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Distribution provisions are the most essential provisions of trust instruments – and risk lurks everywhere. If a trustee has unbounded discretion, he or she risks a “general power of appointment,” which would cause the trust’s assets to be taxable to the holder of the power of appointment. But distribution standards – especially for “standard of living” or “emergencies” – are inherently susceptible to multiple interpretations and dispute, and potentially to litigation. Ultimately, planning and drafting these provisions is an exercise in risk management and tradeoffs. This program will provide you with a real world guide to planning and drafting distribution provisions in trust instruments, including the tradeoffs and risks.
Handout Materials will be emailed to you prior to the seminar
1.0 MCLE Credit Hour
Daniel L. Daniels, Wiggin and Dana, LLP – Greenwich, Connecticut