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An Attorney’s Guide to Trust Planning From Start to Finish (Includes Ethics)

R. Lance Pruitt
R. Lance Pruitt

Prior to his current employment, Mr. R. Lance Pruitt practiced law for several years, concentrating his practice in the areas of estate and tax planning, tax litigation, estate administration, and corporate law.

Stephen E. Diamond
Stephen E. Diamond
Stenger, Diamond & Glass, LLP

Stephen E. Diamond is a partner in the law firm of Stenger, Diamond & Glass, LLP. He received his Juris Doctorate from Pepperdine University and a Master of Laws in Taxation from the University of Florida. He is admitted to practice in New York, Florida, and Massachusetts.

On-Demand: September 23, 2022

An Attorney’s Guide to Trust Planning From Start to Finish (Includes Ethics)

$245.00 4.5 hour CLE

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Program Summary

Session I - Trust Planning – R. Lance Pruitt

This portion of the webinar provides a basic, but broad overview of trust planning. The material explores and defines basic terms associated with trusts and allows the attendee to better understand the unique vernacular of trust planning. The materials address the components of a trust and defines the parties to a trust. This includes an outline of several reasons or scenarios where trust planning is warranted, as well as a quick glance at the basic types of trusts.

The materials drill down on the roles of Trustee and Trust Protector, in terms of exactly the duties and powers of each. Furthermore, the materials delve into items to consider when selecting the Trustee, thereby equipping the attendee with several talking points when discussing trust planning with clients. The materials outline Trustee candidate options, and the pros and cons of choosing an individual trustee, co-trustees, and/or a corporate or institutional trustee. It concludes with an analysis of information and data that the estate planner should gather from the client prior to, and during, the client conference, as well as suggested questions for the estate planner to ask of the client to better qualify the need for trust planning.

The final portion of the materials address revocable living trusts, which is a commonly used estate planning tool for estate plans every day. The materials address the advantages, drawbacks and other considerations associated with revocable living trust planning. Naturally, this includes ample coverage of the basics of revocable living trust planning. The revocable living trust materials conclude with attention to the art and science of funding a revocable living trust, and this is further broken down into specific types of assets that can be owned a revocable living trust (e.g., real estate, investments, business interests, etc.).

Key topics to be discussed:

  • Basis overview of trusts and scenarios for using them
  • Trustee Discussion
  • Trust Protector
  • Determining the trust planning needs of a client
  • Revocable Living Trust

Session II – Trusts: Estate, Tax, and Medicaid Planning – Stephen E. Diamond

On the second session of this webinar, join SDG Law’s Stephen E. Diamond as he discusses the use of trusts in estate planning and tax reduction. We will also take a look at the basics of Medicaid planning.

Key topics to be discussed:

  • The use of trusts in estate planning
  • Trusts used for tax reduction
  • Medicaid Planning Basics

Session III - Ethics – Stephen E. Diamond

Join Stephen Diamond as he concludes this webinar with an ethics session, discussing who the client is and how to access their capacity, among other topics.

Key topics to be discussed:

  • Who is Your Client
  • Accessing the Client’s Capacity
  • Fraudulent Transfers
  • Liability of Estate Planning Attorneys

This course is co-sponsored with myLawCLE.

Date: September 23, 2022

Closed-captioning available

Speakers

R.-Lance-Pruitt_FedBarR. Lance Pruitt

Prior to his current employment, Mr. R. Lance Pruitt practiced law for several years, concentrating his practice in the areas of estate and tax planning, tax litigation, estate administration, and corporate law. Mr. Pruitt earned his B.S. degree from the University of Tennessee at Knoxville, his J.D. degree from Southern Illinois University School of Law, and his LL.M. degree in taxation from the University of Missouri-Kansas City School of Law. Mr. Pruitt was also an adjunct professor for several years at Tusculum College (Knoxville campus) where he taught Business Law.

 

Stephen-E.-Diamond_Stenger,-Diamond-&-Glass,-LLP_FedBarStephen E. Diamond | Stenger, Diamond & Glass, LLP

Stephen E. Diamond is a partner in the law firm of Stenger, Diamond & Glass, LLP. He received his Juris Doctorate from Pepperdine University and a Master of Laws in Taxation from the University of Florida. He is admitted to practice in New York, Florida, and Massachusetts. He practices primarily in the areas of Estate Planning and Administration, Business Formation and Transactions, Real Estate, Bank Lending, and Elder Law issues.

He is past Chairman of and current legal counsel to the Dutchess County Regional Chamber of Commerce, legal counsel for The Chamber Foundation, a 2017 Northern Dutchess NAACP Freedom Fund Honoree for Justice, a past member of the Board of Directors of The Community Foundation of Dutchess County and a frequent lecturer on the topics of Estate and Retirement planning and Elder Law issues. He is a sitting Judge in the Town of Union Vale and previously served his community as Assistant Chief of the Arlington Fire District.

Agenda

Session I – Trust Planning | 9:30am – 11:10am

  • Trusts and scenarios for using them | 9:30am – 9:45am
    • Basic terms and definitions
    • Components of, and parties to, a trust
    • Categories of trusts
  • Trustee Discussion | 9:45am – 10:00am
    • Duties and powers of a Trustee
    • Trustee Selection – options with pros and cons
    • Other items to consider – life expectancies, complexity of trust, fiduciary duty
  • Trust Protector | 10:00am – 10:15am
    • The role of the Trust Protector
    • Duties and powers of a Trust Protector
  • Determining the trust planning needs of a client | 10:15am – 10:30am
    • Information gathering
    • Client Conference – questions to ask the client

Break | 10:30am – 10:40am

  • Revocable Living Trust | 10:40am – 11:10am
    • Overview – what is a revocable living trust? How does it operate?
    • Benefits, drawbacks, and other considerations for revocable living trust planning
    • Funding the revocable living trust

Session II – Trusts: Estate, Tax, and Medicaid Planning | 11:10am – 1:30pm

  • The use of trusts in estate planning | 11:10am – 11:40am

Break | 11:40am – 11:50am

  • Trusts used for tax reduction | 11:50am – 12:50pm

Break | 12:50pm – 1:00pm

  • Medicaid Planning Basics | 1:00pm – 1:30pm

Session III – Ethics | 1:30pm – 2:40pm

  • Who is Your Client | 1:30pm – 1:45pm
  • Accessing the Client’s Capacity | 1:45pm – 2:00pm

Break | 2:00pm – 2:10pm

  • Fraudulent Transfers | 2:10pm – 2:25pm
  • Liability of Estate Planning Attorneys | 2:25pm – 2:40pm

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