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An 800 number connects you to nationally recognized practice leaders who will speak on important issues and emerging trends in the law. You can also pose your own questions to the speakers. Written materials and other details are emailed in advance to pre-registrants.
1 CLE hour
There are many more small trusts than large trusts and they pose special challenges for trust planners and administrators. The fees paid to trustees and to investment professionals, together with ongoing reporting and fiduciary income tax compliance costs, can consume a substantial portion of the trust’s liquid assets or income. There are also the challenges in the types of assets most commonly held by small trusts. Many have as their principal assets real estate or an operating (often family) business, which are very difficult to administer. In some instances, trusts may cease to be practically and financially viable, and may need to be restructured or even terminated. This program will provide you with a practical guide to drafting, structuring and administering small trusts – and what to do when they cease to be viable entities.
• Drafting, structuring and administering small trusts
• Economics of small trusts – trustee compensation, reimbursement of expenses, investment fees
• Challenges of trust management of operating businesses and non-liquid assets such as real estate
• When a trust is so small that it’s not economically viable – when and how to restructure or terminate the trust
• Practical alternatives when a small trust is not viable, including custodial accounts
• How choosing a trustee for a small trust differs from trustee selection for larger trusts
• Reporting and tax compliance issues for smaller trusts
John T. Midgett is a founder of Midgett & Preti PC in Virginia Beach, Virginia, where his practice focuses on estate planning, administration and taxation, elder law, and family business planning. He is a Fellow of the American College of Trust and Estate Counsel, a member of the National Academy of Elder Law Attorneys, and the Duke University Estate Planning Council. He has lectured widely on topics relating to estate planning, taxation, probate, elder law, and family businesses. Mr. Midgett received his B.A. from the University of Virginia and his J.D. from the University of Richmond.
Missia H. Vaselaney is a partner in the Cleveland office of Taft, Stettinius & Hollister, LLP, where her practice focuses on estate planning for individuals and businesses. She also represents clients before federal and state taxing authorities. Ms. Vaselaney is a member of the American Institute of Certified Public Accountants and has been a member of the Steering Committee for AICPA’s National Advanced Estate Planning Conference since 2001. Ms. Vaselaney received her B.A. from the University of Dayton and her J.D. from the Cleveland-Marshall College of Law.