Audio CD + Course Book

Trusts: The Ultimate Guide

Audio CD + Course Book

Copyright Date:

December, 2017

Product ID#:


Audio + Course Book

Credit Information

Continuing Legal Education

  • IL CLE - 12.00
From Event: Trusts: The Ultimate Guide, held December 2017.

Program Description

This definitive guide to trusts will give you key knowledge of unique trust structures, sample provisions language, and reasoning for which planning tools better suit specific client situations. Understand the key structures and uses of today's top trusts and anticipate administration challenges and tax consequences. Order today!

Course Content

  1. Key Parties, Terms, Legal Concepts
  2. Revocable vs. Irrevocable and Revocable to Irrevocable
  3. Living vs. Testamentary Trusts
  4. Grantor Trusts
  5. IRA Trusts
  6. Medicaid-Planning Trusts
  7. Special Needs Trusts
  8. Asset Protection Trusts: Domestic and Offshore
  9. Key Valuation Issues in Transfers of Property to Trusts
  10. Trust Decanting, Modification, Dissolution, and Constructive Trusts
  11. Legal Ethics
  12. Income Taxation of Trusts
  13. Other Trust Structures and Issues

Continuing Education Credit

Continuing Legal Education – CLE: 12.00 IL - Credit Approval Expiration 12/13/2019 *

* denotes specialty credits

Agenda / Content Covered

Day 1

  1. Key Parties, Terms, Legal Concepts
    9:00 - 9:50, Diane Ainsworth
    1. Key Laws of Trust Drafting and Administration
    2. Current State and Federal Tax Regime Update
    3. Grantors, Beneficiaries, Trustees and Other Trust Parties
    4. Does Your Client Need a Trust?
    5. Creditor Rights in Regards to Trusts
  2. Revocable vs. Irrevocable and Revocable to Irrevocable
    9:50 - 10:40, Morris R. Saunders
    1. Revocable vs. Irrevocable
    2. When can a Trust Become Irrevocable and the Consequences it Carries
  3. Living vs. Testamentary Trusts
    10:55 - 11:45, Diane Ainsworth
    1. When are Testamentary Trusts Used?
    2. Living vs. Testamentary Trusts for Tax Purposes
    3. Unique Funding and Administration Issues
    4. Key Provisions Review
  4. Grantor Trusts
    12:45 - 1:45, Theodore E. Froum and Nykoel D. Kahn
    1. Types of Grantor Trusts and Their Uses
    2. Securing Grantor Trust Status
    3. Grantor Trust Taxation
    4. Trustee Powers and Duties
    5. "Intentionally Defective" Language
    6. Sample Trust Provisions Review
  5. IRA Trusts
    1:45 - 2:35, Gregory P. Turza
    1. Inherited IRAs After Clark Decision
    2. IRA Trusts: Key Concepts and Design
    3. Conduit vs. Accumulation Trust
    4. Required Minimum Distributions Issues and Workarounds
    5. Sample Provisions
    6. Key Administration Challenges
  6. Medicaid-Planning Trusts
    2:50 - 3:40, Cary R. Rosenthal
    1. Medicaid Eligibility in a Nutshell
    2. Asset Transfer Tactics
    3. Income-Only Trusts in Medicaid Planning
    4. How Non-Medicaid Trusts can Affect Benefits and Estate Recovery
  7. Special Needs Trusts
    3:40 - 4:30, Cary R. Rosenthal
    1. SNTs vs. ABLE Act Accounts
    2. Types of SNTs and Their Uses
    3. Tax Consequences and Benefits Preservation
    4. Allowable Expenses

