Making Changes to Irrevocable Trusts: What Can You Do?

Agenda / Content Covered

1. Reasons to Modify
   1:00 — 2:00, John Bedosky
   1. Tax Inefficiencies: Step-up in Basis, Income, and Transfer Tax
   2. Qualifying a Beneficiary for Government Benefits
   3. Trustee and Trust Protector Changes
   4. Making Changes to Distributions Provisions
   5. Adjusting/Removing a Power of Appointment
   6. Adding or Removing Beneficiaries
   7. Changing Jurisdiction and/or Governing Law
2. 1. Drafting the Flexibility into the Irrevocable Trust (With Sample Language)
   2:00 — 2:30, John Bedosky
3. Methods of Modifying the Irrevocable Trust
   2:45 — 4:15, Leslie Share
   1. Exercise of a Power of Appointment
   2. Trust Protector Modification
   3. Disposition of Trust Property
   4. Non-Judicial (Trustee or Beneficiary) Modification
   5. Non-Judicial Settlement Agreements
   6. Judicial Modification
   7. Judicial Reformation
   8. Judicial or Non-Judicial Conversion
   9. Decanting

Accreditation Details:

John R Bedosky is of counsel to Hinman, Howard & Kattell, LLP, active in its estate planning practice group, and is a senior consultant with The Lustig Group, LLC. He has extensive experience representing individual and business clients in a variety of estate planning matters, including business succession planning; family wealth accumulation, preservation and transfer planning; estate and trust administration; fiduciary litigation; and related taxation matters. Mr. Bedosky has been an adjunct professor of law at the University of Minnesota Law School, the University of St. Thomas, and William Mitchell College of Law; an adjunct business taxation professor at the University of Minnesota’s Carlson School of Management; and a visiting professor of law at William Mitchell College of Law. He earned his B.S. degree, magna cum laude, from Villanova University; and his J.D. degree, magna cum laude, Syracuse Law Review, from Syracuse University College of Law. Mr. Bedosky earned his L.L.M. (estate planning) from the University of Miami School of Law.

 

Leslie A Share is a shareholder in Packman, Neuwahl & Rosenberg P.A., specializing in the areas of domestic and international tax, estate and wealth preservation planning. Mr. Share has advised clients in numerous and diverse areas such as Broadway theatrical productions, domestic and foreign real estate like-kind exchanges, Internet sales, services and licensing tax planning, advanced domestic and foreign wealth preservation techniques, U.S. tax treaties, Internal Revenue Service examinations and voluntary compliance programs and preferred structures for inbound and outbound business and investment planning. He has written for publications such as Checkpoint Catalyst, Florida Bar Journal, Asset Protection Journal, Estate Planning, Entertainment Law & Finance, the University of Florida Law Review, and an American Bar Association book entitled Foreign Investment in U.S. Real Estate-A Comprehensive Guide. He is currently a guest lecturer at the University of Miami Law School Graduate Program in Taxation. He received his B.A. degree from Northwestern University, his J.D. degree, with honors, from the University of Florida, and his Master of Laws degree in Taxation from New York University.