Virginia Trust Administration Guide

Agenda / Content Covered

All times are shown in Eastern time.

1. Laws Governing the Administration of Trusts
   1:00 - 1:30, William F. Seymour IV
   1. Governing Uniform Laws (UTC, UPAIA, UPIA, etc.)
   2. Other State and Federal Fiduciary Laws
   3. Choice of Law and Jurisdiction Issues in Trust Administration
2. Trust Asset Management, Creditors, Fees, and Expenses
   1:30 - 2:00, William F. Seymour IV
   1. Determining Trustee Fees
   2. Communication With Creditors
   3. Managing, Selling, and Distributing Property and Assets
   4. Allowable Expenses
3. Accounting/Distributions in Trust Administration
   2:00 - 2:30, Susanna Brailsford Jones
   1. Notices of Proposed Actions
   2. Trust Provisions Concerning Distributions
   3. Investing Assets
   4. Distinctions Between Trust Fiduciary Accounting and Income Tax Accounting
   5. Distribution to Beneficiaries
   6. Final Distributions and Trust Termination
4. State and Federal Trust Taxation Issues
   2:45 - 3:15, Susanna Brailsford Jones
   1. Tax Consequences of Trustee's Actions
   2. Real Property Taxes
   3. Income Tax Planning
   4. Estate, Gift, and GST Tax Issues
   5. Tax Consequences of Paying Retirement Benefits to Trusts
   6. Tax Basis in the Assets
   7. Trusts Used for Tax Reduction: What's Working (and What Isn't)
5. Fiduciary Tax Returns
   3:15 - 3:45, Susanna Brailsford Jones
6. Resolving Trust Disputes and Making Changes to Trusts
   3:45 - 4:15, William F. Seymour IV
   1. Determining Which Court has Jurisdiction Over the Trust
   2. Top Disputes
   3. When to Seek the Direction of the Court
   4. Using ADR in Trusts Practice
   5. Trust Modification

SUSANNA BRAILSFORD JONES is a shareholder of FloranceGordonBrown, A Professional Corporation, where she is a member of the firm's estate planning and administration practice group and its business law practice group. Ms. Jones drafts wills, trusts agreements, power of attorney, and advanced medical directives. She also advises clients on wealth transfer techniques, to include lifetime and charitable giving. Ms. Jones creates and advises on private foundations and other tax-exempt organizations, and counsels clients throughout the probate process. She represents individual and corporate fiduciaries in various estate and trust administration matters. Ms. Jones advises clients on tax issues related to her practice, to include tax considerations for retirement, fiduciary income taxes, estate and gift taxes, and legislative changes related to the foregoing. Ms. Jones is a member of the Virginia State Bar, the Richmond Bar Association, the South Carolina Bar Association, the Next Estate Planning Group, the Trust Administrators Council of Richmond (president, 2020-2021), the Metro Richmond Women's Bar Association, the Estate Planning Council of Richmond, the Virginia Gift Planning Council, and the Commonwealth Community Trust. She earned her B.A. degree from Washington & Lee University, her M.A. degree from The Citadel and the College of Charleston, and her J.D. degree from the University of South Carolina School of Law.

WILLIAM F. SEYMOUR IV is a shareholder of FloranceGordonBrown, A Professional Corporation, where he is a member of the firm's litigation, business law, and estate planning and administration practice groups. Mr. Seymour advises clients on issues relating to business disputes and other commercial litigation matters. He also assists and represents clients in commercial and real estate transactions and counsels clients on estate planning and estate and trust administration issues. As part of his estate and trust practice, Mr. Seymour routinely addresses tax issues arising during estate and trust administration. He is a member of the Virginia State Bar, the Virginia Association of Defense Attorneys, the Richmond Bar Association, and the Henrico Bar Association. Mr. Seymour earned his B.A. degree, cum laude, from Hampden-Sydney College and his J.D. degree from the University of Richmond T.C. Williams School of Law.