Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Thursday, August 22, 2019

CLE on Estate Planning for Every Phase of Life

CLEThe National Business Institute is holding a webinar entitled, Estate Planning for Every Phase of Life, on Wednesday, September 11, 2019 at 12:00 PM - 3:15 PM Central. Provided below is a description of the event.

Advise Clients of All Ages with Confidence

Clients at each stage of life pose unique estate planning challenges that even the most skilled advisor may overlook. Are you prepared to address the concerns of individuals of all ages, from young parents considering a will for the first time, to retirees planning for long-term care? This program will provide you with practical guidance on how to apply fundamental planning techniques to your client's specific circumstances. Address the estate planning concerns of individuals at all stages with certainty - register today!

    • Provide your clients with peace of mind by establishing a plan for guardianship and custody of minor children.
    • Understand what estate planning documents need to be updated after a divorce.
    • Work with your clients to create a plan for charitable giving.
    • Help your aging clients understand what their adult children need to know about their parents' estate plan.
    • Review the essential documents needed at each stage of life.

Who Should Attend

This program is designed for attorneys. Accountants and paralegals may also benefit.

Course Content

    • Retirees: Planning for Long-Term Care and Grandchildren
    • Clients of Advanced Age
    • Essential Documents Needed at Each Stage of Life
    • Estate Plan for a Young Married Couple
    • Divorced and Remarried Clients
    • Clients with Charitable intent

August 22, 2019 in Conferences & CLE, Disability Planning - Health Care, Disability Planning - Property Management, Estate Administration, Estate Planning - Generally, Trusts, Wills | Permalink | Comments (1)

Monday, August 12, 2019

CLE on FT Dementia Summit 2019

CLEFinancial Times is holding a conference entitled, FT Dementia Summit 2019, in London, England on September 18, 2019, from 8:00 AM to 5:00 PM. Provided below is a description of the event.

As the global prevalence of dementia expands and new breakthroughs are made, the market for dementia-related products and services is set to enter a new era.

The FT Dementia Summit will explore the latest advances in diagnosis and treatment while addressing the challenges facing those responsible for bringing new ideas to life. What are the treatments of tomorrow? How is the role of carers evolving? What can policymakers do to support progress?

Join us in London on 18 September 2019 for a full day of networking and knowledge-sharing with stakeholders across the dementia landscape including investors, innovators, carers and key opinion leaders.

Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.

August 12, 2019 in Conferences & CLE, Current Events, Disability Planning - Property Management, Estate Administration, Estate Planning - Generally, Science | Permalink | Comments (0)

Friday, August 9, 2019

ACTEC 2019 Annual Meeting Musings

BessemerSteve R. Akers published a summary of the ACTEC 2019 Annual Meeting. A synopsis of his musings is provided below.

Various seminars at the ACTEC 2019 Annual Meeting are summarized. Topics include: elder financial abuse, artificial intelligence, cryptocurrency, basis adjustment planning, family conflict, modification of trusts, settlor intent, directed trusts, Uniform Trust Act, Uniform Fiduciary Income and Principal Act, ethics of negotiations, and hot topics.


August 9, 2019 in Articles, Conferences & CLE, Current Affairs, Elder Law, Estate Administration, Estate Planning - Generally, Science, Technology, Trusts, Wills | Permalink | Comments (0)

CLE on Changing/Repurposing Old Trusts to Work Under the New Tax Rules

CLEThe National Business Institute is holding a webcast entitled, Changing/Repurposing Old Trusts to Work Under the New Tax Rules, on Monday, October 21, 2019 at 10:00 AM to 5:00 PM Central. Provided below is a description of the event.

Learn How and When to Modify a Trust

New tax rules are in effect, and your clients may be wondering what impact these major changes have had on their trusts. Whether to qualify for government benefits, minimize tax exposure or to take advantage of new incentives, there may be good reason to amend or restructure the trust. Do you have the knowledge and skills you need to make this happen? Our experienced faculty will walk you through the legal process of modifying a trust, offering solutions to specific trust issues in the new tax law and equipping you with the tools you'll need to respond to future changes. Register today!