Day 2

  1. Asset Protection Trusts: Domestic and Offshore
    9:00 - 10:00, Michaeline A. Gordon
    1. Self-Settled Trusts in General
    2. Drafting the Spendthrift Provisions
    3. When to Use a DAPT
    4. Jurisdiction Issues and Comparison of Favorable Jurisdictions
    5. Tax Compliance and Reporting
    6. Using a Foreign Jurisdiction: Reasons and Methods
    7. Saving on State Income Tax with Delaware or Nevada Incomplete Non-Grantor Trusts (DINGs and NINGs) - IRS PLR 201430003-PLR 201430007
  2. Key Valuation Issues in Transfers of Property to Trusts
    10:15 - 11:15, Bruce L. Richman
    1. Standard of Value to be Used for Gifting of Assets to a Trust as Part of Succession Planning
    2. Defining FMV
    3. Statute of Limitations and the Adequate Disclosure Rules
  3. Trust Decanting, Modification, Dissolution, and Constructive Trusts
    11:15 - 12:15, Michaeline A. Gordon
    1. Modification: Consent, Court, Decanting
    2. Termination: Consent, Court
    3. Constructive Trusts
  4. Legal Ethics
    1:15 - 2:15, Stephen A. Frost
    1. Who is Your Client?
    2. Top Malpractice Risks in Trusts Practice
    3. Fiduciary Liability Considerations
    4. Avoiding Fraudulent Transfers
    5. Testator Capacity Issues
  5. Income Taxation of Trusts
    2:30 - 3:30, Stephen A. Frost
    1. Taxation of Trusts
    2. Accounting vs. Taxable Income
    3. Tax Consequences of Distributions
    4. 3.8% NIIT Surtax
    5. Accumulation Distribution for Some Complex Trusts
    6. The 2% Floor on Miscellaneous Itemized Deductions
    7. Material Participation by Trusts - Recent IRS Changes
    8. Tax Consequences of Trusts in Estate Administration
  6. Other Trust Structures and Issues
    3:30 - 4:30, Michael H. Erde
    1. Minors' Trusts
    2. Pet Trusts
    3. Irrevocable Life Insurance Trusts
    4. Incomplete Non-Grantor Trusts
    5. Smaller Estate Trusts
    6. Constructive Trusts
    7. Joint Exempt Step-Up Trusts (JESTs)

DIANE AINSWORTH is the managing attorney with Ainsworth & Associates PC. She practices in the areas of criminal defense, estate planning, and litigation. Ms. Ainsworth is a member of the Cook County Bar Association, the American Association for Justice, and the Black Women Lawyers Association. She received her J.D. degree from Northwestern University School of Law.

MICHAEL H. ERDE is the principal in the North Side Chicago law firm of Michael H. Erde, P.C., where he focuses his practice on estate planning, elder law, probate and trusts. He is certified as an elder law attorney by the National Elder Law Foundation. Mr. Erde is a member of Greater North Shore Estate Planning and Financial Planners Council, and the National Academy of Elder Law Attorneys. He has been an instructor/lecturer and given seminars for many years on estates, trusts, elder law, asset protection, Medicaid and special needs. Mr. Erde was an adjunct professor at The John Marshall Law School, where he taught classes on elder law. He has written numerous articles on wills, trusts, and elder law issues. Mr. Erde earned his B.S.B.A. degree from Washington University, his J.D. degree from the University of Illinois, and has graduate credits in taxation from The John Marshall Law School. He founded the Asset Protection Committee of the Chicago Bar Association, and is a member of the Probate Committee of the local bar.

STEPHEN A. FROST is a partner with Hinshaw & Culbertson LLP, where he represents closely held businesses and their owners, real estate owners and high net worth individuals. Mr. Frost advises business owners on the organization and operation of their businesses. He also designs and assists in implementing workable strategies to transition the ownership of businesses. To ensure that each business can continue in accordance with an owner's wishes, Mr. Frost works with clients to address control issues, tax planning strategies and buy/sell arrangements, and assists them in adopting effective asset protection strategies. He also supervises the ongoing administration of trusts and assists clients in properly reporting such activities to the appropriate taxing authorities. Mr. Frost has edited an IICLE notebook and authored several IICLE chapters. He presents regularly regarding estate, tax and business matters. Mr. Frost is an adjunct professor at the DePaul Graduate School of Business, where he teaches estate taxation. He has also been a visiting professor at the Vytauto Didziojo Universitetas in Kaunas, Lithuania, where he has taught a trust and partnership law course during each of the last several years. Mr. Frost earned his J.D. degree from the University of Iowa College of Law and his B.S. degree from Iowa State University.

THEODORE E. FROUM is a partner in the Froum Law Group, LLC. Mr. Froum has been practicing law since 1998. His focus is on estate, tax, asset protection and transactional planning. In addition, Mr. Froum works extensively in the areas of probate, trust, premarital agreements and guardianship administration. He is admitted to practice law in Illinois, Michigan and Florida. Mr. Froum received his B.A. degree from Brandeis University, his LL.M. degree from New York University School of Law and his J.D. degree from Benjamin N. Cardoza School of Law. He is a member of the Chicago Bar Association, State Bar of Michigan, The Florida Bar and the Society of Trusts and Estates Practitioners.

