Description

Understand how to avoid an outdated estate plan, and how to fix a plan that may already be outdated.
Trusts instruments generally have three primary purposes the orderly disposition of assets, avoidance of probate, and advantageous tax planning. A properly drafted trust will address these goals however, changing life circumstances and changing laws can frustrate or thwart a grantor’s intended result, leaving his or her desires unfulfilled, and beneficiaries subject to unpleasant outcomes. The problem is that many clients do not realize their trusts are outdated, with the resulting potential for adverse legal and tax implications. This topic will help attorneys and advisors identify some of the most common outdated provisions and how to articulate the risks associated with these provisions to their clients. The material will also cover common methods for fixing outdated trusts, and how attorneys can draft new trusts to provide flexibility for the future. This information is critical for all estate planning attorneys and advisors to ensure that inefficient trusts are updated, and new trusts are drafted for optimal realization of a client’s goals, even amidst changing circumstances.

Date: 2019-08-21 Start Time: End Time:

Learning Objectives