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Revocable Trust Drafting: Funding Issues, Transfers, Tax Planning, Disposition of Personal Property and Real Estate

A live 90-minute CLE/CPE video webinar with interactive Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford CPE+ Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Wednesday, December 11, 2024

1:00pm-2:30pm EST, 10:00am-11:30am PST

(Alert: Event date has changed from 11/19/2024!)

or call 1-800-926-7926
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This CLE/CPE webinar will provide estate planners a detailed analysis of key challenges and pitfalls to avoid when drafting revocable trusts. The panel will discuss the legal framework and key considerations for revocable trusts, pros and cons for grantors, funding the trust and key issues, transferring assets to the trust, dispositions of personal property and real estate, key tax planning considerations, and other issues in drafting revocable trusts.

Description

Effective use of the right type of trust can save on taxes, clarify intent, organize the transfer of assets, and simplify estate administration. Trusts and estates counsel use revocable trusts to protect assets and provide a level of flexibility to adapt to changing circumstances while also maintaining control of assets.

Revocable trusts are created when the grantor executes a trust agreement naming a trustee to administer the trust. This trust agreement will define the grantor's desires and plans for assets during the grantor's lifetime, incapacity, and at death. The grantor typically retains the right to distribute trust property, change or revoke the trust, and make discretionary distributions of income and principal. Upon the grantor's death, the property is distributed to the beneficiaries as directed by the trust agreement.

Revocable trusts can be funded at death and during the lifetime of the grantor. Funding a trust during a grantor's lifetime requires reregistering securities, real property, and other assets in the name of the trust.

Counsel must understand the legal framework and rules related to revocable trusts, requirements for transferring assets, restrictions, grantor and trustee powers, how to make distributions, and various tax considerations.

Listen as our authoritative panel of estate planning counsel discusses the legal framework and critical considerations for revocable trusts, pros and cons of their use, facilitating transfers, funding issues, dispositions of personal property and real estate, and other key considerations.

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Outline

  1. Revocable trust planning options
    1. Marital deduction planning
    2. Supplemental needs trusts
    3. Charitable planning options
    4. Other options
  2. Grantor powers and funding issues
  3. Trustee rules, powers, and duties
  4. Key trust provisions and drafting considerations
  5. Tax planning and reporting
  6. Revocable trust administration

Benefits

The panel will discuss these and other key issues:

  • What are the reasons and circumstances for utilizing revocable trusts?
  • What are the key distinctions for revocable vs. irrevocable trusts?
  • What are the applicable legal and tax rules to consider when utilizing revocable trusts?
  • What are the best revocable trust structures and their pros and cons?
  • How are revocable trusts funded and what are the challenges?
  • What are the key provisions and pitfalls to avoid?
  • How are these types of trusts implemented and administered?

Faculty

Keller, Nicholas
Nicholas W. Keller
Attorney
McCarter & English

Mr. Keller focuses on Trusts & Estates law. Prior to joining the firm, he held clerkships with the Honorable Peter...  |  Read More

Silverman, Louis
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

Attend on December 11

See NASBA details.

Cannot Attend December 11?

You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. CPE credit is not available on recordings. Strafford will process CLE credit for one person on each recording. All formats include course handouts.

To find out which recorded format will provide the best CLE option, select your state:

CLE On-Demand Video