Discretionary Trusts: Risks, Opportunities & Best Uses Out of Stock
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About the Seminar - Computer Based Audio ONLY programs (No Video) - DOES NOT QUALIFY FOR CLE BIG TICKET
Discretionary trusts are flexible instruments that allow trustees to use the trust's assets and income to satisfy the objectives of the trust's settlor over long periods of time and widely shifting circumstances. They take a wait and see approach, not fixing rules that may not be suitable to later developments. Beneficiaries are not entitled to fixed distributions. The problem, of course, is that beneficiaries, who often feel entitled to the trust's assets, are dependent on trustees for distributions - and this tension very frequently gives rise to disputes. Also, if the trustee has too much discretion to make or withhold distributions, the trust's assets risk substantially adverse treatment. The challenge is balancing flexibility against the risk of dispute by incorporating objectively ascertainable distribution standards. This program will provide you a guide to structuring and drafting successful discretionary trusts.
-Circumstances in which discretionary trusts are best used/ill-advised
-Understanding the risks of unbounded discretion - tax and non-tax
-Defining the line at which discretion becomes unascertainable and risks power of appointment
-Techniques, including incorporation of HEMS standards, for cabining discretion
-Counseling clients about the risks of excessive discretion and yet be responsive to their concerns
About the Speakers
Missia H. Vaselaney is a partner in the Cleveland office of Taft, Stettinius & Hollister, LLP, where her practice focuses on estate planning for individuals and businesses. She also represents clients before federal and state taxing authorities. Ms. Vaselaney is a member of the American Institute of Certified Public Accountants and has been a member of the Steering Committee for AICPA's National Advanced Estate Planning Conference since 2001. Ms. Vaselaney received her B.A. from the University of Dayton and her J.D. from the Cleveland-Marshall College of Law.
Michael Sneeringer an attorney in the Naples, Florida office of Porter Wright Morris & Arthur LLP, where his practice focuses on trust and estate planning, probate administration, asset protection planning, and tax law. He has served as vice chair of the asset protection planning committee of the ABA's Real Property, Trust and Estate Section and is an official reporter of the Heckerling Institute. Mr. Sneeringer received his B.A. from Washington & Jefferson College, his J.D., cum laude, St. Thomas University School of Law, and his LL.M. from the University of Miami School of Law.
Mandatory MCLE Credit Hours
This seminar qualifies for 1.0 MCLE Credit Hour, including up to 1.0 Estate Planning & Probate Law Specialty Credit Hour, and including up to 1.0 Taxation Law Specialty Credit Hour
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: 201718ADT
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: 213343ADT