Updating and Maintaining Wills, Trusts and Estate Plans for the Evolving Client

Training Provided by Lorman Education Services nThis teleconference has two primary focuses. The first part will highlight issues and opportunities for a drafting attorney to revisit and update an existing client's estate plan or prepare an update for a new client with existing documents. This part will focus on when and why clients need to review and revisit their estate plans and how to spot those issues for existing and potential clients. The second part will highlight various drafting techniques that will allow a will and trust to maintain maximum effectiveness in the future. We'll focus on how to best address a client's future needs with flexibility built into the document and address future changes to the federal and state estate and inheritance tax rules. This teleconference will benefit any attorney who drafts, prepares or reviews wills, trusts and estate plans, and it's an excellent refresher course for the experienced drafting attorney. You'll get information on how other drafting attorneys are addressing certain drafting issues. For an attorney who is beginning or who only drafts occasionally, this teleconference will provide excellent training on spotting issues while drafting as well as provide some innovative drafting techniques.

Updating and Maintaining Wills, Trusts and Estate Plans for the Evolving Client Agenda

1. Reasons to Update Wills, Trusts and Estate Plans
1. Family Dynamics
1. Parents
2. Children and Grandchildren
3. In-Laws
2. Migration to Different State
1. Validity of Will or Trust
2. State Income Tax Issues
3. Inheritance Rights
4. State Estate or Inheritance Tax
3. Asset Acquisition and Disposition
1. Special Assets: Closely Held Business or Retirement Assets
2. Growth in Gross Estate
4. Estate Taxation
1. Changing Federal and State Estate and Inheritance Tax Rules
2. Maintaining Wills, Trusts and Estate Plans: Drafting for Future Flexibility Within Documents
1. Executor, Trustee and Fiduciary Discretion
1. Discretion on Distributions and Terminations
2. Discretion to Amend or Modify Document
2. Executor and Trustee Succession
1. Options for Succession Planning
3. Changing Situs and Governing Law
1. Flexibility in Selecting Situs of Assets and Governing Law
4. Changing Federal and State Estate or Inheritance Taxes
1. Flexible Approaches to Planning for Changing Estate and Inheritance Tax Rules
5. Changing Bequests

About The Training Provider: Lorman Education Services

More Estate Training from Lorman Education Services

• Accounting for Estates and Trusts
• Asset Protection Planning and Techniques: Safeguard Your Retirement and Other Assets
• Basics of Trust Administration
• Convergence of Estate Planning, Trust Administration and Financial Advice
• Current Issues in Revocable Living Trusts
• Drafting Trusts in Estate Planning
• Estate and Gift Tax Audits
• Estate Planning for Vacation Homes
• Estate Planning Opportunities in an Uncertain Environment
• Form 706: Estate Tax Return Fundamentals
• Managing Risk and Investments for Trustees and Other Fiduciaries
• Medicaid and Elder Law: Representing Clients in a New Legal Landscape
• Special Needs Trusts: Planning for the Disabled and Elderly
• Tax and Estate Planning for Clients Relocating to Florida
• Tax Implications of Generation-Skipping Techniques - Planning to Minimize the Generation-Skipping Transfer (GST) Tax
• The 8 Greatest Estate Planning Techniques
• The Rules of Trust Administration
• Valuation for Gift and Estate Tax Purposes in a Troubled Economy