Modifying Irrevocable Trusts Using Nonjudicial Settlement Agreements
Structuring NJSA Wrappers, Relocating Trust Situs, Resolving Disputes, Remedying Trust Construction Issues
Recording of a 90-minute CLE video webinar with Q&A
This CLE course will provide estate planners with a comprehensive and practical guide to structuring nonjudicial settlement agreements (NJSAs) as a tool for modifying irrevocable trusts in states that have adopted the Uniform Trust Code or have NJSA statutes. The panel will discuss what modifications these settlement agreements can and cannot implement and offer useful guidance to properly structure NJSA "wrapper" provisions that will withstand IRS scrutiny.
Outline
- Amending an irrevocable trust
- Uniform Trust Code provisions
- Determination of "interested person"
- Prohibition against modifying "material provision" of trust
- Terms that binding NJSAs may modify
- Other NJSA statutory provisions and variances from UTC model
- Using an NJSA to relocate a trust situs
- Obtaining court approval of NJSAs
- Structuring NJSA "wrapper" provisions
- Determining whether an NJSA is permissible
Benefits
The panel will review these and other high priority issues:
- Which trust provisions may NJSAs amend in states that have adopted the Uniform Trust Code?
- What other states have statutes or trust code provisions allowing for NJSAs, and how do they differ from the UTC provisions?
- How to structure an NJSA "wrapper"
- What are the tax consequences of making trust changes through an NJSA?
- What are the considerations for determining when it is desirable or necessary to have a court ratify the terms of an NJSA?
- What other methods should counsel be aware of to modify irrevocable trusts?
Faculty
Mallory A. Kallabat
Senior Attorney
Clark Hill
Ms. Kallabat provides personal legal services to individual and corporate clients in the areas of estate planning, tax... | Read More
Ms. Kallabat provides personal legal services to individual and corporate clients in the areas of estate planning, tax and business planning, as well as probate and trust administration. She works with individuals, families, and business owners in connection with wealth preservation and transfers, charitable giving, and business succession planning. Ms. Kallabat guides clients through the complexities of incapacity and estate planning. She also helps fiduciaries and beneficiaries navigate through the sometimes-overwhelming trust and estate administration processes.
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Louis A. Silverman
Attorney
Praesidium Law
Mr. Silverman has been practicing law in Arizona since 1981. In 2005, he changed the focus of his civil litigation... | Read More
Mr. Silverman has been practicing law in Arizona since 1981. In 2005, he changed the focus of his civil litigation practice to estate planning, trust and estate administration, and probate law. In 2015, Mr. Silverman became board-certified in estate and trust law by the State Bar of Arizona with the accreditation of “Certified Specialist in Estate and Trust Law.”
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