  • Help your clients identify when a trust should be modified.
  • Understand who has the legal authority to make a change to the trust
  • Gain insight into the legal process involved with modifying an existing trust
  • Determine what to do with old credit shelter trusts
  • Learn how to build modification provisions into the trust and receive other helpful drafting tips.
  • Discover what has changed as a result of the new tax rules, what stayed the same, and what still works.

Who Should Attend

This course is designed for attorneys. It will also benefit financial planners, accountants and CPAs, tax preparers, trust officers, and paralegals.

Course Content

  • What Still Works
  • When Should the Irrevocable Trust be Modified?
  • Mechanisms for Making the Change
  • What to Do With Old Credit Shelter Trusts
  • Specific Solutions to New Trust Tax Problems and Opportunities
  • Qualifying Trusts for the New Pass-Through Entity Deduction
  • Drafting for Flexibility to Respond to Future Tax Law Changes
  • Legal Ethics

August 9, 2019 in Conferences & CLE, Current Affairs, Estate Administration, Estate Planning - Generally, New Legislation, Trusts | Permalink | Comments (0)

Monday, August 5, 2019

CLE on Ethics, Duties, and Responsibilities for Fiduaciaries and Attorneys Who Advise Them

CLEThe American Law insitute is holding a webcast entitled, Ethics, Duties, and Responsibilities for Fiduaciaries and Attorneys Who Advise Them, on Thursday, August 22, 2019 at 12:00 pm to 1:30 pm Eastern. Provided below is a description of the event.

Why You Should Attend
Well-intentioned individuals often accept appointments as fiduciaries (whether as personal representative, trustee, or attorney-in-fact) without being fully versed in their fiduciary duties and their potential liability if anything goes awry. And with the recent trend to sue anyone and everyone, lawyers need to guard equally against their own potential liability for a fiduciary client’s acts. Along with claims for malpractice, courts are coming around to considering a legal practitioner liable for his or her role in the client’s breach of fiduciary duty.

Join us for this practical ethics webcast and learn steps you can take to minimize and avoid ethical and malpractice pitfalls for yourself and your clients who serve as fiduciaries.

What You Will Learn
Learn best practices to advise your clients on their fiduciary duties and explore:

  • When can a fiduciary be held civilly liable?
  • For what can a fiduciary be held criminally liable?
  • How have courts construed attorneys’ liability for acts of their fiduciary clients?
  • When have courts awarded attorneys’ fees from the estate to plaintiffs’ attorneys?

Also featuring state information and valuable sample forms, this highly rated session was originally presented at the American Law Institute CLE course, Estate Planning in Depth, in Chicago on June 18, 2019. Register now and get a front row seat at the rebroadcast!

Questions submitted during the program will be answered by email within two business days. In addition, all registrants receive a set of downloadable course materials to accompany the program.

Who Should Attend
This webcast will benefit estate planning and elder law attorneys who advise clients in wills, trusts, powers of attorney, and other fiduciary matters.

August 5, 2019 in Conferences & CLE, Current Affairs, Estate Administration, Estate Planning - Generally, Trusts | Permalink | Comments (0)

Thursday, August 1, 2019

CLE on 54th Annual Heckerling Institute on Estate Planning

CLEThe Heckerling Institute is holding a conference entitled, 54th Annual Heckerling Institute on Estate Planning, on January 13th - January 20th, 2020 at the Orlando World Center Marriott in Orlando, Florida. Provided below is a description of the event.

