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In this two hour presentation, Mark Gray and Breanna Young will distinguish between revocable, and other types of trusts, and when it is best to use a revocable trust. Mark and Breanna will debate the game changing effects of portability on trusts and discuss the interplay between trustee and agent under the new statutory general Power of Attorney form.
Mark Gray, Whitfield & Eddy
Breanna Young, Nelson Young & Braland
has a general practice, including but not limited to Wills, Trusts, Estate
Planning and Probate, Real Estate, and Corporate Law. He co-chairs the Whitfield & Eddy law firm's Estates,
Wills, and Trusts Group, is active in the Probate Section of The Iowa State Bar
Association, and speaks regularly on the subjects of estate planning and
probate. Mark has successfully planned for medium to very large estates,
resolved complicated and potentially expensive family disputes and tax issues,
and protected families and small businesses from various legal problems.
Breanna Young, a frequent speaker on probate and trust
issues, is a partner at
Nelson Young & Braland. Breanna is a charter member of the Iowa
Academy of Trust & Estate Counsel and the section chair of The Iowa State
Bar Association Probate, Trust and Estate Planning Section. She is also a
committee member of The Iowa State Bar Association Legal Forms
TOPICS COVERED DURING THIS PRESENTATION
1.Discussion of basic issues, will vs. trust.
a.What is probate, and what are the reasons for avoiding it? (court costs, potential delay in administration, publicity, etc.)
b.Alternatives for avoiding probate (JTw/ROS, POD/TOD, beneficiary designations, etc.)
c.Revocable living trust distinguished from other types of trusts (testamentary trusts, irrevocable trusts, etc.)
2.Discussion of the game changer effects of portability:
a.Simpler may now be better.
b. Simpler also effects a second step-up in basis on the second to die.
c.Absent a total re-write of any Joint Trust forms, Revocable Trust between H&W may not be ideal.
3.Forget about taxes. What about protecting the family farm/business from the gold digging/spend thrift surviving spouse?
4.Review specific trust language, naming trustees, etc.
a.Provisions for minor beneficiaries
b.Provisions for beneficiaries with special needs (complete & unfettered trustee discretion)
e.New POA act gives agent the authority to amend, revoke, or terminate revocable trust (but only if trust agreement so authorizes)
5.Review funding requirements and mechanisms.
a.Real estate, investments, life insurance, vehicles, expectancies.
b.Out of state assets.
c.IRAs and Qualified Funds.
6.Review fiduciary duties, and administrative problems we (drafters) create.
a.Interplay between trustee and agent under new statutory general POA form (may better fit into outline elsewhere)
ISBA Probate, Trust & Estate Planning Law Section
Please use promo code probate70 when registering to receive
the $70 rate. This code is for ISBA Probate, Trust & Estate Planning Law Section
If wanting to join this section ($15 fee), please contact the ISBA's Membership
Department at 515-697-7870 (must already be an ISBA Member).
Non-ISBA Members - $100
CLE CREDIT (approved)
2 hours of state CLE
attending via the live webinar, any materials related to this event, as well as
joining instructions, will be sent via e-mail prior to the event. Please
include e-mail address when registering for this event. ISBA members, please
make sure we have your most up-to-date e-mail address.