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Understanding the Role of the Trust Protector

Explore this comprehensive guide to structuring a trust protector and directing party provisions into a trust or estate plan.

Practitioners are increasingly encountering trust protector provisions in documents and cutting-edge practitioners are using trust protectors to add value and flexibility to the services they provide clients and customers. Unfortunately, there is a dearth of domestic (U.S.) case law interpreting state statutes. The various state laws differ and often laws between states conflict with one another. Understanding the role of the trust protector helps practitioners and related professionals responsible for client and customer matters understand what a trust protector is, what duties a trust protector has and does not have, and how a trust protector acts when needed. This information is critical to advise clients and customers now and in the future. Soon, use of trust protectors will become so ubiquitous that knowledge of these materials will likely constitute basic knowledge for many practitioners and related professionals.

Learning Objectives

  • You will be able to identify the origin and definition of Trust Protector.
  • You will be able to identify Trust Protectors duties, responsibilities and powers.
  • You will be able to differentiate between various state statutes.
  • You will be able to differentiate between a Grantor and Non-Grantor Trust.

Runtime: 89 minutes
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Why Lorman?

Over 33 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

Definition of Trust Protector

  • Origin
  • Fiduciary vs. Non-Fiduciary
  • Distinguished From Trust Advisor
  • Use in Practice

Trust Protector Duties, Powers and Liabilities

  • Duty to Protect and Monitor
  • Scope of Powers
  • Extent and Limitation of Liability

Trust Protector Rights

  • Right to Information
  • Source of Power: Personal vs. Fiduciary
  • Compensation

Trust Protector Vis-a-Vis Trustee and Courts

  • Who Has Ultimate Power
  • Overlapping Powers
  • Directed Trusts
  • Uniform Trust Code
  • Court's Jurisdiction and Powers

Trust Protector Role in Practice

  • Example: Private Retirement Trust
  • Reasons to Include a Trust Protector
  • Selection of Trust Protector
  • Powers
  • Tax Considerations
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Why Lorman?

Over 33 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.

Credits

OnDemand Course

This course was last revised on November 8, 2019.

Call 1-866-352-9540 for further credit information.

  • CPE/NASBA - QAS Self Study 2.2 including Specialized Knowledge 2.2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study 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 web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.2 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 2.2 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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Why Lorman?

Over 33 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

James L. Cunningham, Jr.

James L. Cunningham, Jr.

Cunningham Legal

  • Partner in the office of Cunningham Legal
  • Certified by the State Bar of California as a specialist in estate planning trust and probate law
  • Practice emphasizes all aspects of living trust centered estate planning
  • Conducts regular seminars and workshops on numerous topics including creation of living trust centered estate plans as well as administration of living trust centered estate plans
  • Licensed by the Securities and Exchange Commission of the United States Series 7 and 66
  • Licensed by the State of California as a real estate broker
  • Licensed by the State of California as an insurance agent
  • Author of several publications related to the areas of estate planning with living trusts including the best-selling book “Savvy Estate Planning: what you need to know before you hire the right lawyer”
  • Member of the California State Bar, WealthCounsel, ElderCounsel and Vistage
  • J.D. degree, Whittier College, School of Law; B.A. degree in history, with honors, University of California, Santa Cruz
  • Can be contacted at 530-269-1515 or [email protected]
Raymond F. Olmo, CEA, CEP, RFC

Raymond F. Olmo, CEA, CEP, RFC

Trust-CFO

  • Partner in the office of Trust-CFO
  • Practice emphasizes all aspects of California private retirement plan administration
  • Conducts regular seminars and workshops on numerous topics related to retirement planning and wealth preservation
  • Licensed by the State of California as an insurance agent
  • Author of several publications and podcasts related to the areas of private retirement plans
  • B.S. degree, California State University Chico
  • Can be contacted at 800-730-3020 or [email protected]
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Over 33 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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Product ID: 407208
Published 2019
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