Trusts in Estate Planning: Types of Trusts and Determining When to Use Them, Key Provisions, Asset Protection
Recording of a 60-minute CLE video webinar
This CLE webinar will provide trusts and estates counsel with guidance on utilizing trusts as part of core estate planning. The panel will discuss single and joint revocable trusts, determining when they should be used, key provisions that must be considered, asset protection, and pitfalls to avoid in drafting and utilizing these trusts in estate planning.
Outline
- Reasons for the use of trusts in estate planning
- Types of trusts; pros and cons
- Determining which trust is appropriate
- Key drafting considerations
- Other challenges to examine
- Trustee resignation, removal, and succession
- Beneficiaries and distributions
- Properly Funding the Trust
- Income tax minimization
Benefits
The panel will review these and other key issues:
- How trusts can be used to enhance the estate plan.
- What factors must be considered when determining the type of trust to use?
- Key trust provisions and related issues when drafting trusts.
- When do trusts provide asset protection?
- What are best practices for income tax minimization?
Faculty
Mark K. Harder
Partner (Former chair of the firm’s Private Client and Family Office Practice Group - and chair of the committee that wrote the Michigan Trust Code)
Warner Norcross + Judd
Mr. Harder has dedicated his practice to providing estate and succession planning services to high-net-worth... | Read More
Mr. Harder has dedicated his practice to providing estate and succession planning services to high-net-worth individuals, families, family businesses and their owners, and closely held businesses. Former Chair of Warner’s Private Client and Family Office Practice Group, he focuses primarily on estate planning, business succession and trust administration.
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John M. Hemenway
Partner
Bivins and Hemenway
Mr. Hemenway is a founding partner of Bivins & Hemenway, P.A. His educational background included substantial... | Read More
Mr. Hemenway is a founding partner of Bivins & Hemenway, P.A. His educational background included substantial coursework in computer programming and systems design at both the undergraduate and graduate levels. Mr. Hemenway serves as a trusted legal advisor to business owners, real estate investors, and families seeking to preserve and pass down their wealth and values. His practice focuses on estate planning and probate, small and closely held businesses, and real estate.
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