Modifying Irrevocable Trusts Using Nonjudicial Settlement Agreements
Structuring NJSA Wrappers, Relocating Trust Situs, Resolving Disputes, Remedying Trust Construction Issues
Recording of a 90-minute CLE/CPE webinar with Q&A
This CLE/CPE webinar will provide estate planners with a thorough, comprehensive and practical guide to structuring nonjudicial settlement agreements (NJSAs) as a tool for modifying irrevocable trusts in states that have adopted the Uniform Probate Code or have NJSA statutes. The panel will discuss what modifications these settlement agreements can and cannot implement and will offer useful guidance to properly structure NJSA “wrapper” provisions that will withstand IRS scrutiny.
- Amending an irrevocable trust
- Uniform Trust Code provisions
- Determination of “interested person”
- Prohibition against modifying “material provision” of trust
- What terms may be modified by binding NJSAs
- Other NJSA statutory provisions and variances from UTC model
- Using an NJSA to relocate a trust situs
- Obtaining court approval of NJSAs
- Structuring NJSA “wrapper” provisions
The panel will review these and other key issues:
- What trust provisions may be amended by NJSAs in states that have adopted the Uniform Trust Code?
- What other states have statutes or trust code provisions allowing for NJSAs and how do they differ from the UTC provisions?
- How to structure an NJSA “wrapper”
- What are the tax consequences of making trust changes through an NJSA?
- When would it be desirable to have a court ratify terms agreed to in an NJSA?
Lauren Evans DeJong
Stahl Cowen Crowley Addis
Ms. DeJong counsels individuals with regard to estate planning, estate and trust administration, asset protection... | Read More
Ms. DeJong counsels individuals with regard to estate planning, estate and trust administration, asset protection and tax and business planning. She works with individuals and their families in areas related to transferring and preserving wealth, business succession, planning for disability, special needs and health care coverage. She also represents clients in connection with probate, trust and guardianship proceedings and before the U.S. Tax Court with regard to federal tax matters. In the corporate arena, she counsels closely held businesses and start-ups in the areas of entity formation, organizational and strategic planning, and contract drafting.Close
Alissa B. Gorman, J.D., LL.M. (Taxation)
McAndrews Law Offices
Ms. Gorman's practice is focused on estate planning, estate administration, guardianship, elder law planning,... | Read More
Ms. Gorman's practice is focused on estate planning, estate administration, guardianship, elder law planning, special needs and disability planning, and special needs trusts. She assists families with the preparation of various trust agreements, including Special Needs Trusts, Settlement Preservation Trusts, and Minor’s Trusts. Her work in estate planning includes the preparation of wills, trusts, powers of attorney and advance medical directives, and she is experienced in wealth planning techniques designed to minimize Federal estate and gift tax implications.Close
Miguel D. Pena, Esq.
The Law Office of Denise D. Nordheimer
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 insure that their estate reflects their wishes and values. In addition, he 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.Close