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Discretionary Distribution Standards in Estate Planning

Learn how to reduce uncertainty, estate inclusion, litigation and other potential negative consequences of discretionary distribution standards.

The wording of a discretionary distribution standard can have tremendous consequences, positive and negative, for the settlor, the beneficiaries, and the trustee. Discretionary language must be carefully tailored to meet a client's objectives, and this requires a thorough understanding of the legal principles that govern the interpretation of a discretionary standard. Failure to draft carefully can result in estate inclusion for the settlor and/or the beneficiary, can convert a discretionary trust into a mandatory support trust, and can make administration a confusing exercise in complexity for the trustee. This topic will help you understand and plan for the drafting traps awaiting the unwary with respect to discretionary distribution standards. It will explain the factors that increase and decrease a trustee's discretion and a beneficiary's right to enforce a distribution.

Runtime: 88 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

The Line Between a Discretionary and a Mandatory Distribution Standard Has Been Blurred

  • May vs. Shall, and When Does 'Shall' Still Create a Discretionary Standard?
  • How Will a Distribution Provision Affect Estate Inclusion for the Settlor?
  • Effect of Savings Clauses and Limiting Clauses

Enforceability of Standard by Beneficiaries and Creditors

  • When Does a Beneficiary Have an Enforceable Right to a Distribution?
  • When Can a Creditor of a Beneficiary Force a Distribution?
  • What Broadens and Narrows Trustee Discretion?
  • What Is the Effect of Language Making Discretion Uncontrolled or Unreviewable?
  • When Must a Trustee Consider Other Resources Available to the Beneficiary?

Preserving Flexibility and Avoiding Litigation

  • Importance of Drafting Clearly and Understanding How Language Is Interpreted
  • Weight Given to Intent and Purpose
  • Private Trustee Removal - A Very Powerful Tool
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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OnDemand Webinar

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Geoff N. Germane, AEP, EPLS

Geoff N. Germane, AEP, EPLS

Kirton McConkie PC

  • Shareholder in Utah’s largest law firm, Kirton McConkie PC
  • Practice focuses on estate, business, tax and asset protection planning
  • Regularly presents on latest techniques in the area of estate planning, tax planning, business succession and charitable giving
  • Published writer in several national periodicals, including Estate Planning magazine
  • Past president of the Utah Valley Estate Planning Council; board member of BYU Management Society, Utah Valley chapter; member of Utah Valley University Gift Planning Advisory Board
  • Adjunct faculty member, business law and estate planning, BYU Marriott School and Utah Valley University
  • Can be contacted at 801-426-2100 or [email protected]
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Product ID: 397721
Published 2016
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