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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Beginner

  • work Practice Area

    Estate Planning

Date & Time
  • event Date

    Tuesday, August 13, 2024

  • schedule Time

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

  • timer Program Length

    60 minutes

Credit Information

  • This 60-minute webinar is eligible in most states for 1.0 CLE credits.


  • Live Online


    On Demand

$147.00

This course is $0 with these passes:

CLE
ALL
PS

This CLE webinar will provide trusts and estates counsel with guidance on utilizing trusts as part of core estate planning. The panel will discuss single and joint revocable trusts, determining when they should be used, key provisions that must be considered, asset protection, and pitfalls to avoid in drafting and utilizing these trusts in estate planning.

Faculty

Mark K. Harder
Partner (Former chair of the firm’s Private Client and Family Office Practice Group - and chair of the committee that wrote the Michigan Trust Code)
Warner Norcross + Judd

Mr. Harder has dedicated his practice to providing estate and succession planning services to high-net-worth individuals, families, family businesses and their owners, and closely held businesses. Former Chair of Warner’s Private Client and Family Office Practice Group, he focuses primarily on estate planning, business succession and trust administration.

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John M. Hemenway
Partner
Bivins and Hemenway, PA

Mr. Hemenway is a founding partner of Bivins & Hemenway, P.A.  His educational background included substantial coursework in computer programming and systems design at both the undergraduate and graduate levels. Mr. Hemenwayserves as a trusted legal advisor to business owners, real estate investors, and families seeking to preserve and pass down their wealth and values. His practice focuses on estate planning and probate, small and closely held businesses, and real estate.

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Description

Among the most critical tasks for estate counsel and planners is ensuring that trust documents are drafted so that the trust vehicle achieves the settlor's intent. Estate planners must have a thorough knowledge of the elements of a well drafted trust, knowing when to prepare a single versus joint trust, drafting techniques, and key tax and non-tax considerations when preparing trust documents as part of comprehensive estate plans.

Counsel must understand the legal framework and rules related to trusts, funding or transferring assets to the trusts, restrictions, trustee powers, distribution provisions, and administrative provisions to make the trust useful and effective.

Listen as our experienced panel provides comprehensive and practical details on various types of trusts and their pros and cons, drafting trust documents, and key considerations for minimizing income taxes on trust receipts through careful structuring of the trust.

Outline

I. Reasons for the use of trusts in estate planning

II. Types of trusts; pros and cons

III. Determining which trust is appropriate

IV. Key drafting considerations

V. Other challenges to examine

A. Trustee resignation, removal, and succession

B. Beneficiaries and distributions

C. Properly Funding the Trust

D. Income tax minimization

Benefits

The panel will review these and other key issues:

  • How trusts can be used to enhance the estate plan.
  • What factors must be considered when determining the type of trust to use?
  • Key trust provisions and related issues when drafting trusts.
  • When do trusts provide asset protection?
  • What are best practices for income tax minimization?