An overview of trust laws and a review of general concepts. Common structures and review of some more advanced trust planning issues. Extensive coverage planning issues through a discussion of trust administration. The discussion covers special needs planning, asset protection, gift and estate tax planning, use of most common trusts, and portability versus A-B and A-B-C trusts.
Learning Objectives
- Identify income tax, gift tax and estate tax aspects of various types of trusts, and a primer on Purposeful Planning
- human, non-tax related issues
- Determine requirements for a valid trust, selecting trustees, trustee discretion, distribution clauses and probate avoidance
- Recall estate planning and asset protection planning uses of different trusts
- Identify advanced tax, estate, succession, retirement, special needs and asset protection planning using trusts
- Recognize common obstacles and pitfalls, such as selection of trustee and property tax reassessment, and how to plan around them
Major Topics
- Trust obstacles and pitfalls
- Revoking irrevocable trusts
- Trust protectors
- Succession planning, retirement planning and estate planning through trusts
- Basic issues related to special needs and Medi-Cal planning
- General Outline of planning with GRATs, QPRTs, IDGTs, etc.
- Planning with A-B and A-B-C (QTIP) trusts
- Asset protection through domestic and foreign trusts
