Revocable vs. Irrevocable Trusts: Drafting, Administration, Top Uses

Agenda / Content Covered

1. Trust Law: Key Terms and Concepts
   10:00 - 10:45, Travis R. Weaver
   1. Main Terms Defined
   2. Major Laws Governing Creation and Administration of Trusts
   3. Who are the Main Parties? Their Duties and Responsibilities to a Trust
   4. Determining Your Client's Planning Needs
   5. Reasons for Drafting a Trust
2. Revocable Trusts: Types of Trusts and Their Uses
   10:45 - 11:30, Travis R. Weaver
   1. Revocable Trusts vs. Wills
   2. Top Revocable Living Trust Structures
   3. Pour-Over Wills
3. Irrevocable Trusts: Top Structures and Their Uses
   11:45 - 12:30, Stephen B. Keogh
   1. Medicaid Income-Only Trusts
   2. Special Needs Trusts
   3. Irrevocable Life Insurance Trusts
   4. Other Irrevocable Trust Structures
4. Tax Consequences, Treatment and Reporting: Revocable vs. Irrevocable
   12:30 - 1:15, Michael G. Zapson
5. Trust Administration Differences
   1:45 - 2:30, Stephen B. Keogh
   1. Grantor Power in Administration of Revocable Trusts
   2. Trustee Powers
   3. Interpretation of the Trust Instrument
   4. Management of Trust Assets
6. Mistakes When a Revocable Trust Becomes Irrevocable
   2:30 - 3:15, Travis R. Weaver
   1. Common Triggers of Conversion from Revocable to Irrevocable
   2. Trust Language that Triggers Upon the Death of the Grantor
   3. Asset Protection Oversights When Planning for Conversion from Revocable to Irrevocable
   4. Unwise Choice of Recipient Trust Structure When the Original Trust Splits into Multiple Irrevocable Trusts
   5. Incorrect Interpretation of Trust Language
   6. Improper Execution of Trust
   7. Incompletely Funded Revocable Living Trusts
7. Modifying the Trust: Decanting How-to's
   3:30 - 4:00, Travis R. Weaver
8. Legal Ethics in Trusts and Estates Practice
   4:00 - 5:00, Stephen B. Keogh
   1. Who is the Client?
   2. Guarding Confidentiality
   3. Attorney Fees and Client Trust Accounts
   4. Client Communications

Accreditation Details:

Stephen B. Keogh is a partner in the Norwalk law firm of Keogh, Burkhart & Vetter, practicing primarily in elder law and probate law. A magna cum laude graduate of Yale College, Mr. Keogh earned his J.D. degree from Columbia University. He is a member of the Fairfield County, Connecticut and American bar associations; and the National Academy of Elder Law Attorneys. Mr. Keogh is a member of the Board of Directors of the Connecticut Chapter of the National Academy of Elder Law Attorneys, a member of the Executive Committee of the Elder Law Section of the Connecticut Bar Association, and a past co-chair of the Elder Law Section of the Fairfield County Bar Association. He is also a member of the Community Bioethics Forum, which is sponsored by the Program for Biomedical Ethics at the Yale School of Medicine. Mr. Keogh was the first recipient of the Glenn E. Knierim Pro Bono Award, given by the Connecticut Probate Assembly in April 2012.

Travis R. Weaver is a partner with the Weaver Firm, where he offers deep legal knowledge and strong personal commitment to helping obtain nursing home benefits, protect assets through a will, claim ownership of inherited property or cash, and negotiate business transactions. Mr. Weaver is a member of the National Academy of Elder Law, the State Bar of Texas, the Tarrant County Bar Association, the Tarrant County Probate Bar Association, the Denton County Bar Association and the Wise County Bar Association. He earned his B.A degree from Texas A & M University, his M.B.A. degree from Texas Tech University and his J.D degree from Texas Tech University School of Law.

Michael G. Zapson is a partner at Certilman Balin Adler & Hyman LLP. He concentrates his practice in the areas of commercial and estate litigation, real estate and zoning. Mr. Zapson represents real property owners, national companies, developers, purchasers, REITs, lenders and brokers. He regularly deals with Estate and Probate Tax issues. Mr. Zapson also assists with Estate Planning Tax issues. He is a member of the Long Beach Lawyer's Association, the Nassau County Bar Association, and the Association of the Bar of the City of New York. Mr. Zapson is admitted to practice in New York, Washington D.C, and the U.S. District Courts for the Southern, Eastern and Northern districts of New York. He earned his B.A. degree from Cornell University and J.D. degree from the State University of New York at Buffalo.