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CHOOSING THE RIGHT ESTATE PLANNING VEHICLE
9:00 - 10:00, John E. Sullivan
III
- Basic Terminology
(Including: A/B Trust, B/A Trust, Bypass Trust and more)
- Different Types of Marital Deduction Trusts
(Including: QTIP trusts, power of appointment trusts, estate trusts, and more)
- Pros and Cons of Using Different Marital Deduction Trusts (MDTs)
- Requirements for Qualified Terminal Interest Property Trust
- Pros and Cons of Making a "Partial QTIP" Election
- Pros and Cons of Making a "Clayton" Election
- Pros and Cons of Making a "Reverse QTIP" Election Re GSTT Exemption
- Utilizing the 2013 Tax on Prior Transfers (TPT) Credit
FUNDING MARITAL DEDUCTION
10:00 - 10:45, John E. Sullivan III
- Evaluating MDT Funding Formulas
(Including: true-worth, fairly representative, minimum-worth, pro-rata fractional, pick and choose fractional and one lung marital)
- Choosing Assets With Which to Fund Trusts
- How to Make the Marital Deduction Trust a Beneficiary of an IRA
- How to Make the QTIP Election When the QTIP is the Beneficiary of an IRA
- How Much of a Deduction is Appropriate?
TROUBLESHOOTING, ADMINISTERING AND TERMINATING MDTs
11:00 - 12:00, Albert G. Hehr III
- How to Evaluate and Address Problems in Existing Marital Deduction Trusts (e.g. helping the surviving spouse deal with "trust mill" trusts that were drafted or administered improperly)
- Effect of Divorce or Separation on MDTs
- Outright Distributions to Spouse
- Practical Problems Using MDTs - Additional Tax Returns, Administrative Issues
- Administration of Trust/Appropriate Distributions
- Termination of Trust
- Alternative Planning Strategies to MDTs When One Spouse is Not a U.S. Citizen
(Including: QDOTs, bypass trusts, etc.)
CHOOSING SUCCESSOR TRUSTEES
1:00 - 2:00, James M. Mackey
- Trustee Powers and Responsibilities Outlined
- Criteria for Choosing Trustees
- Need for Disinterested Trustees
- Using Corporate Trustees
- Removal and Resignation of Co-Trustees
DRAFTING AIRTIGHT TRUST DOCUMENTS
2:00 - 3:15, James M. Mackey
- Separate Trusts for Husband and Wife or One Trust for Both?
- Spouses' Powers and Responsibilities Defined
- Techniques for Drafting Flexibility Into MDTs (i.e. qualified disclaimer, etc.)
- Most Common Mistakes in Drafting You Can Easily Avoid
- Distribution Provisions During Spouse's Lifetime
MAINTAINING AN ETHICAL PRACTICE
3:30 - 4:30, Albert G. Hehr
- Determining and Collecting Attorneys' Fees
- Representing Clients With Diminishing Mental Capacity
- Attorneys Acting as Trustees
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