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Live Seminar

Trusts: Top Challenges



Friday, May 11, 2018


8:30 AM - 4:40 PM

Product ID#:



University Center

525 South State Street

Chicago, IL 60605


$349 / Each Additional

Registration Includes Course Book

Credit Information

Continuing Legal Education

  • IL CLE - 6.50

CPE for Accountants

  • CPE for Accountants/NASBA - 8.00

Program Description

Tackling the Problems of Choosing, Drafting and Administering Trusts

We've asked professionals across the nation what they consider to be the top troubling and frustrating challenges in trusts practice. The responses were compiled, and now experienced faculty are ready to take you through the list of problematic items most often encountered. Learn what roadblocks to expect with common trusts used in estate planning and asset protection, and get practical solutions to top challenges. Don't let problems get in the way of ensuring effective and tax-efficient wealth transfers. Register today!

  • Prevent wrong choice of trust - explore common incongruences that cause financial trouble later down the line.
  • Make certain the trust fits within the framework of the numerous (and sometimes conflicting) state and federal statutes.
  • Get tips for dealing with trustees who don't understand their responsibilities.
  • Make certain the client's assets and beneficiary designs are properly aligned with the trust.
  • Prevent unintended tax consequences of top trusts.
  • Identify key problems that arise when using grantor trusts.
  • Overcome planning challenges for the disabled spouse.
  • Get practical guidance for resolving trust funding and administration issues.
  • Protect your professional reputation with a legal ethics guide tailored to trusts practice.

Who Should Attend

This intermediate level seminar is designed for professionals involved in creating, administering and terminating trusts:

  • Attorneys
  • Accountants and CPAs
  • Trust Officers
  • Tax Professionals
  • Paralegals

Course Content

  1. Trust Basics and Choice of Trust Dilemmas
  2. Revocable Living Trust Problems
  3. Preventing Troubling Tax Consequences of Trusts
  4. Top Roadblocks in Using Trusts for Tax Reduction
  5. Grantor Trust Malfunctions and Fixes
  6. Challenges in Planning for the Disabled
  7. Ethical Dilemmas in Trusts and Estates Practice
  8. Trust Administration Hurdles

Continuing Education Credit

Continuing Legal Education – CLE: 6.50 *

National Association of State Boards of Accountancy – CPE for Accountants/NASBA: 8.00 *

* denotes specialty credits

Agenda / Content Covered

    8:30 - 9:45, Morris R. Saunders
    1. Main Terms, Major Laws Governing Trusts
    2. Misunderstandings Over Duties and Responsibilities of Parties to a Trust
    3. Misunderstanding Why the Trust is Needed and its Implications (Loss of Control, Administration Fees, Taxes, etc.)
    4. Deciding Which Type of Trust to Use
    9:45 - 10:30, Morris R. Saunders
    1. Failure to Ensure Creditor Protection (Inadvertent Retention of Grantor Control)
    2. Top Three Ways RLTs Can Go off the Rails
    3. Credit Shelter Trusts - Sticky Trust Provisions and Techniques
    4. Marital Deduction Trusts: Does the Trust Need to Be Restated After a Spouse(s) Death?
    5. Qualified Terminable Interest Trust (QTIP) Troubles
    6. Fixing the Problems of Stock Trust Language
    7. Clients Not Funding the Trust After it's Drafted
    10:45 - 11:30, Cary R. Rosenthal
    1. On Contributions
    2. On Distributions
    3. On Accumulated Income
    12:30 - 1:30, Michaeline A. Gordon
    1. Changes in Tax Laws
    2. Who is to Pay the Income Tax and How? And Other Tough Income Tax Questions
    3. Challenges in Using Charitable Remainder Trusts
    4. Qualified Domestic Trusts: What Can Go Wrong?
    5. Sticky Defective Trust Provisions
    6. Confusion Regarding Education Trusts for Children and Grandchildren
    7. Funding the Trust: Top Oversights and Their Consequences
    1:30 - 2:15, Frederick E. Roth
    1. Zeroing in on the True Need for and Goal of the Trust
    2. Choosing the Right Type of Grantor Trust
    3. What Can Go Wrong With Grantor Trust Status Toggling
    4. Problems in Using the Asset Substitution Power
    5. Drafting Challenges and Sample Trust Language
    6. Ensuring the Tax Goals of the Trust are Accomplished
    2:30 - 3:00, Mollie A. Whitehead
    1. Third Party Special Needs Trusts
    2. First Party Special Needs Trusts
    3. Planning for the Disabled Spouse
    4. Considerations for Medicaid Eligibility vs. SSI Eligibility
    3:00 - 4:00, Mollie A. Whitehead
    1. Who is Your Client?
    2. Protecting Client Confidentiality
    3. Attorneys Fees
    4. Malpractice Liability Risks
    5. Clients with Diminishing Capacity
    4:00 - 4:40, Cary R. Rosenthal
    1. Lack of Definitive Terms in the Trust Agreement as They Apply to Particular Parties
    2. Generic Trusts Not Custom-Tailored to the Grantor's/Beneficiary's Unique Circumstances
    3. Trustee Problems
      1. Don't Understand Their Operating Constraints
      2. Treat the Trust as an Unlimited Source of Compensation for Themselves
    4. Fixing Improper Trust Funding
    5. Getting Banks and Other Financial Institutions to Honor the Trust
    6. Conflicts Between Trustees and Beneficiaries

