Drafting Distribution Provisions in Trusts Out of Stock
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About the Seminar - Computer Based Audio ONLY programs (No Video) - DOES NOT QUALIFY FOR CLE BIG TICKET
Distribution provisions are the most essential provisions of trust instruments - and risk lurks everywhere. If a trustee has unbounded discretion, he or she risks a general power of appointment, which would cause the trust's property to be taxable to the power holder. But distribution standards - especially for standard of living or emergencies - are inherently susceptible to multiple interpretations and dispute, and potentially to litigation. Ultimately, planning and drafting these provisions is an exercise in risk management and tradeoffs. This program will provide you with a real world guide to planning and drafting distribution provisions in trust instruments, including the tradeoffs and risks.
-Defining and drafting trust distribution standards
-Risks of discretionary distributions - power of appointment, taxable inclusion, litigation
-Cost/benefit of heavily detailed v. general distribution provisions
-Understanding ascertainable distribution standards - health, education, maintenance, and support
-Drafting sole and absolute discretion, emergencies, best interests, and standard of living
-Tax considerations when making distributions
-Fiduciary duty as standard overlaying all distribution decisions
About the Speaker
Daniel L. Daniels is a partner in the Greenwich, Connecticut office of Wiggin and Dana, LLP, where his practice focuses on representing business owners, corporate executives and other wealthy individuals and their families. A Fellow of the American College of Trust and Estate Counsel, he is listed in The Best Lawyers in America, and has been named by Worth magazine as one of the Top 100 Lawyers in the United States representing affluent individuals. Mr. Daniels is co-author of a monthly column in Trusts and Estates magazine. Mr. Daniels received his A.B., summa cum laude, from Dartmouth College and received his J.D., with honors, from Harvard Law School.
Mandatory MCLE Credit Hours
This seminar qualifies for 1.0 MCLE credit hour, including up to 1.0 Estate Planning & Probate Specialization credit.
This seminar is an Intermediate level program.
Note: When submitting your compliance reports to the SC Commission on CLE and Specialization, if you completed this in 2020, please use this course code: 201707ADT.
Note: When submitting your compliance reports to the SC Commission on CLE and Specialization, if you completed this in 2021, please use this course code: 213333ADT.