Modifying Irrevocable Trusts Using Nonjudicial Settlement Agreements
Structuring NJSA Wrappers, Relocating Trust Situs, Resolving Disputes, Remedying Trust Construction Issues
A live 90-minute CLE video webinar with interactive Q&A
This CLE course will provide estate planners with a comprehensive and practical guide to structuring nonjudicial settlement agreements (NJSAs) as a tool for modifying irrevocable trusts in states that have adopted the Uniform Trust Code or have NJSA statutes. The panel will discuss what modifications these settlement agreements can and cannot implement and 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
- Terms that binding NJSAs may modify
- 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
- Determining whether an NJSA is permissible
The panel will review these and other high priority issues:
- Which trust provisions may NJSAs amend 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?
- What are the considerations for determining when it is desirable or necessary to have a court ratify the terms of an NJSA?
- What other methods should counsel be aware of to modify irrevocable trusts?
Christopher P. Massaro
Mr. Massaro is a member in the firm's Litigation Department. He has successfully resolved a variety of state and... | Read More
Mr. Massaro is a member in the firm's Litigation Department. He has successfully resolved a variety of state and federal court matters for both individuals and businesses.Close
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.Close
Louis A. Silverman
Silverman Law Offices
Mr. Silverman has been practicing law for over 30 years. He is admitted to practice in the state courts of Arizona and... | Read More
Mr. Silverman has been practicing law for over 30 years. He is admitted to practice in the state courts of Arizona and Texas, the U.S. District Courts, Arizona, and Western District of Texas.Close