Having an outdated estate plan comes with many risks, including legal risks. Understand how to avoid an outdated estate plan, and how to fix a plan that may already be outdated.
Trusts instruments generally have three primary purposes: the orderly disposition of assets, avoidance of probate, and advantageous tax planning. A properly drafted trust will address these goals; however, changing life circumstances and changing laws can frustrate or thwart a grantor’s intended result, leaving his or her desires unfulfilled, and beneficiaries subject to unpleasant outcomes. The problem is that many clients do not realize their trusts are outdated, with the resulting potential for adverse legal and tax implications. This topic will help attorneys and advisors identify some of the most common outdated provisions and how to articulate the risks associated with these provisions to their clients. The material will also cover common methods for fixing outdated trusts, and how attorneys can draft new trusts to provide flexibility for the future. This information is critical for all estate planning attorneys and advisors to ensure that inefficient trusts are updated, and new trusts are drafted for optimal realization of a client’s goals, even amidst changing circumstances.
- You will be able to review different trust instruments and highlight provisions that need to be revised.
- You will be able to identify the risks associated with not updating outdated trust instruments.
- You will be able to discuss the options to fix outdated trusts.
- You will be able to explain to clients why an outdated trust needs to be modified.
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|Legal Dangers of Outdated Trusts|
|How to Fix Outdated Trusts and Trust Provisions|
|Drafting Trusts With the Future in Mind|
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Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
- Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Specialized Knowledge and Applications for 1.5 hours.
Who should attend?
This live webinar is designed for attorneys, estate planners, accountants, presidents, vice presidents, CFOs, controllers, business owners and managers, tax managers, financial planners and lenders.
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Bohm Wildish & Matsen, LLP
- Associate attorney with Bohm Wildish & Matsen, LLP
- Practice focuses on estate planning and assisting business owners and high net worth individuals to protect their assets, decrease their tax liabilities, and plan for future generations
- Represents fiduciaries in complex probate, trust administration, and trust litigation matters
- An active member of the Trust & Estates Section of the Orange County Bar Association, the Orange County Chapter of the USD Law Alumni Association, and The Elite OC – Young Professionals Giving Back
- During law school, he received the Albert and Mae Lee Memorial Scholarship, recognizing strong scholastic ability and outstanding moral character; served as the comments editor for the San Diego Journal of Climate & Energy Law; and wrote a student comment selected for publication , 6 San Diego J. Climate & Energy L. 247 (2015)
- J.D. degree, University of San Diego School of Law; undergraduate degree, University of California, San Diego
Bohm Wildish & Matsen, LLP
- Associate attorney with Bohm Wildish & Matsen, LLP since 2009
- Practice areas include estate planning, business formation, asset protection and trust administration
- Has a passion for counseling clients in achieving their estate planning and business goals, and has created hundreds of trusts and business entities for her clients all over the world
- Has presented numerous seminars on different aspects of estate planning and asset protection
- Chair of the Orange County Chapter of the J. Reuben Clark Law Society and of the international Women in Law Committee of the JRCLS
- Board member of Rising Star Outreach, a nonprofit organization dedicated to eradicating the effects of leprosy in India, and a member of the Ocean Institute Professional Advisory Council
- An active member of the Trusts & Estates and Elder Law sections of the Orange County Bar Association, and also spends time volunteering in various legal endeavors dedicating to improving the circumstances of the underprivileged
- J.D. degree, cum laude, Brigham Young University’s J. Reuben Clark Law School
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