IL Specific

Trusts, Estates & Probate

4.15

Trusts in Illinois From A to Z

Credits Available
Credit Status Total
Illinois CLE Approved 6.5 Total
Missouri CLE Approved 6 Total
OnDemand
6 hours 34 minutes
Sharanya Gururajan
Shannon Bauer Miloch
D. Bryant Ross
Stephanie Ross
Eric Wilen
With Sharanya Gururajan from SG Law + 4 others
Recorded May 17, 2024
Product ID 98217

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Overview

The Ultimate Pros and Cons Guide to Top Wealth Planning Techniques

Planning your clients' financial future and legacy is diverse and complex, with a unique tool for every unique client situation. In this fast-paced comprehensive program, our faculty will guide you through the plethora of trust options and give you a straightforward, incisive analysis of when and how each can be used for maximum effect. Explore the goals, functions, administration hurdles, and tax implications of the top trusts in the practice. Choose the best tool for the job every time - register today!

  • Weigh all the pros and cons to select the best trust options for specific client situations.
  • Anticipate tax consequences of various trusts.
  • Use sample trust language our faculty provide to save drafting time and avoid mistakes.
  • Clarify the powers and duties of trustees in different trusts.
  • Compare living and testamentary trusts for straightforward estate planning.
  • Distinguish between accounting and taxable income and learn how trust income tax is reported.
  • Understand how recent tax laws changed the practice of marital trusts and learn when they are still useful.
  • Review common ethical missteps that can cost you your license - and how to avoid them.

Abbreviated Agenda

  1. What are Trusts? Main Trust Principles
  2. Simple Testamentary Trusts and Revocable Living Trusts
  3. Grantor Trusts
  4. Tax Reduction with Trusts
  5. Generation Skipping/Dynasty Trusts
  6. Trust Tax Essentials
  7. Basic Tax Issues in Estate Planning
  8. Other Trust Structures and Issues
  9. Legal Ethics

Related Topics

Product ID 98217

Credit Details

Credits Available
Credit Status Total
Illinois CLE Approved 6.5 Total
Missouri CLE Approved 6 Total
Select Jurisdiction
CLE

Agenda

All times are shown in

  1. What are Trusts? Main Trust Principles

    1. Trust Terms, Concepts, and Definitions
    2. Key Parties in a Trust and Their Roles
    3. The Laws of Trust Creation and Administration (UTC, UPA, UPIA, etc.)
    4. Trust Revocability and its Implications
    5. Trust Funding Basics
    6. Creditor Rights in Regards to Trusts
    7. Does the Client Need a Trust?

  2. Simple Testamentary Trusts and Revocable Living Trusts

    1. When are Testamentary Trusts Used?
    2. Living vs. Testamentary Trusts for Tax Purposes
    3. Trust Funding Mistakes and Consequences
    4. Top Trust Administration Issues
    5. Sample Trust Language

  3. Grantor Trusts

    1. Types of Grantor Trusts and When They are Used
    2. Intentionally Defective Grantor Trusts
    3. Tax Planning, Requirements, and Consequences
    4. Trustee Powers and Duties
    5. Grantor Trust Status and Reporting
    6. Exceptions to the Rules
    7. Sample Trust Language

  4. Tax Reduction with Trusts

    1. Current State and Federal Tax Regime
    2. Taxation of Trusts: Transfer and Income
    3. Accounting vs. Taxable Income
    4. Tax Consequences of Distributions
    5. Tax Implications of a Trust Becoming Irrevocable
    6. Accumulation Distribution for Some Complex Trusts

  5. Generation Skipping/Dynasty Trusts

    1. GST Tax and Other Tax Considerations
    2. When are Dynasty Trusts Used?
    3. Trustee Powers and Duties and Administration Challenges
    4. Exceptions to the Rules
    5. Sample Trust Language

