Advanced Estate Plan Challenges for Second Marriages: QTIPs, Unitrusts, Disclaimers and More

Recording of a 90-minute CLE/CPE webinar with Q&A

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Conducted on Tuesday, August 15, 2017

Recorded event now available

or call 1-800-926-7926

This CLE/CPE course will provide estate planning counsel with a deep and practical guide to estate planning challenges involved in second (or subsequent) marriages. The panel will offer specific guidance on structuring spousal trusts, ensuring premarital and joint property is titled to avoid probate or beneficiary challenges, and ensuring that estate planning vehicles incorporate prenuptial and postnuptial agreements.

Description

Among the greatest challenges for estate planners involves planning for clients in a second or subsequent marriage. The intricacies increase when one or both spouses have children from prior marriages and in situations where age or premarital assets vary greatly between the spouses. Critical to designing an estate plan is achieving a balance between providing for the surviving spouse and either party’s desire to pass premarital assets to pre-marriage children.

Because of the issues unique to subsequent marriages, many ownership structures and asset titling strategies common to first marriage estate plans may not be appropriate for second marriages. Joint tenancy property can trigger more complex probate and, in some cases, tax issues for clients in second marriages.

Planners must understand the advantages and limitations of trusts such as qualified terminable interest property (QTIP) trusts as a means of providing for a surviving spouse while preserving assets for children or other beneficiaries.

Additionally, estate planning counsel must structure testamentary and trust documents to shield against beneficiary challenges, which are more likely when children from prior marriages are involved. Estate planners should know the impact of in terrorem clauses in wills and trust operating documents, as well as structuring powers of appointment to preserve the client’s intent.

Listen as our experienced panel provides a thorough and practical guide to the technical aspects of designing and implementing estate plans for second marriages and blended families.

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Outline

  1. Estate planning challenges unique to clients in second marriages or with blended families
  2. Impact of prenuptial and postnuptial agreements on estate plans
  3. Balancing maintenance of surviving spouse with desire to pass on premarital assets to children or other beneficiaries
  4. Trust structuring
  5. Protecting against beneficiary challenges

Benefits

The panel will review these and other key issues:

  • What marital deduction transfers are available to provide for surviving spouses while preserving assets for children from prior marriages?
  • What are the advantages and limitations of QTIP trusts?
  • What mechanisms must estate planners be aware of to protect estate plans involving blended families from beneficiary challenges?
  • Structuring unitrusts for clients with blended families

Faculty

Hood, Paul
L. Paul Hood, Jr., JD, LL.M, CFRE, FCEP
Director of Planned Giving
The University of Toledo Foundation

Mr. Hood is a former estate planning and tax attorney in Louisiana. He frequently speaks and writes on estate planning,...  |  Read More

Schlesier, Edward
Edward P. Schlesier
Board Certified Specialist in Estate Planning, Trust and Probate Law
Blanchard Krasner & French

Mr. Schlesier has a broad legal and business background. His areas of practice include taxation, estate...  |  Read More

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