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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
Trusts are not always perfectly planned, drafted or administered. Not all trusts go on in perpetuity. Many things can happen to cause a trust to fail or just become impractical. Substantive or tax law may change. Assets may deplete. Beneficiaries may engage in continual and destructive disputes among themselves or with trustees. Or a trust a trust may outlive its purpose. In these and many other circumstances, the trust may need to be restructured or “decanted,” the entity terminated and its assets distributed. The process of “fixing” a trust by agreement of the stakeholders or by court order is a complex with substantial practical and tax consequences. This program will provide you with a practical guide to restructuring or terminating trusts.
• Restructuring, fixing or decanting trusts
• When trust reformation makes sense – underperforming or depletion of assets, conflicts among beneficiaries, loss of trust purpose
• Trust reformation by agreement of all stakeholder or by court order
• Principal and income adjustment powers under the UPIA
• Techniques for converting a trust from one type to another
• Use of “decanting” to terminate trusts and distribute assets when the trust is not viable
• Framework of tax considerations when trusts are restructured or terminated
Benjamin S. Candland is a partner in the Richmond, Virginia office of McGuireWoods, LLP, where his practice focuses on estate planning, administration, estate and gift taxation, and litigation. He provides individual clients with advice on various estate planning matters involving estate, gift, and generation-skipping transfer taxes. He is a member of the ABA Real Property and Probate Section and the Virginia Bar Association Trusts and Estate Section. Mr. Candland received his B.A. from Brigham Young University and his J.D. from the College of William and Mary School of Law.
Justin F. Trent is an attorney in Richmond, Virginia office of McGuireWoods, LLP, where his practice focuses on the representation of high net worth individuals and families as well as closely-held businesses with respect to a variety of tax and estate planning matters. He also works with executors and trustees in matters involving estate and trust administration. Mr. Trent received his B.S., cum laude, from George Mason University and his J.D. and LLM from Georgetown University Law Center.