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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

  • work Practice Area

    Estate Planning

Date & Time
  • event Date

    Tuesday, March 15, 2022

  • 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.

$297.00
CLE
ALL

This CLE webinar will provide estate planners with a detailed analysis of key challenges and pitfalls to avoid when drafting irrevocable trusts. The panel will discuss the legal framework and critical considerations for irrevocable trusts, the pros and cons of trust protectors, beneficiary control and distribution provisions, retaining settlor flexibility and access, redirecting trusts assets, and other vital considerations.

Faculty

Miguel Pena
Attorney
Law Office of Miguel D. Pena, Esq., LLC

Mr. Pena focuses his practice on trusts and estates, probate, wealth preservation, and planning matters involving estate, gift and generation-skipping transfer taxes. He represents a variety of clients including high-net worth individuals seeking sophisticated estate planning, as well as individuals who simply want to ensure that their estate reflects their wishes and values. In addition, Mr. Pena represents corporate fiduciaries in connection with estate and trust administration and advises out of state counsel on Delaware trust law, including directed trusts, decanting, dynasty trusts, and all aspects of the validity, construction, and administration of Delaware trusts. 

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Andrea L. Kushner
Director—Wealth Strategies Group
AllianceBernstein, LP

Ms. Kushner is a Senior Vice President and Director of the Wealth Strategies Group and is located in Bernstein’s Los Angeles office. She works with Bernstein clients and their professional advisors to develop comprehensive wealth management and wealth transfer strategies. Before joining the firm in 2015, Ms. Kushner was a shareholder at Weinstock Manion, ALC, and a partner at Karlin & Peebles LLP, advising high-net-worth clients on estate, tax and charitable planning. She is a member of the State Bar of California, by which she has been certified as a specialist in both taxation law and estate planning, trust and probate law. Ms. Kushner was named a Southern California Rising Star and a Super Lawyer by Super Lawyers Magazine. She currently serves on the executive committee (trusts and estates section) of the Beverly Hills Bar Association and is a member of both the taxation and trusts and estates sections of the Los Angeles County Bar Association. Ms. Kushner has also served on the executive committee (taxation section) of the State Bar of California and was a former chair of the taxation section of the Beverly Hills Bar Association. She holds a BA (cum laude) in political science from the University of California at Los Angeles; a JD from the University of Southern California at Los Angeles; and an LLM in taxation law from Loyola Law School of Los Angeles.

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Description

When structuring an estate plan under current tax law, decreased asset values and potential tax law changes may cause many to hesitate to part with certain assets. Trust and estates counsel use irrevocable trusts to protect assets and provide a level of flexibility to adapt to changing circumstances.

Counsel must understand income and transfer tax rules related to irrevocable trusts, which assets can go into the trust, restrictions on who can serve as trustee, prohibited trustee powers, how to make distributions, and various tax considerations. Incorporating flexibility when structuring irrevocable trusts will allow those who affected estate or gift taxes to retain a degree of control. For others, these trusts and gifting may minimize income taxes, protect assets from claims, and address other vital issues.

Our panel will explain the legal framework and key areas of focus in drafting irrevocable trusts, the difference between grantor and non-grantor status, and how to use applicable rules to a client's advantage. The panelists will also explain drafting approaches for trusts that mitigate income and transfer tax consequences related to the transfer of assets.

Listen as our authoritative panel of estate planning counsel discusses the legal framework and critical considerations for irrevocable trusts, pros and cons of trust protectors, beneficiary control and distribution provisions, retaining settlor flexibility and access, redirecting trusts assets, and other key considerations.

Outline

  1. Irrevocable trust basics
  2. Trustee rules and powers
  3. Key trust provisions and drafting considerations
  4. Beneficiaries and distribution rules
  5. Estate tax and other considerations

Benefits

The panel will discuss these and other key issues:

  • What are the applicable legal and tax rules to consider when utilizing irrevocable trusts?
  • How should counsel draft a trust compliant with current tax law while also retaining flexibility for the settlor?
  • What are the critical considerations for irrevocable trusts in light of potential tax law changes?
  • What planning mechanisms are available to retain access to trust assets?
  • What are the planning mechanisms for estate inclusion?
  • What are the pros and cons of grantor vs. non-grantor trust status and reasons to switch?
  • What transfer mechanisms are favored for gift tax purposes?