Selecting Trustees and Structuring Trustee Powers: Guidance for Estate Planners on Tax and Non-Tax Consequences

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


Conducted on Thursday, December 3, 2015

Recorded event now available

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Program Materials

This CLE/CPE webinar will explain key tax and non-tax issues estate planning counsel must consider in advising clients on trustee selection. The panel will review the trustee’s legal and fiduciary duties, explore the optimal qualities a trustee should possess, and discuss the estate, gift and income tax implications of structuring trust powers and choosing a grantor, beneficiary or other individual or entity to serve as trustee.

Description

Trusts are among the most effective and flexible estate planning tools available. Although many grantors may instinctively want to choose a family member, business associate or friend to serve as trustee, those individuals are frequently not the best choice to manage and administer a trust’s assets. Trusts can be quite complicated, requiring trustees to possess sound judgment, financial sophistication and business acumen, not to mention the discretion and diplomacy to deal with family members and other beneficiaries.

Counsel should also be aware of the tax consequences that can result from selecting a trustee and structuring trustee powers. Trustee selection and powers can have gift, estate and income tax implications, especially if the grantor or a beneficiary is among the trustees. Careful planning can avoid the unintended tax issues that can arise under IRC Sections 2036, 2038 and 2041 relating to transfers of property and powers of appointment.

Listen as our experienced panel of estate planning attorneys outlines key considerations involved in selecting trustees and structuring trustee powers. The panel will review the trustee’s legal and fiduciary duties, explore the optimal qualities a trustee should possess, and discuss the estate, gift and income tax implications of structuring trust powers and choosing a grantor, beneficiary or other individual or entity to serve as trustee.

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Outline

  1. Trustee selection
    1. Non-tax considerations
    2. Tax considerations
  2. Trustee powers
  3. Trustee removal and succession

Benefits

The panel will review these and other key issues:

  • What tax consequences can result from naming a beneficiary as trustee?
  • What limits on powers will allow a grantor to serve as trustee without causing adverse estate tax consequences?
  • What are the benefits and drawbacks of corporate trustees?
  • What effect does trust situs have on trustee selection?

Faculty

Sasha A. Klein, JD, LLM
Sasha A. Klein, JD, LLM
Senior Vice President, Director of Trusts & Wealth Services
Sabadell Bank & Trust

Ms. Klein is an estate and trust attorney and tax attorney focusing on fiduciary risk management and trust...  |  Read More

Mark R. Parthemer
Mark R. Parthemer

Managing Director and Senior Fiduciary Counsel, Southeast Region
Bessmer Trust

Mr. Parthemer oversees Bessemer Trust’s legacy, estate planning and fiduciary services from the Miami through...  |  Read More

Jordan D. Veurink
Jordan D. Veurink

Atty
Lindquist & Vennum

Mr. Veurink focuses his practice on all aspects of estate planning, including developing estate plans that minimize...  |  Read More

Other Formats
— Anytime, Anywhere

Strafford will process CLE credit for one person on each recording. All formats include program handouts. To find out which recorded format will provide the best CLE option, select your state:

CLE On-Demand Video

$297

Download

$297