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 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.

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.

FREDERICK E. ROTH is an attorney with the Roth Law Firm of Naperville, Illinois, where he concentrates his law practice in business and estate litigation, and business transactions. He earned his B.S. degree from the University of Illinois and his J.D. degree from The John Marshall Law School of Chicago, Illinois.

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. Saunders 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.

MOLLIE A. WHITEHEAD is a partner at WhiteheadFink Elder Law LLC, in Chicago, Illinois. She has been representing clients in the areas of estate planning, probate, guardianships, Medicaid planning, elder law and trust administration for ten years. Ms. Whitehead regularly appears in court hearings for probate and guardianship cases in Cook County Circuit Court, Probate Division. She is a member of the Illinois State Bar Association, Chicago Bar Association (member, Elder Law Committee and Probate Practice Committee), and co-chair of the Serving Our Seniors Committee of the Young Attorney Section of CBA. Ms. Whitehead earned her B.A. degree, magna cum laude and with honors, from Illinois Wesleyan University and her J.D. degree from American University, Washington College of Law.

Please refer to Continuing Education Credit FAQ for general information about seeking credit for your participation in one of our continuing education programs.

Additionally, our team of credit specialists are here to answer your specific credit-related questions weekdays 7am - 5pm Central:

Phone: 866-240-1890


Accreditation Details:

Continuing Legal Education

IL CLE: 6.50 Includes - Ethics: 1.00
This program has been approved by the Illinois MCLE Board for 6.5 hours of CLE credit, which includes approval for 1.0 hour of legal ethics CLE credit by the Illinois Supreme Court Commission on Professionalism.

National Association of State Boards of Accountancy

N NAS: 8.00 Includes - Regulatory Ethics: 1.00, Specialized Knowledge: 3.50, Taxes: 3.50
NBI, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: This program is designed to qualify for 8.0 hours (based on 50 minute credit hour) of continuing professional education credit for accountants. For more information regarding administrative policies such as complaint and refund, please contact our offices at (800) 930-6182.

This is an intermediate level program presented in a group live setting. Accountants should have a basic understanding of the common trusts used in estate planning and asset protection. This course will: 1. Identify the main trust parties and their roles in the trust process. 2. Compare revocable vs. irrevocable trusts and list three types of revocable trusts. 3. List two common tax consequences of trusts. 4. Evaluate the effectiveness of three different trusts in reducing the grantor's tax burden. 5. Describe the specific requirements for filing a grantor trust tax return. 6. Develop a plan for protecting a disabled beneficiary. 7. Distinguish between ethical and unethical practices. 8. List at least three trust administration challenges. Field(s) of Study -- Regulatory Ethics; Taxes; Specialized Knowledge.

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How To Order

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Call: 800.930.6182
Fax: 715.835.1405
Mail: NBI
P.O. Box 3067
Eau Claire, WI 54702