The nation's largest gathering of estate planning professionals offers practical guidance on today's most important tax and non-tax planning issues, as well as key insights on emerging developments and innovative planning strategies for the future. In addition to comprehensive coverage of recent developments, the 2020 Institute will include the following specialized program tracks:
Focus Series: Insights on emerging tax and non-tax issues including planning for migratory clients and the impact of the Supreme Court’s decision in Kaestner, representing global families, international and domestic asset protection, Qualified Opportunity Zones, and planning for digital assets.

Planning with Trusts: Advanced planning techniques for grantor and non-grantor trusts, building flexibility into long-term trusts, the trustee’s duty to disclose, planning for the payment of the GST tax, and an inside view from a panel of corporate fiduciaries.
International Planning: Planning for foreign and domestic clients, including the continuing impact of the 2017 Tax Act, representing global families, and a comparative analysis of foreign and domestic asset protection trust laws.

NEW! Business and Financial Assets: Explores Qualified Opportunity Zones, planning for family entities after Powell, planning for retirement benefits, Code Section 199A, and planning with Subchapter S corporations.

Elder Law: Practical guidance on special needs trusts including planning, drafting, and counseling the beneficiary or trustee, balancing vulnerability and autonomy for seniors, and the implications of divorce and the elderly.

NEW! Litigation and Conflict Resolution: Covers recent fiduciary cases, family governance issues, the disposition of tangible assets, and navigating trustee liability.

Charitable Giving: Insights on alternatives for obsolete private foundations, charitable giving with retirement benefits, and planning for charitable lead and remainder trusts.

Ethics: Covers new issues in planning for today’s families, hot topics in protecting privilege and avoiding unforeseen ethics issues, and ethical considerations with special needs trusts.

Fundamentals: An in-depth review of the grantor trust rules, planning with life insurance, and securities law issues for estate planners.

August 1, 2019 in Conferences & CLE, Current Affairs, Current Events, Elder Law, Estate Administration, Estate Planning - Generally, New Cases, New Legislation, Trusts, Wills | Permalink | Comments (0)

Tuesday, July 30, 2019

CLE on Trusts Asset Protection: New Critical Case Law You Need to Know

CLEThe National Business Institute is holding a teleconference entitled, Trusts Asset Protection: New Critical Case Law You Need to Know, on Monday, August 5, 2019, from 10:00 AM to 11:30 AM Central. Provided below is a description of the event.

Program Description
Learn How Changes Will Affect Trust Drafting and Administration Approaches

By now, domestic asset protection trusts are a mainstay of wealth planning, but the court challenges against them continue. The latest, Toni 1 Trust v. Wacker has further defined the potential risks of this planning technique and its strengths and benefits. Learn what this case, tax reform, and other recent changes mean to your drafting and administration practices. Safeguard your trusts against new case law and regulatory changes - register today!

  • Analyze the implications of the latest case law and TCJA changes on DAPTs.
  • Use trust amendments to shore up creditor protection of existing trusts.
  • Learn what's used to determine whether a trust is a "sham."
  • Hear what trust protectors can do to strengthen the trust.

Who Should Attend

This legal update is designed for attorneys. It will also benefit accountants, tax professionals, estate planners, trust professionals, and paralegals.

Course Content

  • Achieving and Proving DAPT Situs: Lessons from Toni 1 Trust v. Wacker
  • Assets Used to Fund the Trust: Key Questions and Answers
  • Trust Modifications and Creditor Protection: The Good, the Bad, and the Ugly
  • When is a Trust Considered a "Sham"?
  • Is an International Asset Protection Trust a Prudent Option?
  • Use of Trust Protectors
  • Other Changes You Need to Know

July 30, 2019 in Conferences & CLE, Estate Administration, Estate Planning - Generally, New Cases, Trusts, Wills | Permalink | Comments (0)

Thursday, July 25, 2019

CLE on Drafting a Living Trust: From Start to Finish

CLEThe National Business Institute is holding a video webcast entitled, Drafting a Living Trust: From Start to Finish, on Monday, July 29th, 2019, from 10:00 a.m. to 5:00 p.m. Central. Provided below is a description of the event.

