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
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