In the past, irrevocable trusts were seen primarily as a means of transferring the wealth of high net worth clients to their loved ones. But in recent years, many practitioners have found ways to make them useful in the estates of middle-class clients. They are now used to protect estates from being lost due to the effects of living longer, having diminished capacity, sky-rocketing long-term care costs, potential lawsuits, scams, undue influence, and other dangers.
7 primary purposes to establish irrevocable trusts
Federal estate tax uses
Protection from scams and undue influence
Creditors and lawsuits
Management of funds
Know all the planning choices
What actually goes into it and what are the planning choices your client needs to consider? To answer these questions, you need a thorough understanding of federal and state tax considerations, Medicaid, veterans’ benefits, and trust law, just to name a few. You also need to think about how the trust will operate during the settlor’s lifetime and after death, and how it will serve to meet the client’s individual goals.
Drill down into the finer points
In this new course you will learn what irrevocable trusts are, examine case studies for examples of when and how to use them, review the relevant tax provisions, and receive guidance for drafting them. You’ll discuss these topics and more:
Purpose, suitability and family dynamics
Powers, duties and compensation of trustees
Distributions during lifetime, at death or in trust
3 Total CLE credits (No Ethics)
Dates & Locations
Please note: Check-in begins 30 minutes prior to every event.
Domestic Relations Center
16975 Route 6, Smethport