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Course/Product Description
Title:

Discretionary Distribution Standards In Estate Planning

SKU:WC-1022832
Date / Time: Recorded
Format: Webinar
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Description:

The wording of a discretionary distribution standard can have tremendous consequences, positive and negative, for the settlor, the beneficiaries, and the trustee.

Discretionary language must be carefully tailored to meet a client's objectives, and this requires a thorough understanding of the legal principles that govern the interpretation of a discretionary standard.

Failure to draft carefully can result in estate inclusion for the settlor and/or the beneficiary, can convert a discretionary trust into a mandatory support trust, and can make administration a confusing exercise in complexity for the trustee.

This webinar will help you understand and plan for the drafting traps awaiting the unwary with respect to discretionary distribution standards. It will explain the factors that increase and decrease a trustee's discretion and a beneficiary's right to enforce a distribution.

Agenda

The Line Between a Discretionary and a Mandatory Distribution Standard Has Been Blurred

  • May vs. Shall, and When Does 'Shall' Still Create a Discretionary Standard?
  • How Will a Distribution Provision Affect Estate Inclusion for the Settlor?
  • Effect of Savings Clauses and Limiting Clauses
Enforceability of Standard by Beneficiaries and Creditors
  • When Does a Beneficiary Have an Enforceable Right to a Distribution?
  • When Can a Creditor of a Beneficiary Force a Distribution?
  • What Broadens and Narrows Trustee Discretion?
  • What Is the Effect of Language Making Discretion Uncontrolled or Unreviewable?
  • When Must a Trustee Consider Other Resources Available to the Beneficiary?
Preserving Flexibility and Avoiding Litigation
  • Importance of Drafting Clearly and Understanding How Language Is Interpreted
  • Weight Given to Intent and Purpose
  • Private Trustee Removal - A Very Powerful Tool
About The Presenter

Geoff N. Germane, AEP, EPLS
  • Shareholder in Utah’s largest law firm, Kirton McConkie PC
  • Practice focuses on estate, business, tax and asset protection planning
  • Regularly presents on latest techniques in the area of estate planning, tax planning, business succession and charitable giving
  • Published writer in several national periodicals, including Estate Planning magazine
  • Past president of the Utah Valley Estate Planning Council; board member of BYU Management Society, Utah Valley chapter; member of Utah Valley University Gift Planning Advisory Board
  • Adjunct faculty member, business law and estate planning, BYU Marriott School and Utah Valley University


Cannot Attend The Live Presentation?

This presentation is also available in a recorded format, in CD version, as shown in the pricing options below.

About Webcasts / Audio Conferences / Podcasts:

Webcasts, audio conferences, and podcasts are presentations that you attend via the Internet, phone, or mobile device at a specified date and time for "live" versions, or at your convenience for "recorded" and "On-Demand" versions.

The live versions are interactive, meaning that participants can ask questions in real time, plus are a very cost-effective form of training because 1) you receive fast, convenient learning without any out-of-office time; 2) you can invite as many colleagues as you'd like to listen in on a single phone line; 3) you incur no travel expenses; and 4) you and your colleagues are back at work immediately after the session ends!

And though with recorded versions you do lose the ability to ask questions, you gain the ability to hear the presentation numerous times and to share it with others in your office.

Handout materials and the phone number for live presentations are made available to you prior to the event via email from the presenter and from the "MyAccount" link on the menu bar. Copies of the presentations are included with recorded versions.

About The Provider: Lorman Education Services has provided educational seminars and online training for professionals since 1987.

Since then, we've kept thousands of professionals in the United States and internationally current on the most pressing topics in a rapidly changing marketplace of ideas. Like you, we understand the need for concise, accurate information.

That understanding underlies each Lorman course, presenting the latest information on the laws and regulations critical to your organization's successful daily operations.

Moreover, each course receives our painstaking attention to be certain both the faculty and participants receive the individual attention necessary to achieve maximum benefit from the materials.
More Info: Contact Us For More Information
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