Structuring Trust Protector Provisions: Protectors' Powers and Duties, Trustee Oversight, Tax and Fiduciary Risks
Avoiding Unintentional Fiduciary Classification, Key Trust Provisions to Limit Disputes, Navigating State Differences
Recording of a 90-minute CLE/CPE video webinar with Q&A
This CLE/CPE course will provide estate planning counsel and advisers with a practical guide to structuring trust protectors and directing party provisions into a trust or estate plan. The panel will discuss the specific duties to assign to trust protectors and potential risks to both the trustor and the protector and detail jurisdictional challenges in determining when to use a trust protector.
Outline
- Trust protector powers related to oversight of a trustee
- Powers that may be granted to trust protectors related to operation or modification of trust terms
- Determining whether a trust protector is a fiduciary
- Trust protector powers that may cause gift or income tax inclusion or loss of GST exemption
- Drafting effective trust protector provisions to avoid disputes
Benefits
The panel will review these and other relevant topics:
- Uniform Trust Code's position that a trust protector is a fiduciary unless the trust document specifies differently
- The Uniform Directed Trust Act's position that a trust protector is subject to the same fiduciary duty as a trustee in the same position
- What trust protector duties or actions can result in gift or income tax consequences?
- What are the risks of using trust protectors for either the trust or the beneficiaries?
- What powers may a trust document grant a trust protector, both in terms of overseeing the trustee's actions and modifying the terms of the trust?
- Best practices and key trust provisions to avoid unintended consequences
Faculty
Diedre Wachbrit Braverman
Attorney
Braverman Law Group
Ms. Braverman practices in the areas of estate planning, special needs planning, asset protection, elder law and... | Read More
Ms. Braverman practices in the areas of estate planning, special needs planning, asset protection, elder law and business planning.
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Imelda Monaghan, Esq. LLM
Founding Partner
Wilchins Cosentino & Novins
Ms. Monaghan concentrates her practice in the areas of trust and estate planning, including estate administration,... | Read More
Ms. Monaghan concentrates her practice in the areas of trust and estate planning, including estate administration, trust administration and taxation. She works closely with clients to implement a comprehensive estate plan that meets the family’s goals. Ms. Monaghan is knowledgeable about all aspects of estate tax, gift tax and generation-skipping transfer tax planning. She advises fiduciaries about probate, estate taxes, trust funding and administration. Ms. Monaghan also works with business owners in forming entities and business succession planning. She teaches the Estate Planning class at Boston University Law School Graduate Tax Program and is an active member of the Boston Estate Planning Council.
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