen as our panel of trust and estate planning attorneys provides thorough guidance for structuring trust protectors or directing party provisions in estate plans.

Outline

  1. Trust protector powers related to oversight of a trustee
  2. Powers that may be granted to trust protectors related to operation or modification of trust terms
  3. Determining whether a trust protector is a fiduciary
  4. Trust protector powers that may cause gift or income tax inclusion or loss of GST exemption
  5. Drafting effective trust protector provisions to avoid disputes

Benefits

The panel will review these and other relevant topics:

  • Uniform Trust Code's position that a trust protector is a fiduciary unless the trust document specifies differently
  • The Uniform Directed Trust Act's position that a trust protector is subject to the same fiduciary duty as a trustee in the same position
  • What trust protector duties or actions can result in gift or income tax consequences?
  • What are the risks of using trust protectors for either the trust or the beneficiaries?
  • What powers may a trust document grant a trust protector, both in terms of overseeing the trustee's actions and modifying the terms of the trust?
  • Best practices and key trust provisions to avoid unintended consequences

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Understand key provisions of the Uniform Trust Code and Uniform Directed Trust Act impacting tax planning
  • Recognize trust protector duties or actions that can result in gift or income tax consequences
  • Understand the tax risks of using trust protectors for either the trust or the beneficiaries

  • 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 firm experience preparing complex tax forms and schedules. Supervising other preparers/accountants. Specific knowledge and understanding of trusts, trust agreement provisions and calculating required payments to income recipients.

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.