Drafting Irrevocable Trusts: Flexibility Mechanisms, Retaining Access and Control, Distributions, and Other Issues
Recording of a 90-minute CLE video webinar with Q&A
This CLE webinar will provide estate planners with a detailed analysis of key challenges and pitfalls to avoid when drafting irrevocable trusts. The panel will discuss the legal framework and critical considerations for irrevocable trusts, the pros and cons of trust protectors, beneficiary control and distribution provisions, retaining settlor flexibility and access, redirecting trusts assets, and other vital considerations.
Outline
- Irrevocable trust basics
- Trustee rules and powers
- Key trust provisions and drafting considerations
- Beneficiaries and distribution rules
- Estate tax and other considerations
Benefits
The panel will discuss these and other key issues:
- What are the applicable legal and tax rules to consider when utilizing irrevocable trusts?
- How should counsel draft a trust compliant with current tax law while also retaining flexibility for the settlor?
- What are the critical considerations for irrevocable trusts in light of potential tax law changes?
- What planning mechanisms are available to retain access to trust assets?
- What are the planning mechanisms for estate inclusion?
- What are the pros and cons of grantor vs. non-grantor trust status and reasons to switch?
- What transfer mechanisms are favored for gift tax purposes?
Faculty
Andrea L. Kushner, J.D., LL.M.
Director—Wealth Strategies Group
AllianceBernstein
Ms. Kushner is a Senior Vice President and Director of the Wealth Strategies Group and is located in Bernstein’s... | Read More
Ms. Kushner is a Senior Vice President and Director of the Wealth Strategies Group and is located in Bernstein’s Los Angeles office. She works with Bernstein clients and their professional advisors to develop comprehensive wealth management and wealth transfer strategies. Before joining the firm in 2015, Ms. Kushner was a shareholder at Weinstock Manion, ALC, and a partner at Karlin & Peebles LLP, advising high-net-worth clients on estate, tax and charitable planning. She is a member of the State Bar of California, by which she has been certified as a specialist in both taxation law and estate planning, trust and probate law. Ms. Kushner was named a Southern California Rising Star and a Super Lawyer by Super Lawyers Magazine. She currently serves on the executive committee (trusts and estates section) of the Beverly Hills Bar Association and is a member of both the taxation and trusts and estates sections of the Los Angeles County Bar Association. Ms. Kushner has also served on the executive committee (taxation section) of the State Bar of California and was a former chair of the taxation section of the Beverly Hills Bar Association. She holds a BA (cum laude) in political science from the University of California at Los Angeles; a JD from the University of Southern California at Los Angeles; and an LLM in taxation law from Loyola Law School of Los Angeles.
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Miguel Pena
Attorney
Law Office of Miguel D. Pena, Esq.
Mr. Pena focuses his practice on trusts and estates, probate, wealth preservation, and planning matters involving... | Read More
Mr. Pena focuses his practice on trusts and estates, probate, wealth preservation, and planning matters involving estate, gift and generation-skipping transfer taxes. He represents a variety of clients including high-net worth individuals seeking sophisticated estate planning, as well as individuals who simply want to ensure that their estate reflects their wishes and values. In addition, Mr. Pena represents corporate fiduciaries in connection with estate and trust administration and advises out of state counsel on Delaware trust law, including directed trusts, decanting, dynasty trusts, and all aspects of the validity, construction, and administration of Delaware trusts.
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