Learn how to properly and effectively draft different types of trusts for an estate plan.
In this program, the speaker will introduce the topic of using trusts in estate planning by first discussing various types of trusts, why trusts are typically used, and the parties and documentation involved in creating a trust. We will then cover how trusts are drafted and common provisions that most trust documents contain. Finally, we’ll look at a number of specific provisions that can be included in trusts to add flexibility and carry out a client’s intent. After attending this presentation, attendees should have a better understanding of the various types of trusts and how they are commonly used as part of an estate plan. Additionally, attendees will learn what provisions are important to include in the trust document and be introduced in the trust document and be introduced to how trusts operate.
Learning Objectives
- You will be able to define various types of trusts.
- You will be able to describe the parties involved in creating and administering a trust.
- You will be able to discuss why trusts are often used as part of an estate plan.
- You will be able to explain various trust provisions, their purposes, and how they operate.
Agenda
Trust Basics
- What Is a Trust? Is a Trust a Person?
- Parties Involved - Grantor, Trustees, Beneficiaries
- Trust Agreement
Why Use a Trust?
- Privacy Concerns
- Avoiding Probate
- Estate Tax Planning
- Creditor Protection
- Spendthrift Beneficiaries
- Minor Children
- Special Needs Planning
Types of Trusts
- Testamentary Trusts (Through a Will)
- Revocable Trusts
- Irrevocable Trusts
- The Acronyms of Trusts
Drafting Trusts
- Standard Forms
- Automated Drafting Systems
Common Trust Provisions
- When Trust Property Can Be Distributed
- When the Trust Terminates
- Beneficiary Changes in the Future (Such as If the Original Beneficiary Dies)
- Powers of Appointment
- Grantor Trust Powers
- Trustee Powers and Authority
- Investment Advisors
- Trust Protectors
Speakers
Philip J. Tortorich,
Actuate Law LLC- Head of Actuate Law LLC’s private client services practice
- Advises wealthy individuals and closely held companies on income tax matters as well as estate and gift tax planning
- Has worked in the captive insurance space for more than a decade and is one of only a few attorneys who handle both the income tax and estate and gift tax aspects of captive insurance programs for closely held middle market businesses
- Much of his work involves consulting with clients on the tax efficient structuring of corporate entities including C corporations, S corporations, limited liability companies, limited partnerships and hybrid-type entities
- Assists clients in designing onshore and offshore trusts that minimize their exposure to gift taxation and in structuring family investment companies that fit their specific circumstances and trust and estate plans
- Addresses the need for and structure of insurance products to complement a family’s overall estate plan, assists in properly structuring insurance products to help minimize income taxation on a current basis
- J.D. degree, Loyola University Chicago School of Law; B.A. degree, Loyola University Chicago
- Can be contacted at 312-579-3129 or philip.tortorich@actuatelaw.com
Who Should Attend
This live webinar is designed for attorneys, estate planners, accountants, presidents, vice presidents, CFOs, controllers, business owners and managers, tax managers, financial planners, enrolled agents, and lenders.
