Trusts From Start to Finish

Agenda / Content Covered

1. Trust Overview: Legislative Update, Key Parties, Terms and More
   10:00 - 11:00, R. Lance Pruitt
   1. Legislative Update, Changes to Rules and Regulations
   2. Defining Key Terms
   3. Duties and Powers: Trustees, Directing Parties, Protectors
   4. Liability of Trustees
   5. Uniform Trust Code and State Statutes
   6. Types of Trusts
   7. Clients' Planning Needs: When's and Why's of Using Different Trusts
2. The Trust Lifecycle: Procedures and Pitfalls
   11:15 - 11:45, R. Lance Pruitt
   1. Creation and Viability
   2. Operation; Administration
   3. Modification and Termination
3. Revocable Living Trusts: Drafting, Operation and Termination
   11:45 - 12:45, R. Lance Pruitt
   1. Applying Case Law
   2. Advantages Over Will-Based Estate Plan
   3. Portability vs. Credit Shelter Trusts
   4. Qualified Terminable Interest Trusts (QTIPs)
   5. Marital Deduction Trusts
   6. Funding the Trust
   7. Drafting Tips
   8. Common Mistakes to Avoid
   9. Tax Consequences
   10. Termination of the Trust
   11. Example of a Well-Designed Revocable Trust
4. Using Trusts to Reduce Taxes
   1:15 - 2:00, Stephen E. Diamond
   1. Step-Up Basis Update
   2. Planning for Estate Tax Marital Deduction, Portability, Estate and Income Taxes
   3. Charitable Remainder Trusts
   4. Qualified Domestic Trusts
   5. Qualified Personal Residence Trusts (QPRTs)
   6. Defective Trusts
   7. Education Trusts for Children and Grandchildren
   8. Generation-Skipping Trusts
   9. Funding the Trust
   10. Drafting Tips and Example of a Well-Designed Trust
5. Grantor Trusts: Drafting, Operation and Termination
   2:00 - 2:45, Stephen E. Diamond
   1. Applying Case Law
   2. What Grantor Trusts are Used for
   3. Types of Grantor Trusts
   4. Funding the Grantor Trust
   5. Drafting Tips
   6. Taxation Considerations - When to File the Return?
   7. Administrative Power
   8. Operation
   9. Termination
   10. Example of a Well-Designed Trust
6. Special Needs Trusts in a Nutshell
   3:00 - 4:00, Stephen E. Diamond
   1. Special Needs/Supplemental Needs Trust, Pooled Income Trust, Miller Trust
   2. Medicaid and Medicare Issues
   3. Establishment; Beneficiary Selection
   4. Funding
   5. Distributions
   6. Drafting Tips and Samples
   7. Operation
   8. Termination
   9. Example of a Well-Designed Trust
   10. ABLE Act
7. Ethical Considerations
   4:00 - 5:00, Stephen E. Diamond
   1. Who is Your Client?
   2. Confidentiality in Third-Party Communications
   3. Assessing the Client's Capacity
   4. Avoiding Fraudulent Transfers

Accreditation Details:

Stephen E Diamond is a partner in the law firm of Stenger, Diamond & Glass, LLP. He practices primarily in the areas of estate planning and administration, business formation and transactions, real estate, and elder law issues. Mr. Diamond is past chairman of and current legal counsel to the Dutchess County Regional Chamber of Commerce, and a past member of the Board of Directors of The Community Foundation of Dutchess County. He is a frequent lecturer on the topics of estate and retirement planning, and elder law issues. Mr. Diamond is admitted to practice in New York, Florida, and Massachusetts. He earned his J.D. degree from Pepperdine University and his LL.M. degree in taxation from the University of Florida.

R. Lance Pruitt is a family wealth director and sr. vice president with the wealth management team of Venable Cantey Pruitt & Sexton. Mr. Pruitt is a financial advisor. He provides consultation and solutions to clients in the areas of estate planning, asset protection, and business succession planning. Prior to his current employment, Mr. Pruitt practiced law for several years, concentrating his practice in the areas of estate and tax planning, tax litigation, estate administration, and corporate law. He also is an adjunct professor at Tusculum College. Mr. Pruitt earned his B.S. degree from the University of Tennessee at Knoxville, his J.D. degree from Southern Illinois University School of Law, and his LL.M. degree in taxation from the University of Missouri-Kansas City School of Law.