Training Course Syllabus:

Prevent and Resolve Trust Party Conflicts and Ensure Effective Administration

Do you know enough to ensure the trusts you draft withstand the tests of time, economic downturns and family turmoil? Get both the proverbial “ounce of prevention” and the “pound of cure” in one day of incisive study: whether you draft, administer or litigate trusts, and no matter which trust party you represent, you will find information that will help in your practice. This course uses a perfect blend of legal and financial expertise to provide a balanced guide to trust administration and fiduciary liability litigation. Register today!

• Prevent and resolve conflicts between grantors, beneficiaries and trustees through apt trust management and litigation tactics.
• Accurately predict tax and accounting consequences of the choices made at trust creation.
• Get practical tips for balancing out the conflicting interests of current and remainder beneficiaries.
• Explore trust disputes most likely to lead to litigation.
• Find out when it makes more sense for a beneficiary to relinquish a claim in a trust.
• Maintain impeccable reputation with a practical guide through common legal ethics dilemmas.
• Walk through the trust termination procedures that help prevent follow-up litigation.
• Add new tax-saving filing strategies to your trust practice repertoire.
• Properly manage periodic and final distributions.
• Get answers to your most pressing questions from experienced legal and financial planning practitioners.

1. Preventing Fiduciary Liability – Investment Rules and Decision-Making
   9:00 - 10:00, Jeremy K. Cooper
   1. Relevant Legislation and Case Law Update
   2. Duties of a Trustee
   3. Uniform Prudent Investor Act
      1. Diversification
      2. Sources of Information
      3. Investment Vehicles and Strategies
      4. Power to Delegate
      5. Impartiality
   4. Principle and Income Act's Unitrust Conversion/Adjustment Power and Investment Decisions
   5. Trust Preparation and Due Diligence
   6. Funding Formulas and Cash Flow Needs
   7. Asset Allocation
   8. The Role of Trust Protectors, Advisers and Special Fiduciaries
   9. Q&A
2. Compliant Trust Taxation and Reporting
   10:15 - 11:15, Daniel T. Gerety
   1. Federal Estate Tax Update
   2. GST and Gift Tax Rules Update
   3. Simple Trusts vs. Complex Trusts
   4. Taxable Income vs. Accounting Income
   5. Payment of Income Tax
   6. Periodic Income Tax Returns
   7. Distributable Net Income and How it is Calculated
   8. Trust Deductions
   9. Determining Whether Trust Activity is "Passive" Under IRC Section 469
   10. Disclaiming of Interest in Trust for Tax Purposes
   11. Role of Private Letter Rulings
   12. Q&A
3. Managing and Modifying Trusts
   11:15 - 12:15, Robert L. Morris
   1. Scheduled and Discretionary Distributions
   2. Managing Real Estate Assets
   3. Managing Business Interests
   4. Modifying Unfavorable Beneficiary Designations in Trusts
   5. Managing Conflicting Beneficiary Interests: Current vs. Remainder
   6. Dealing with the Creditors (the Settlor's and Beneficiaries')
   7. Maintaining Accounting Records
   8. The Added Challenges of Multi-Jurisdictional Trusts
   9. Decanting With Nevada's New Statute
   10. Changing the Situs of the Trust
   11. Q&A
4. Trust Termination
   1:15 - 2:00, David M. Grant
   1. When Particular Trusts are Set to Terminate
   2. Closing Procedures and Timeline
   3. Managing Final Distributions (in Cash vs. in Specie)
   4. Filing Final Tax Return
   5. Q&A
5. Legal Ethics
   2:00 - 3:00, Jeremy K. Cooper, David M. Grant and Robert L. Morris
   1. Who Is Your Client? Avoiding Conflicts of Interest
   2. Engagement Letters
   3. Communicating with Trustees
   4. Fraudulent Transfers
   5. Client's Mental Capacity
   6. Lawyers Serving as Fiduciaries
   7. Reporting to Beneficiaries
6. Pursuing and Defending Fiduciary Removal Actions and Litigation
   3:15 - 4:30, Anthony L. Barney
   1. Probate Commissioner's Report and Recommendation
      1. Objections
      2. Standards for Review
      3. Timelines and Procedures
   2. Common Causes of Action
      1. Breach of Fiduciary Duty
      2. Enforcement of the No-Contest Provision
   3. Jurisdiction
      1. In Rem Jurisdiction
      2. In Personam Jurisdiction
   4. Venue Determination
   5. Discovery
      1. Nevada Rules of Civil Procedure
      2. EDCR
   6. Recovery of Damages, Attorney's Fees and Costs
   7. Litigation Forms
   8. Q&A

Seminar Summary:

Get both the proverbial “ounce of prevention” and the “pound of cure” in one day of incisive study. This course uses a perfect blend of legal and financial expertise to provide a balanced guide to trust administration and fiduciary liability litigation. (see full course description)

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