Fundamentals of Spousal Lifetime Access Trust planning.
Estate planning has progressed well beyond the basic will and powers of attorney. Use of trusts permit detailed and comprehensive planning. Of course, there are many purposes and types of trusts that can be immediately funded during the lifetime of the property owner that will both shield the assets against creditors and still permit a married couple to enjoy the use and income from property. This can be accomplished in every state, not just those domestic assets protection trust states (DAPT states) that permit self-settled trusts. Trusts that name the spouse as the beneficiary (and even with the spouse as trustee to retain control of the property) can be immune from creditors of both spouses. In addition, trusts can be designed to avoid estate tax as well as be surprisingly adaptable and changeable. The topic and materials will describe the issues, opportunities, and methods to maximize the use of trusts to accomplish the above, and sidestep the many pitfalls that could defeat a well-intentioned plan.
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Over 36 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
Introduction to Spousal Lifetime Access Trust (SLAT) Planning
- Desires and Purposes
- General Tax Issues
- General Trust Principles
- General Creditors' Rights Principles
Optimum SLAT Plan
- Description
- Income Tax Hurdles and Results
- Estate, Gift, and GST Tax Hurdles and Results - Possible Limitations Under State Law
- Rights of Donor Spouse to Assets After Donee Spouse
- State Law Differences
Building in Options and Powers
- Powers of Appointment
- Creditor Concerns
- Tax Concerns and Opportunities
- Modification of Trust Terms After Creation
Modifying Broken Trusts or for Change in Circumstances - Tax and Nontax Reasons
- Different Problems Described
- Trustee and Trust Protector Powers
- Common Law Methods
- Uniform Trust Code - Nonjudicial Settlement Agreements
- Decanting
- Tax Consequences and Planning
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Why Lorman?
Over 36 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 December 2, 2020.
Call 1-866-352-9540 for further credit information.
- AR CLE 1.5
- This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
- CA MCLE 1.5
- Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
- NY CLE 1.5 including Areas of Professional Practice 1.5
- This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, LLC. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 36 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
Gregory V. Gadarian
Gadarian & Cacy, PLLC
- Partner in Gadarian & Cacy, PLLC in Tucson, Arizona
- Has been admitted to the State Bar of Arizona and the State Bar of Florida
- From 1978 - 1980 he was a legislation attorney on the staff of the Joint Committee on Taxation, U.S. Congress
- Prior to that, he was an attorney-advisor to Judge Cynthia H. Hall of the U.S. Tax Court
- Former chair of the Fiduciary Income Tax Committee and former Arizona State chair of the American College of Trust and Estate Counsel, and is an adjunct professor at the University of Arizona College of Law
- L.L.M. degree in taxation, New York University; J.D. degree, cum laude, Northwestern University School of Law; B.A. degree, Northwestern University
Les Raatz
Dickinson Wright PLLC
- Member of the law firm of Dickinson Wright PLLC in Phoenix
- Practices primarily in the areas of estate planning, probate and trust administration, divorce tax and asset planning, and entity structuring, and taxation
- Has significant experience representing thousands of business clients and their families in connection with estate and tax planning
- National author and speaker at numerous seminars on areas of income, estate and gift taxation, probate and trust issues, and selection of business entities, and has been engaged as an expert witness in numerous tax and estate and trust related matters
- Listed as Best Lawyers “Lawyer of the Year – Trust and Estates” in Phoenix for 2016, 2018 and 2020; also listed in Southwest Superlawyers in the fields of tax, estate planning & probate, estate & trust litigation and listed in Chambers and Partners - high net worth field
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