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Fundamental Principals of Trust Administration and Role of the Trustee - Webinar

  • ID: 3989373
  • Webinar
  • 90 Minutes
  • Lorman Business Center, Inc.
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Dont leave your client out to dry gain a thorough understanding of designing trusts and executing trust administration best practices.

Many estate plans fail to include the most useful tool in the industry a trust. Trusts can be very useful to accomplish a clients purposes and in many cases may accomplish what a basic will may not. However, clients fail to use trusts as part of their basic estate planning because of the perceived complexities behind the formation and administration of trusts.

This topic will help advisors understand the basic principles behind the law of trusts and provide a platform that can be used to concisely explain, discuss and market the use of trusts as a complimentary tool to a clients estate planning portfolio. This material will walk you through the rules governing the formation and implementation of trusts, and will discuss the basic principles of the uniform trust code, which has been adopted by most states.

As an added tool, this topic will highlight how disputes can be avoided in the future when the client has adequately and carefully thought through and appreciated the role of the trust beneficiary and the duties and obligations of a trustee. Finally, the topic will provide a very brief discussion on the general rules governing the income taxation of trusts and how it impacts the income taxation of trust beneficiaries. This information will be helpful to new and seasoned advisors who wish to properly incorporate the use of basic trust structures in a clients estate planning portfolio and will highlight pertinent issues to assist advisors in the efficient management and administration of well established trusts.

Learning Objectives
  • You will be able to describe the rules governing the formation, termination and administration of different types of trusts.
  • You will be able to identify the appropriate uses and characteristics of a trust.
  • You will be able to discuss the rights of trust beneficiaries and the general obligations of trustees to trust beneficiaries.
  • You will be able to explain the general duties, powers and liabilities of trustees.
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Identify Key Players
  • Grantor/Settlor/Trustor
  • Trustee, Beneficiary
  • Trust Protector/Directed Trustee
Identify the Trust Type, Beneficiaries, and Jurisdiction
  • Lifetime Trusts, Testamentary Trusts
  • Beneficiaries
  • Jurisdiction
  • Important for
Trust Modification
  • Revocable, Irrevocable
  • Jurisdiction - Choice of Law
The Trustee
  • Fiduciary Duties
  • Powers
  • Succession
  • Commissions
Trust Assets
  • Real Property
  • Funds Held in Financial Institutions
  • Tangible Property
  • Now - Digital Assets - Be Wary
Beneficiaries
  • Revocable, Irrevocable
  • Minors
  • Class
Trust Termination and Probate Court
  • Early Termination, Final Termination
  • Lifetime Trusts vs. Testamentary Trust Termination
  • Minors
  • Class
  • Probate Court Involved at Death (See Jurisdiction) or Modification of Irrevocable Trust (See Jurisdiction)
Applicable Tax Rules
  • Income Taxation of Trusts and Beneficiaries
  • Gift
  • Estate
  • Generation Skipping Transfer
  • Income
  • Charitable Deduction
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Jennifer V. Abelaj, Esq., CPA - Katsky Korins LLP, Anta Cissé-Green, Esq., L.L.M., T.E.P. - Akin Gump Strauss Hauer & Feld
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This webinar is designed for attorneys, estate planners, accountants, presidents, vice presidents, tax managers, financial planners, trust administrators and lenders.
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