Strategies for Fixing Dysfunctional Trusts
Reasons, methods, and drafting tips for modifying irrevocable trusts
- Product Number: 2250198P01
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CLE Credits, earn up to:
2 substantive credits, 0 ethics credits CLE Credit Note -
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Product Description
Product Description
Irrevocable trusts are a common estate planning tool for transferring wealth to future generations while reducing transfer taxes. In exchange, the grantor of an irrevocable trust must give up the ability to amend or revoke the trust. However, despite their name, irrevocable trusts can still be modified in many ways, particularly when they are no longer working as effectively as they should. This panel discusses potential reasons to modify a trust, such as fixing a scrivener’s error or ambiguity, reflecting changes in the law, or addressing unforeseen beneficiary circumstances. The speakers also review the multitude of judicial and non-judicial methods for modifying an irrevocable trust’s terms or altering important aspects of the trust’s administration, as well as drafting considerations to head off potential issues in advance.
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Agenda
Agenda & Materials
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12:00 - 12:10 pm
Reasons to Modify an Irrevocable Trust
on demand video Add to Cart- Change in circumstances
- Tax benefits
- Administrative changes
- Asset protection benefits
Paul Cathcart, Jr., Esq., Hemenway & Barnes LLP , Boston
Jutta R. Deeney, Esq., Stewart Title Guaranty Company , Waltham
John P. Crowley, Esq., Stewart Title Guaranty Company , Parsippany
Ruth Dillingham, Esq., Dillingham Law LLC , Hyannis
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12:10 - 12:45 pm
Drafting Flexibility into Trusts
on demand video Add to Cart- Trustee powers
- Powers of appointment
- Trustee succession
- Trust protector
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9:50am - 10:05am
Residential Real Estate Money Laundering Risks
Aimee Fukuchi Bryant, Esq., Fiduciary Trust Company , Boston
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12:45 - 1:45 pm
Methods to Modify Irrevocable Trusts
on demand video Add to Cart- Judicial proceedings
- Non-Judicial proceedings
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10:05am - 10:20am
What the Rule Isn’t: The FinCEN GTO and Corporate Transparency Act
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1:45 - 2:00 pm
"Ask the Experts" Q&A Session and Key Takeaways
Panel
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10:20am - 10:35am
Reportable Transactions Under the Rule
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10:35am - 10:50am
Reporting Requirements Under the Rule
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10:35am - 10:50am
Reporting Requirements Under the Rule
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10:50am - 11:05am
Compliance Obligations and Penalties
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11:05am - 11:20am
Compliance Challenges and Other Considerations
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11:20am - 11:30am
"Ask the Experts" Q&A Session and Key Takeaways
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- Faculty