Program Description
Practical Walkthrough of Trust Selection, Drafting, Funding and Taxation

Living trusts are one of the fundamental building blocks of estate planning. This legal course will take you through every step of the way in choosing, drafting and incorporating the trust into your client's estate plan. Register today!

  • Get an update on the latest laws governing trusts and estates.
  • Simplify drafting with sample key trust provisions.
  • Make certain the trusts you draft are tax-efficient.
  • Anticipate and prevent trust disputes.

Who Should Attend

This legal course is designed for attorneys. It will also benefit accountants, trust officers, and paralegals.

Course Content

  • Estate Transfer Laws: What You Need to Know Before Drafting Begins
  • Revocable or Irrevocable Living Trust: Helping Clients Choose the Right Option
  • How to Draft Revocable and Irrevocable Trusts - With Sample Documents
  • Funding the Trust
  • Coordinating the Trust With the Rest of the Estate Plan
  • Taxation Essentials for Revocable and Irrevocable Living Trusts
  • Living Trust Dispute Basics: Proactively Preparing on the Front End
  • Ethical Considerations

July 25, 2019 in Conferences & CLE, Estate Administration, Estate Planning - Generally, Professional Responsibility, Trusts | Permalink | Comments (0)

Friday, July 19, 2019

Notre Dame Tax and Estate Planning Institute

Notre_DameHere is the description of the program provided by Notre Dame:

The 45th Annual Notre Dame Tax & Estate Planning Institute will be held September 26th & 27th, 2019, at Century Center, downtown South Bend, Indiana, with a bonus session on Wednesday, September 25th from 3:30 p.m. – 5:30 p.m., entitled, “How § 7872 and the OID Timing Rules Impact Intra-Family Notes and Their Valuation for Transfer Tax Purposes ", with Michael Strauss. 

The Institute continues to present practical topics relevant for all families, even those not exposed to the estate tax, as well as topics focusing on saving estate taxes.  With simultaneous sessions, we scheduled estate planning topics opposite practical topics to provide attendees with the opportunity to attend the sessions of interest to them and their clients.  And, the Institute will continue to offer topics not found in estate tax-focused estate planning programs.
With the recent Tax Court decisions expanding the reach of Section 2036 and 2038 to include in a decedent’s gross estate interests in family limited partnership owned in an irrevocable trust, the sessions will review these expansive court decisions, will discuss the how to draft or amend FLP agreements to avoid these IRS challenges and describe the best practices while still giving a decedent some control.
With the larger exemptions, practitioners are concerned with what to do with irrevocable structures no longer needed for tax saving or other reasons.  And, how should one deal with a trust no longer able to meet its financial obligations under a deferred payment arrangement because the trust’s assets have declined in value or because the annual payments increase each year by a stated percentage?  With grantor trusts, the grantor must pay the income taxes on the grantor trust’s taxable income.  Frequently, the grantor desires to toggle off grantor trust treatment, but the trustee, owing a fiduciary duty to the beneficiaries, may refuse to allow the trust to convert to a non-grantor trust.  What can be done to toggle off grantor trust treatment?  Frequently, another person has guaranteed the trust’s obligations.  When the trust is insolvent, swat is the responsibility of the trustee regarding the guarantor? These situations will be covered in the topic “Defrosting the Freeze.”  The “Fixing the QPRT” topic will deal with situations not considered when the QPRT was drafted, such as the impact of a divorce, using the up to $500,000 exclusion of gain when a principal residence is sold and obtaining a basis step-up at death.
With the proliferation of complex life insurance products, the family advisor may not be able to fully evaluate the life insurance product and the accompanying illustrations. The first speaker will discuss how to evaluate the different products and the accompanying illustrations.  Immediately following, a panel will discuss how the lawyer, the financial advisor and the trust company can work with the life insurance industry to assist in the evaluation process.  There frequently arises situations where life insurance was in integral part of the planning technique where the structure is no longer needed while there is a desire to keep the life insurance policy in place, such as when the ILIT is no longer needed.  The more difficult situation occurs when there is a buy-sell agreement in place that is no longer needed, and the life insurance policy is owned either by the company or by owners of the company who are not the insured.  Our speaker will discuss the obstacles that need to be addressed and how to solve these problems with little or no income tax exposure and not cause any financial problems.

