Selecting Trustees And Structuring Trustee Powers: Guidance For Estate Planners On Tax And Non-Tax Consequences
|Date / Time:
This CLE/CPE webinar will explain key tax and non-tax issues estate planning counsel must consider in advising clients on trustee selection. The panel will review the trustee’s legal and fiduciary duties, explore the optimal qualities a trustee should possess, and discuss the estate, gift and income tax implications of structuring trust powers and choosing a grantor, beneficiary or other individual or entity to serve as trustee.
Trusts are among the most effective and flexible estate planning tools available. Although many grantors may instinctively want to choose a family member, business associate or friend to serve as trustee, those individuals are frequently not the best choice to manage and administer a trust’s assets. Trusts can be quite complicated, requiring trustees to possess sound judgment, financial sophistication and business acumen, not to mention the discretion and diplomacy to deal with family members and other beneficiaries.
Counsel should also be aware of the tax consequences that can result from selecting a trustee and structuring trustee powers. Trustee selection and powers can have gift, estate and income tax implications, especially if the grantor or a beneficiary is among the trustees. Careful planning can avoid the unintended tax issues that can arise under IRC Sections 2036, 2038 and 2041 relating to transfers of property and powers of appointment.
Listen as our experienced panel of estate planning attorneys outlines key considerations involved in selecting trustees and structuring trustee powers. The panel will review the trustee’s legal and fiduciary duties, explore the optimal qualities a trustee should possess, and discuss the estate, gift and income tax implications of structuring trust powers and choosing a grantor, beneficiary or other individual or entity to serve as trustee.
- Trustee selection
- Non-tax considerations
- Tax considerations
- Trustee powers
- Trustee removal and succession
The panel will review these and other key issues:
- What tax consequences can result from naming a beneficiary as trustee?
- What limits on powers will allow a grantor to serve as trustee without causing adverse estate tax consequences?
- What are the benefits and drawbacks of corporate trustees?
- What effect does trust sites have on trustee selection?
After completing this course, you will understand how to select a trustee and structure the trustee’s powers to minimize gift, estate and income tax liabilities. You will understand the tax implications of selecting trust grantors or beneficiaries as trustees and know the best practices for choosing trustees and structuring powers that avoid the unintended tax issues that can arise under IRC Sections 2036, 2038 and 2041 relating to transfers of property and powers of appointment.
Continuing Education Credits Available
This program has been approved for 2.0 CPE hours through Strafford Publications. CPE Credit is available only for the LIVE webcast. Recorded versions do not qualify for credit.
Strafford is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.
To obtain CPE credit, attendees must participate in the live event, return an Official Record of Attendance to Strafford affirming their participation (including the CPE code announced during the program), and pay a processing fee of $35 per person.
Strafford will mail a certificate of credit within approximately 2 weeks of receiving an attendee's completed Official Record of Attendance—provided all required conditions have been satisfied.
Handout materials and the phone number for live presentations are made available to you 1 day prior to the event via email from the presenter. Copies of the presentations are included with recorded versions.
If you order a recorded version of the webinar, CD's will be mailed out approximately 10 days after the live event. Shipping is included in the price of recorded versions.
Sasha A. Klein, JD, LLM, Senior Vice President, Director of Trusts & Wealth Services
Sabadell Bank & Trust, Palm Beach, Fla.
Ms. Klein is an estate and trust attorney and tax attorney focusing on fiduciary risk management and trust management for high net worth individuals and families, in her position as senior vice president and director of trusts and wealth services for Sabadell Bank and Trust. She oversees the bank’s estate planning and fiduciary services group for Southeast Florida. She is a national lecturer and frequent published author on taxation, estate planning, trust law, digital assets and wealth management.
Mark R. Parthemer, Managing Director and Senior Fiduciary Counsel, Southeast Region
Bessmer Trust, Palm Beach, Fla.
Mr. Parthemer oversees Bessemer Trust’s legacy, estate planning and fiduciary services from the Miami through Washington, DC offices. He leads the firm's Advanced Implication Modeling Team and a planning think tank group. Mr. Parthemer has served on the faculty for the University of Miami’s Heckerling Institute, as an adjunct professor at the Widener University School of Law, and as a guest lecturer at the University of Miami School of Law’s LLM program. He is a frequent national lecturer and published author on taxation, estate planning, trust law and wealth management.
Jordan D. Veurink, Atty
Lindquist & Vennum, Sioux Falls, S.D.
Mr. Veurink focuses his practice on all aspects of estate planning, including developing estate plans that minimize estate tax liability, drafting business succession agreements to implement such plans, drafting agreements as part of the formation, management, and ownership succession of limited liability companies, partnerships and corporations, and counseling clients regarding the administration and tax aspects of such entities. He also drafts South Dakota-sitused trusts, including asset protection trusts, intentionally defective grantor trusts, and beneficiary defective trusts, and amending, reforming, and decanting existing trusts.
Cannot Attend The Live Presentation?
This presentation is also available in a recorded format, in On-Demand Or CD versions, as shown in the pricing options below.
|About Webcasts / Audio Conferences / Podcasts:|
Webcasts, audio conferences, and podcasts are presentations that you
attend via the Internet, phone, or mobile device at a specified date and time for "live" versions, or at your convenience for "recorded" and "On-Demand" versions.
versions are interactive, meaning that participants can ask questions in real time, plus are a very cost-effective form of training because 1) you receive fast, convenient learning without
any out-of-office time; 2) you can invite as many colleagues as you'd like to listen in on a single phone line; 3) you incur no travel expenses; and 4) you and your colleagues are back
at work immediately after the session ends!
And though with recorded versions you do lose the ability to ask questions, you gain the ability to hear the presentation numerous
times and to share it with others in your office.
Handout materials and the phone number for live presentations are made available to you prior to the event via email from the
presenter and from the "MyAccount" link on the menu bar. Copies of the presentations are included with recorded versions.
|Licenses / Designations / Educational Credits:||CPE|
All US States: 2
All US States: 1.5
|About The Provider:
||Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417 or by visiting their website.
Strafford webinars and teleconferences offer an excellent opportunity to train your entire staff—with no lost travel time or expenses. They are extremely cost-effective—allowing an unlimited number of people at your location to listen from a single line at no additional charge.
Each live seminar features presentations by a panel of nationally recognized authorities, followed by an interactive Q&A session. Presentation materials can be viewed online or printed out. Audio can be accessed via the web or a telephone.
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