Trusts From A to Z

Agenda / Content Covered

All times are shown in Eastern time.

1. What are Trusts? Main Trust Principles
   8:30 - 9:15, James S. Adray
   1. Trust Terms, Concepts and Definitions
   2. Key Parties in a Trust and Their Roles
   3. The Laws of Trust Creation and Administration (UTC, UPA, UPIA, etc.)
   4. Trust Revocability and its Implications
   5. Trust Funding Basics
   6. Creditor Rights in Regards to Trusts
   7. Does the Client Need a Trust?
2. Simple Testamentary Trusts and Revocable Living Trusts
   9:15 - 10:00, Jacqueline C. Mahland
   1. When are Testamentary Trusts Used?
   2. Living vs. Testamentary Trusts for Tax Purposes
   3. Trust Funding Mistakes and Consequences
   4. Top Trust Administration Issues
   5. Sample Trust Language
3. Tax Reduction with Trusts
   10:15 - 11:15, Kaye P. Willi
   1. Current State and Federal Tax Regime
   2. Taxation of Trusts: Transfer and Income
   3. Accounting vs. Taxable Income
   4. Tax Consequences of Distributions
   5. Tax Implications of a Trust Becoming Irrevocable
   6. Accumulation Distribution for Some Complex Trusts
   7. Material Participation by Trusts
   8. Tax Consequences of Trusts in Estate Administration
4. Grantor Trusts
   11:15 - 12:00, John R. Harrison
   1. Types of Grantor Trusts and When They are Used
   2. Intentionally Defective Grantor Trusts
   3. Tax Planning, Requirements and Consequences
   4. Trustee Powers and Duties
   5. Grantor Trust Status and Reporting
   6. Exceptions to the Rules
   7. Sample Trust Language
5. Special Needs Trusts (SNTs)
   1:00 - 2:00, John R. Harrison
   1. When are SNTs Used? (SNTs vs. ABLE Act Accounts)
   2. Types of SNTs
   3. Tax Consequences of SNTs
   4. Preserving Benefits Eligibility
   5. Trustee Powers and Duties (What Can the Distributions be Used for?)
   6. Sample Trust Language
6. Marital Trusts in a Nutshell
   2:00 - 2:45, Jared Hoover
   1. When are Marital Trusts Used?
   2. Old AB/Credit Shelter Trusts After ATRA and Tax Cuts and Jobs Act
   3. Tax Planning, Requirements and Consequences
   4. Trustee Powers, Duties and Challenges
   5. Underfunded Trusts After First Death
   6. QDOTs for Noncitizen Spouses
   7. Exceptions to the Rules
   8. Handling Dysfunctional Client Families
   9. Sample Trust Language
7. Generation Skipping/Dynasty Trusts
   3:00 - 3:40, Jared Hoover
   1. GST Tax and Other Tax Considerations
   2. When are Dynasty Trusts Used?
   3. Trustee Powers and Duties and Administration Challenges
   4. Exceptions to the Rules
   5. Sample Trust Language
8. Legal Ethics
   3:40 - 4:40, James S. Adray
   1. Who is Your Client? The Most Important Question in Trusts Practice
   2. Top Legal Malpractice Risks
   3. Testator Capacity Issues
   4. Dealing with Trust Beneficiaries
   5. Protecting Confidentiality
   6. Preventing Fiduciary Misconduct

JAMES S. ADRAY is a partner in the Toledo law firm of Adray & Grna, where he practices in the areas of business law, probate, estate planning, divorce, and medical malpractice. Mr. Adray is a mediator/arbitrator with the American Arbitration Association and is a mediator trainer throughout Ohio. He has taught at the University of Toledo Law School and College of Education. Mr. Adray is a member of the State Bar of Michigan (Alternate Dispute Resolution and Probate and Trust Law committees), and the Ohio State (Family Law and Alternative Dispute Resolution committees) and Toledo bar associations. He earned both his B.A. degree and J.D. degree from the University of Toledo.

JOHN R. HARRISON is an attorney with Ulmer & Berne LLP. He focuses his practice in the areas of elder law and special needs law, as well as estate planning, Medicaid, guardianship, litigation, probate matters, and the maintenance of public benefits. He also works with public agencies throughout Ohio that provide services to individuals with developmental disabilities, mental illness, or who have substance abuse issues. Mr. Harrison has spent his career advocating for older adults and individuals with special needs by working for Disability Rights Ohio, The Legal Aid Society of Columbus, public agencies and county boards, and in private practice. Mr. Harrison is a member of the Ohio State Bar Association’s Estate Planning, Trust and Probate Law Section and the Elder and Special Needs Law Committee. He received his B.A. degree from the University of Michigan and his J.D. degree, with honors, from The Ohio State University Moritz College of Law.

JARED HOOVER is an attorney with David J Simmons & Associates LLC. He practices in the areas of estate planning trusts and probate. Mr. Hoover is a certified public accountant. He earned his B.S. degree from Case Western University and his J.D. degree from Case Western University School of Law.

JACQUELINE C. MAHLAND is an attorney with Maguire Legal Group. She practices in the areas of estate planning, probate, and real estate transactions. Ms. Mahland is admitted to practice in all courts in Ohio. She is a member of the Ohio State Bar Association (Estate Planning, Trust & Probate Section; Real Property Law Section; Women in the Profession Section; and the New Lawyers Section), Women's Bar Association, Akron Bar Association (Probate Section and Real Property Law Section) and the Stark County Bar Association. Ms. Mahland earned her B.A. degree, with honors, from Washington & Jefferson College and her J.D. degree from University of Akron School of Law.

KAYE P. WILLI is a tax attorney and Certified Public Accountant in Westerville, Ohio, and is the principal of Willi Law Office, LLC. She practices in the areas of taxpayer defense, tax dispute resolution, Tax Court litigation, tax planning and compliance for trusts and estates, and probate and trust administration. Ms. Willi is certified by the Ohio State Bar Association as a specialist in estate planning, trust and probate law, and she has written numerous articles on the subject of estate planning and taxation. Prior to entering the practice of law, Ms. Willi practiced for five years as a certified public accountant with a Big Six accounting firm. She is a co-author of the book, Your Business and the IRS: A Survival Guide (230 Media LLC, pub. 2020). Ms. Willi earned her B.A. degree from Miami University and her J.D. degree from Duke Law School. She is a member of the Columbus and Worthington estate planning councils, as well as the American, Ohio State, and Delaware County bar associations, and the Ohio Society of CPAs.