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Published byGary Small
Modified about 1 year ago
Trustee has discretion regarding: which beneficiaries to pay, and/or how much to pay. May (or may not) be subject to a stated standard. Also called “spray” or “sprinkle” trusts.
No interest in income or principal until the trustee exercises discretion. In effect, beneficiary hopes to receive property under a power of appointment the settlor placed into the trust.
General rule = not reachable until paid Exceptions: Settlor and beneficiary same person Child support under Family Code § 154.005
Trust Code § 113.029(a). Dillard – p. 92
A provision which typically prohibits: Beneficiary from transferring right to future payments of income or principal. Beneficiary’s creditors from.
1. Trustee accepts Review § Signature = conclusive evidence Exercise power or duty = presumption No liability until accept.
Trustee has an absolute and unqualified duty to pay the correct beneficiary.
Beneficiary of a life insurance policy is a trust, rather than the individual the insured ultimately wants to benefit upon his/her death.
Everything you need to know about Family Trusts. Parties to a Trust Settlor Trustees Beneficiaries PART 1.
Holds legal title. Must act in accordance with fiduciary standards. Trustee’s legal title cannot be reached by trustee’s creditors and is not in.
Unlimited Marital Deduction Advantages Defers estate tax until surviving spouse dies Assuming surviving spouse doesn’t consume assets Assuming surviving.
Remedies Against Trust Property. Tracing into Commingled Account Trustee’s $Trust’s $Acc’t Balance Opening Balance (that is, before Trustee turns evil)
Must be “interested person” § Defined in § (7) ▪ Beneficiary ▪ Trustee ▪ Others affected by the trust ▪ Settlor? ▪ Attorney general.
Cash and Cash Equivalents Chapter 1 Tools & Techniques of Investment Planning Life Insurance and the Generation-Skipping Transfer Tax Chapter 25 Tools.
Executory Interests. Elements of Executory Interests In favor of a transferee (not the grantor) but, not a remainder.
Purpose = Allow beneficiary to obtain information to see if trustee is breaching duties. Some states require annual accountings even without request.
In favor of a transferee (not the grantor), and Does not qualify as a remainder.
Must be “interested person” Beneficiary Trustee Attorney general (charitable trusts) Others affected by the trust?
Asset Planning. Introduction Some goals of asset planning are : –divesting assets –splitting income carried from assets or investments –reducing tax that.
Marital Deduction and Bypass Trusts Chapter 24 Tools & Techniques of Estate Planning Copyright 2011, The National Underwriter Company1 Marital Deduction.
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Trustee owes duty of impartiality. § What does income B want? What does remainder B want?
HARNEYS SETTLOR RESERVED POWERS TO RESERVE OR NOT TO RESERVE ? Emily Yiolitis Partner Harneys ALY LLC
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Trusts Legal title versus Beneficial ownership (equitable)
Co-ownership of Real Property Tenancy by the Entirety Joint Tenancy Tenancy in Common.
A trust must have property. A trust is a method of holding title to property; a conveyancing relationship.
Trustee must invest following the appropriate standard of care. Personally liable for failure to do so. But, trustee is not an insurer; only liable.
BUSINESS STRUCTURES & RISK MANAGEMENT 6/7/20162 When your clients own and operate a business, whether buying an existing business or starting up a new.
Ownership of Property Chapter 23 Tools & Techniques of Financial Planning Copyright 2009, The National Underwriter Company1 Ownership Of Property Outright.
Entity Structuring ◊ Title Holding Trust (THT) ◊ Limited Liability Company ◊ Limited Partnership ◊ General Partnership By Ward Hanigan Sponsored by: The.
© 2003 The McGraw-Hill Companies, Inc., All Rights Reserved Chapter 15 Estates And Trusts.
Unlimited Marital Deduction. Marriage – A single economic unit o Concept is that the “pair” functions as one economic unit When buying assets When.
Fundamentals of Law (BL502) Business Structures. Fundamentals of Law (BL502) Types of Business Structure Sole trader Partnership Corporation Joint.
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IRA’s, Other Pensions and Non-Probate Assets: Beneficiary Designations Presented by: Dani Smith Strasburger & Price, LLP 2801 Network Blvd., Ste. 600 Frisco,
Under certain circumstances, a trust must be evidenced by a writing. Why? Whom does the writing requirement protect?
Wealth Management & Estate Planning Jeffrey M. Axelson, Esq © Axelson, Williamowsky, Bender & Fishman, P.C.
1 ADVANCE DIRECTIVES, THE NECESSITY OF A WILL, AND THE PROBATE PROCESS March 14, 2016 David M. Cook, David M. Cook, Of Counsel Of Counsel The Hardison.
Everyone’s favourite activity: a 3-letter word ending in “x” TAX.
The A,B C’s and 1, 2, 3’s of SNT’s (Special Needs Trusts) Travis Finchum Special Needs Lawyers, P.A. SpecialNeedsLawyers.com.
The Valued Advisor Program Sheffar Potter Muchan Inc. February 28, 2007 EFFECTIVE ESTATE PLANNING TECHNIQUES A CASE STUDY AND OPEN DISCUSSION Presented.
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Irrevocable Life Insurance Trust Chapter 31 Tools & Techniques of Estate Planning Copyright 2011, The National Underwriter Company1 A vehicle for owning.
Exercise Exercise3.1 8 Exercise3.1 9 Exercise
Exercise Exercise Exercise Exercise
Exercise Exercise6.1 7 Exercise6.1 8 Exercise6.1 9.
AN INTRODUCTION TO TRUSTS F. Hale Stewart, JD, LLM, CAM, CWM, CTEP Asset Protection, Estate Planning and Captive Insurance Attorney Author of the Book.
Chapter Nineteen Accounting for Estates and Trusts Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without.
Estate of Levine v. Commissioner 536 F.2d 717 (1975) Kaufman, Chief Judge Anderson, Circuit Judge Van Graffeiland, Circuit Judge.
Trusts And Estate Planning What is a Trust? © 2008 Clarence Byrd Inc.2 SettlorTrusteeBeneficiaries PropertyBenefits Legal Ownership.
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