Total Credits: 1.2 Self Study
Recording available after original program date, 2/28/2023
Not every irrevocable trust ends up serving its intended purpose or is financially viable. Many unforeseen events can and do occur – tax laws change, family circumstance change – sometimes dramatically, or there can be d a deep downturn in a family business. In these and many other circumstances trusts are broken and need to be “fixed” – fiduciary powers adjusted, distributions policies modified, trusts divided or merged, or even terminated. The process of accomplishing these fixes are necessarily limited and comes with risks, including tax liability and potentially liability to future beneficiaries. This program will provide you with a practical guide to techniques for fixing broken irrevocable trusts.
• Trust reformation by agreement of all stakeholders or by court order
• Principal and income adjustment powers under the UPIA
• Techniques for converting a trust from one type to another
• Use of “decanting” to terminate trusts and distribute assets when the trust is not viable
• Framework of tax considerations when trusts are restructured or terminated
Note: This material qualifies for self-study credit only. Pursuant to Regulation 15.04.5, a lawyer may receive up to six hours of self-study credit in a reporting year. Self-study programs do not qualify for ethics, elimination of bias or Kansas credit.
| Materials | Available after Purchase | ||