  6. Trust Tax Essentials

    1. When are Charitable Trusts Used?
    2. CRTs vs. CLTs
    3. Tax Planning, Requirements, and Consequences
    4. Trustee Powers and Duties and Administration Issues
    5. Exceptions to the Rules
    6. Charitable Planning in Smaller Estates
    7. Sample Trust Language

  7. Basic Tax Issues in Estate Planning

    1. When are Marital Trusts Used?
    2. Old AB/Credit Shelter Trusts After ATRA and Tax Cuts and Jobs Act
    3. Tax Planning, Requirements, and Consequences
    4. Trustee Powers, Duties, and Challenges
    5. Underfunded Trusts After First Death
    6. QDOTs for Noncitizen Spouses
    7. Exceptions to the Rules
    8. Handling Dysfunctional Client Families
    9. Sample Trust Language

  8. Other Trust Structures and Issues

    1. Minors' Trusts
    2. IRA Trusts
    3. Pet Trusts
    4. Medicaid Trusts
    5. Asset Protection Trusts
    6. Irrevocable Life Insurance Trusts
    7. Incomplete Non-Grantor Trusts
    8. Gun Trusts
    9. Trust Decanting, Modification, and Dissolution
    10. Smaller Estate Trusts
    11. Constructive Trusts

  9. Legal Ethics

    1. Who Is Your Client? The Most Important Question in Trusts Practice
    2. Top Legal Malpractice Risks
    3. Testator Capacity Issues
    4. Dealing with Trust Beneficiaries
    5. Protecting Confidentiality
    6. Preventing Fiduciary Misconduct

Who Should Attend

This basic level online seminar is designed for the professionals involved in creating and administering trusts:

  • Attorneys
  • Accountants and CPAs
  • Trust Officers
  • Tax Managers
  • Wealth Managers

Speakers

Sharanya Gururajan
Sharanya
Gururajan
SG Law
Shannon Bauer Miloch
Shannon
Bauer Miloch
Kilpatrick Townsend & Stockton, LLP
D. Bryant Ross
D. Bryant
Ross
Northern Trust Corporation
Stephanie N Ross
Stephanie N.
Ross
Levenfeld Pearlstein, LLC
Eric R Wilen
Eric R.
Wilen
Brooks, Tarulis & Tibble, LLC
Speaker bio
Sharanya Gururajan

Sharanya Gururajan

SG Law
Sharanya Gururajan

is a solo practitioner at SG Law. With offices in Schaumburg and Lincolnshire, she has more than a decade worth of experience representing clients in both federal and state courts in Illinois. Having practiced in both litigation and transactional matters, Ms. Gururajan has the unique ability to analyze complex legal and financial situations from several different vantage points in order to direct clients towards pragmatic and cost efficient solutions. She earned her J.D. degree, cum laude, from the University of Illinois College of Law, Urbana-Champaign.

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Speaker bio
Shannon Bauer Miloch

Shannon Bauer Miloch

Kilpatrick Townsend & Stockton, LLP
Shannon Bauer Miloch

is an attorney at Kilpatrick Townsend & Stockton, LLP, formerly HMB Legal Counsel. She is a member of the firm's private client, trusts and estates group and focuses her practice on estate planning and administration. Representing executors and trustees in probate proceedings and estate administrations, Ms. Bauer Miloch helps clients handling accountings, investments, tax compliance and the other day-to-day aspects of serving as a fiduciary. She earned her B.A. degree, cum laude, from the University of Kentucky, her M.A.T. in secondary education, highest honors, and her J.D. degree from Loyola University Chicago. Ms. Bauer Miloch is a member of the Chicago Bar Association, Illinois State Bar Association and Women's Bar Association of Illinois. She is admitted to practice law in Illinois.

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Speaker bio
D. Bryant Ross

D. Bryant Ross

Northern Trust Corporation
D. Bryant Ross

is an Associate Tax Counsel and Vice President at Northern Trust Corporation, covering the complex fields of generation skipping transfer tax (GST), transfer taxes, succession planning and retirement vehicles. Mr. Ross earned his B.A. degree from Vanderbilt University and his J.D. degree from Loyola University Chicago School of Law. He is admitted to practice law in Illinois.