MICHAELINE A. GORDON is a partner at Ginsberg Jacobs, LLC, where she heads up the firm's estate and trust practice, focusing on estate and wealth transfer planning, and estate and trust administration. Ms. Gordon assists business owners, professional practices, families, and individuals with all aspects of estate and trust planning, and business succession planning. She regularly assists families with special circumstances, such as planning for disabled children and adults with special needs. Experienced in probate and trust administration, she advises executors and trustees in administering decedent estates and trusts. Ms. Gordon also works with entrepreneurs throughout the full business cycle, from initial planning for entity selection, to asset protection and wealth preservation through succession planning. She earned her B.S. degree from the University of Illinois in Urbana-Champaign, her J.D. degree from the John Marshall Law School in Chicago, and her LL.M. law degree in taxation from DePaul University College of Law. Ms. Gordon is a member of the Chicago Bar Association Trust Law Committee, and is a member of the Advisory Board of Advocate Charitable Foundation. She is a regular speaker on estate planning topics for National Business Institute and in the business community.

NYKOEL D. KAHN is an attorney with the Froum Law Group, LLC. She works with clients to develop and implement estate plans that address their tax and business needs, as well as meeting their personal and family goals. Ms. Kahn also works on all aspects of probate litigation and estate administration. She earned her B.A. degree from Tulane University, and her J.D. degree from Syracuse University School of Law. Ms. Kahn is a member of the Chicago Bar Association and the Illinois State Bar Association.

BRUCE L. RICHMAN is a partner in the Chicago office of WeiserMazars LLP. For more than 30 years, Mr. Richman has been actively involved in business valuations, mergers and acquisitions and other financial and tax consulting matters. He currently handles various corporate valuation projects and forensic/litigation assignments for U.S. clients - both nationally and internationally. He works with both private equity sponsors and individual corporate owners. Mr. Richman has taken specialized training in business valuation and has earned his designation as a certified private equity professional. He is a certified public accountant; ABV- accredited in business valuations by the AICPA; a certified valuation analyst; certified in financial forensics; a certified fraud examiner; a certified divorce financial analyst; and a certified mediator. He is a candidate for the ASA designation with the American Society of Appraisers, specializing in business valuation. Mr. Richman is a member of The Forensic CPA Society. He received his B.S. degree from North Adams State College, his M.S. degree from The Ohio State University, his M.S. degree in taxation from Bentley College and his M.B.A. degree from the J.L. Kellogg Graduate School of Management at Northwestern University.

CARY R. ROSENTHAL is a sole practitioner in Chicago, where he practices in the areas of estate planning and taxation. Mr. Rosenthal has lectured on the subjects of estate planning, probate and taxation, and wrote an article published in the January-February issue of the Complete Lawyer, "7 Steps to Nanny Tax Compliance." He earned his B.A. degree from the University of Illinois at Champaign-Urbana and his J.D. degree from Washington University at St. Louis School of Law. Mr. Rosenthal is a member of the Chicago (Corporation and Federal Taxation, Trust Law and Asset Protection committees), Illinois State and Northwest Suburban bar associations.

MORRIS R. SAUNDERS is a partner in the Chicago law firm of Levin & Ginsburg Ltd. He concentrates his practice in the areas of wealth management, asset protection, estate planning, business planning and taxation law, real estate, ownership and management succession, and deferred compensation. Mr. Saunders also deals extensively in business succession and in the negotiation and preparation of commercial real estate and equipment leases and other business agreements. He is a member of the Chicago Estate Planning Counsel and the Chicago Bar Association. Mr. Sanders has spoken to various professional and community groups about estate planning, trusts, estates, business succession planning, and deferred compensation. He earned his B.A. degree from the University of Virginia, his J.D. degree from The John Marshall Law School, and his LL.M. degree from DePaul University.

GREGORY P. TURZA is the principal of The Law Offices of Gregory P. Turza in Park Ridge, Illinois. He practices law exclusively in the areas of estate planning, post-mortem estate administration and elder law. Mr. Turza has helped individuals plan their estates for nearly 40 years, providing practical and effective answers to complex problems with explanations that are clear, cogent and accurate. He is a certified public accountant and certified financial planner. Mr. Turza is a member of WealthCounsel, as well as the Trusts and Estates Committee of the Chicago Bar Association. He is co-chairman of the Education Committee of the Illinois/Wisconsin Estate Planning Forum, where he teaches his colleagues cutting-edge estate planning techniques. He is licensed to practice law in Illinois, Indiana, and California. Mr. Turza earned his J.D. degree from Indiana University School of Law.

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Accreditation Details:

Continuing Legal Education

IL CLE: 12.00 Credit Approval Exp
Includes - Ethics: 1.00
This program has been approved by the Illinois MCLE Board for 12.0 hours of recorded technology CLE credit, which includes approval for 1.0 hour of legal ethics CLE credit by the Illinois Supreme Court Commission on Professionalism.

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