Structuring Trust Protector Provisions: Protectors' Powers and Duties, Trustee Oversight, Tax and Fiduciary Risks
Avoiding Unintentional Fiduciary Classification, Key Trust Provisions to Limit Disputes, Navigating State Differences
Recording of a 90-minute CLE/CPE video webinar with Q&A
This CLE/CPE course will provide estate planning counsel and advisers with a practical guide to structuring trust protectors and directing party provisions into a trust or estate plan. The panel will discuss the specific duties to assign to trust protectors and potential risks to both the trustor and the protector and detail jurisdictional challenges in determining when to use a trust protector.
Outline
- Trust protector powers related to oversight of a trustee
- Powers that may be granted to trust protectors related to operation or modification of trust terms
- Determining whether a trust protector is a fiduciary
- Trust protector powers that may cause gift or income tax inclusion or loss of GST exemption
- Drafting effective trust protector provisions to avoid disputes
Benefits
The panel will review these and other relevant topics:
- Uniform Trust Code's position that a trust protector is a fiduciary unless the trust document specifies differently
- The Uniform Directed Trust Act's position that a trust protector is subject to the same fiduciary duty as a trustee in the same position
- What trust protector duties or actions can result in gift or income tax consequences?
- What are the risks of using trust protectors to either the trust or the beneficiaries?
- What powers may a trust document grant a trust protector, both in terms of overseeing the trustee's actions and modifying the terms of the trust?
- Best practices and key trust provisions to avoid unintended consequences
Faculty
Diedre Wachbrit Braverman
Attorney
Braverman Law Group
Ms. Braverman practices in the areas of estate planning, special needs planning, asset protection, elder law and... | Read More
Ms. Braverman practices in the areas of estate planning, special needs planning, asset protection, elder law and business planning.
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Cynthia D. M. Brown, J.D., TEP
President
Commonwealth Trust Company
Ms. Brown focuses in the areas of trust administration, estate planning and tax. Her responsibilities include oversight... | Read More
Ms. Brown focuses in the areas of trust administration, estate planning and tax. Her responsibilities include oversight of trust administration, trust operations and compliance. In addition, Cindy is an active member of the Delaware State Bar Association Trust Act Committee, which drafts annual revisions to the Delaware Code. Previously, she worked at a large Philadelphia law firm, where, among other things, she administered estates and trusts, drafted sophisticated estate planning documents, prepared and reviewed Federal and State death tax returns, and prepared and reviewed fiduciary accountings.
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