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Speaker bio
Stephanie N Ross

Stephanie N. Ross

Levenfeld Pearlstein, LLC
Stephanie Ross

is an attorney at Katten Muchin Rosenman LLP in their Chicago office. She assists high-net-worth individuals and families in the design of custom estate plans. Ms. Ross also has advanced knowledge in numerous areas of tax law, including fiduciary income tax and the transfer taxes. She earned her B.A. degree, cum laude, from Loyola University Chicago and her J.D. degree from Loyola University Chicago School of Law. Ms. Ross' community involvement includes the Chicago Estate Planning Council. She is admitted to practice law in Illinois and before the U.S. Supreme Court.

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Speaker bio
Eric R Wilen

Eric R. Wilen

Brooks, Tarulis & Tibble, LLC
Eric Wilen

is an attorney with the Naperville Law Firm of Brooks, Tarulis & Tibble, LLC. His practice is focused on representing business owners and high net worth families in the areas of estate planning, business succession planning, wealth transfer planning and the administration of trusts and estates. Mr. Wilen has substantial expertise in many areas of the tax law ranging from advising start-ups on choice of entity issues, income tax issues for family controlled and closely-held entities, assisting with compliance on estate, gift and fiduciary tax returns and representing taxpayers in controversies with the Internal Revenue Service and other tax authorities. He earned his B.A. degree in finance from Michigan State University, Eli Broad College of Business. After undergraduate college, Mr. Wilen attended the Detroit College of Law (which is now known as Michigan State University College of Law), receiving his J.D. degree, cum laude. After law school, he pursued graduate legal studies at the New York University School of Law receiving his LL.M. degree in taxation. Mr. Wilen is licensed to practice in Illinois and Michigan. He has also been admitted to practice before the U.S. Tax Court and the U.S. District Court for the Northern District of Illinois. Mr. Wilen is a member of the Illinois State Bar Association, Trusts and Estates Section; DuPage County Bar Association; Fox Valley Chapter of the Illinois CPA Society; and member of the DuPage County Estate Planning Council serving on the Board of Directors. He is very active in the community having served as the board president of Senior Home Sharing, a non-profit organization, dedicated to providing seniors in DuPage County with an opportunity to live independently in affordable family-style homes. Mr. Wilen is member of the Board of Directors for the Indian Prairie Educational Foundation serving on its Governance Committee.

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Closed captioning is available for all Live Webinars. After you've joined the event room, you can enable closed captioning by clicking the "cc" button in the lower right of the player.
What happens if my course is cancelled?
In the unlikely event that NBI cancels or reschedules an upcoming program, each registered attendee will be contacted via email by a representative of NBI. Outreach to attendees begins as soon as NBI is made aware that a program will not move forward at its originally scheduled date and time.
Are multiple attendee discounts available?
Yes, the more people you bring from your organization, the more you save. After the first registration, each additional attendee receives a special discount off of their total tuition.
When will the OnDemand be available and how long will I have access to the content?
The OnDemand Video will be available to stream within 14 days of live broadcast date. You will have access to the content for 6 months in your account. If you’re a subscriber, you’ll have access to your course recordings until 7 days after the expiration date of the subscription.
What is included with my course purchase?
When you enroll prior to the live event date you will receive access to the live-streaming webinar which will allow you to interact with faculty in real-time. With each course, you will receive access to the content via OnDemand Streaming and the Video Download. Course reference materials are included with each course purchase in a downloadable PDF format.
Will I receive a certificate of completion?
Yes, we'll email you a certificate of completion and store in your account for any future reporting needs.
Can multiple people watch courses and request credit?
While only paid registrants can receive continuing education credit for attending, there are no limitations to the number of viewers at each connection.

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