With the estate planning profession’s renewed interest in income tax planning, one topic will address how powers of appointment can be used to obtain an income tax-free step-up in basis at death with no estate tax exposure.  Given recent attempts to exact a state income tax on the income of trusts created by a resident of the state where the trust is located in another state with no state income taxes, and the pending Supreme Court decision in North Carolina v. Kaestner, our speakers will describe the techniques designed to either eliminate state income taxes or how to at least defer the taxation of trust income by the states and evaluate their effectiveness. 

July 19, 2019 in Conferences & CLE | Permalink | Comments (0)

Friday, June 21, 2019

Call For Papers -- Trusts & Estates Section 2020 AALS Annual Meeting -- Estate Planning in the Modern Age: How Technology and Societal Trends Change the Landscape

AALSThe Section on Trusts and Estates is pleased to announce a Call for Papers: “Estate Planning in the Modern Age: How Technology and Societal Trends Change the Landscape” 

Selected papers will be presented at the Trusts & Estates Program Session at the 2020 AALS Annual Meeting in Washington, D.C. from January 2-5, 2020. The Trusts & Estates Program Session is tentatively scheduled for Saturday, January 4 at 8:30-10:15 a.m.

Program Description: The law of trusts and estates is centuries old. But how should the law evolve to address modern technology and modern societal changes? This panel will evaluate the theories, policies and justifications supporting our current system of freedom of disposition and whether modern technological and societal changes warrant reevaluation and changes to this system. Potential topics include discussion of electronic wills, the impact of the Fiduciary Access to Digital Assets Act, the role of modern reproductive technology in estate planning, the impact of increasing blended families and new definitions of families, and the role of medical advancements for an aging population and the accompanying challenges in estate planning.

Eligibility: Full-time faculty of AALS member schools or non-member fee-paid schools as of the submission deadline are eligible to submit papers. For co-authored papers, both authors must satisfy the eligibility criteria.

Submissions, due dates and method: Submissions should be of abstracts between 250 and 1,000 words, inclusive of any footnotes. Scholarship may be at any stage of the publication process from work-in-progress to completed article, but if already published, scholarship may not be published any earlier than 2018. We welcome legal scholarship across a wide variety of methodological approaches, including empirical, doctrinal, socio-legal, critical, comparative, economic, and other approaches. Each potential speaker may submit only one abstract for consideration.

There are two submission due dates. The Section seeks detailed abstracts in late summer, with final papers due in late fall.

  • The due date for detailed abstracts is August 30, 2019.
  • The due date for final papers is November 15, 2019.

Abstracts and papers should be submitted electronically in Microsoft Word format to: Terri Lynn Helge at thelge@law.tamu.edu. The subject line should read “AALS Trusts & Estates Section CFP Submission.” By submitting an abstract for consideration, you agree to attend the 2020 AALS Annual Meeting Trusts & Estates Program Session should your paper be selected for presentation.

Submission review, selection, conference attendance: Abstracts and papers will be reviewed by members of the Section’s Executive Committee. Selected presenters will be announced by September 30, 2019. The Call for Paper presenters will be responsible for paying their own AALS registration fee, hotel, and travel expenses.

Inquiries or questions: Any inquiries about the Call for Papers should be directed to Professor Terri Lynn Helge at thelge@law.tamu.edu, or (817) 212-3942 (w).

June 21, 2019 in Conferences & CLE | Permalink | Comments (0)