Nuts and Bolts of Revocable Trusts (In-Person or Live Webinar)
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Nuts and Bolts of Revocable Trusts (In-Person or Live Webinar)

Sponsored by The Iowa State Bar Association's Probate & Trust Law Section

When: 9/30/2014
1:00 - 3:00 PM
Where: ISBA Headquarters
625 East Court Avenue
Des Moines, Iowa  50309
United States
Contact: Christy Cronin

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Registrants may attend this event live in-person at the ISBA Headquarters or via the web. Please indicate your attendance preference when registering for this event.

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 PLC
Breanna Young, Nelson Young & Braland

Mark Gray 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 Committee.


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)
      c.HEMS standard
      d.Trust protectors
      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 Members - $70

Please use promo code probate70 when registering to receive the $70 rate. This code is for ISBA Probate, Trust & Estate Planning Law Section Members only. 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).

ISBA Members - $85
Non-ISBA Members - $100

CLE CREDIT (approved)

2 hours of state CLE

If 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.