Trust Decanting: Flexibility and Danger
Achieving Tax Benefits, Revising Fiduciary Powers, and Mitigating Trustee Liability
Recording of a 90-minute CLE webinar/teleconference with Q&A
Conducted on Tuesday, October 2, 2012
Recorded event now available
This CLE webinar will prepare estate law attorneys to represent the interests of their clients when using decanting to amend irrevocable but problematic trusts. The panel will review when decanting trusts may be appropriate and highlight differences in state decanting statutes.
Description
Decanting, modifying and reforming trusts are increasingly utilized as estate planning techniques as a result of changes in tax laws, family circumstances or the desire to change trust administrators. Decanting to change even irrevocable trusts is also becoming more common.
The decanting power provides a great deal of flexibility but is fraught with inherent dangers. Decanting can have the effect of enabling a trustee of an irrevocable trust to "re-write" the trust. Achieving tax benefits and adding asset protection can also be accomplished through decanting.
With differing state laws on decanting and new state laws on the horizon, counsel must stay abreast and understand the differences between jurisdictions. Structuring documents to incorporate flexibility for decanting is important.
Listen as our panel of trust and estate law attorneys discusses decanting as a strategy for restructuring trusts, highlighting the different requirements in state decanting statutes and potential pitfalls in decanting.
Outline
- Benefits of decanting
- Common law and state decanting statutes
- Common pitfalls
- Best practice strategies and ethical considerations
Benefits
The panel will review these and other key questions:
- How do state decanting statutes differ? What new state laws are anticipated?
- What types of situations are most appropriate for decanting?
- What are the most common pitfalls and risks in decanting?
- How can counsel anticipate the need for future decanting when preparing trust documents?
Faculty
James P. Spica, Member
Dickinson Wright, Detroit
His practice focuses on estate and tax planning for private clients requiring sophisticated wealth management. He is the Chair of the Trust Decanting Legislative Committee, and drafted trust decanting legislation for Michigan that is currently before committees of the Michigan State Bar and the Michigan Bankers Association. He is a frequent speaker on estate planning issues.
Meryl G. Finkelstein, Sr. Counsel
Fulbright & Jaworski, New York
She counsels clients on a wide variety of complex estate planning, business succession and wealth transfer issues and also has extensive experience in the administration of trusts and estates and the handling of estate and gift tax matters, including IRS audits and proceedings before the United States Tax Court. As a member of the Estate and Gift Taxation Committee of the Association of the Bar of the City of New York, she served on a subcommittee that drafted the initial version of the revised New York decanting legislation that was enacted in August, 2011, and is a frequent speaker on the subject of trust decanting.
Todd A. Flubacher, Partner
Morris Nichols Arsht & Tunnell, Wilmington, Del.
He represents individuals in matters involving complex estate planning, asset protection, estate administration, trust and estate litigation and state and federal taxation advice. His practice emphasizes the unique aspects of Delaware trust law, including asset protection trusts, dynasty trusts, and deferred income charitable remainder trusts. He is a published author on decanting issues.
Thomas R. Pulsifer, Partner
Morris Nichol Arsht & Tunnell, Wilmington, Del.
His practice is concentrated in the areas of trust law, estate planning, state and federal income tax law, and the taxation of exempt organizations. His practice includes advising institutional fiduciaries on matters of Delaware trust law, and individuals and institutions regarding Delaware trust law litigation and the establishment and administration of Delaware trusts.
Ordering
Online CLE - Audio Recording
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CLE: Pre-approved for self-study credit in: AK, AZ, CA, CT, HI, MO, MT, NY, TX*, VT, WA, WV. Upon request, self-study credit is also available in: CO, FL, GA, ID*, KY, ME, ND, NE, NH, NM, NV, OR, UT, WI, WY. If you are applying for self-study credit in one of these states, contact Strafford CLE at 1-800-926-7926 ext. 35 or CLE@straffordpub.com. (*Indicates that Strafford needs to process the CLE — see below to purchase this option.)
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Program Materials
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Customer Reviews
The program was well organized and discussed the major issues.
Roxy Hammett
Wolff & Samson
The seminar was very informative and easy to understand.
Amy Allison
Anderson Hunter Law Firm
I thought the information provided was great.
Erika Gamiz
Law Offices of Marcia L Kraft
The webinar offered excellent insight into some specific areas.
Beth Ann R. Lawson
Virginia Beach Law Group
Better than I expected. Well done on both subject matter and production quality.
Jeff Simpson
Gordon, Fournaris & Mammarella
Estate Planning Advisory Board
Partner
Annino & Ligon
Consultant, Speaker and Author
Napa, CA
Partner
McArthur Franklin
Partner and Practice Group Leader - Tax
Waller Lansden Dortch & Davis
Partner
Schiff Hardin
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