Where to Begin, An Overview of Trusts and Revocable Living Trusts

Cameron Kelly presented “Where to Begin, An Overview of Trusts and Revocable Living Trusts,”  at the National Business Institute, Trusts 101, on November 14, 2016. A continuing education course provided to attorneys, financial planners, trust officers, accountants and CPA’s to learn or review the basic concepts relating to the formation of a trust in Minnesota, including an overview of the new Minnesota Trust Code, and revocable living trusts, including the use of family and marital trusts, QTIP elections, drafting tips and strategies.

 

Summary:

When assessing complex information, it often helps to break items into basic building blocks. The same approach can be successful when dealing with asset protection. Be prepared for specific challenges associated with various types of trusts by understanding their unique characteristics. Gain the information you need with this comprehensive overview of the wide variety of trusts available.

WHERE TO BEGIN? – AN OVERVIEW OF TRUSTS

  • Main Terms Defined
  • Major Laws Governing Creation and Administration of Trusts
  • Who are the Main Parties? Their Duties and Responsibilities to a Trust
  • Revocable vs. Irrevocable
  • Determining Your Client’s Planning Needs
  • Reasons for Drafting a Trust
  • Deciding Which Type of Trust to Use

REVOCABLE LIVING TRUSTS

  • Traditional Estate Planning vs. Revocable Trust Planning
  • Credit Shelter Trusts
  • Marital Deduction Trusts
  • Qualified Terminable Interest Trusts (QTIPs)
  • Funding the Trust
  • Drafting Tips and Samples
  • Common Mistakes to Avoid
  • Tax Consequences