Loading Events

« All Events

  • This event has passed.

Special Issues in Small Trusts

June 8, 2020 @ 12:00 pm - 1:00 pm

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 commonly held by small trusts. In other 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.

Handout Materials will be emailed to you prior to the seminar
$60.00
1.0 MCLE Credit Hour

Schedule:

• 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

Speakers:

John T. Midgett, Midgett & Preti PC – Virginia Beach, Virginia

Missia H. Vaselaney, Taft, Stettinius & Hollister, LLP – Cleveland