PA Specific

Trusts, Estates & Probate

4.68

Trusts in Pennsylvania From A to Z

Credits Available
Credit Status Total
New York CLE Approved 7 Total
Pennsylvania CLE Approved 6.5 Total
OnDemand
6 hours 41 minutes
Patti Spencer
Whitney Patience O
Danielle Friedman
Julia Varholla
Peter Ostermiller
With Patti S. Spencer from Spencer Law Firm LLC + 4 others
Recorded November 19, 2024.
Product ID 99175

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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. Tax Reduction with Trusts
  4. Grantor Trusts
  5. Marital Trusts in a Nutshell
  6. Generation Skipping/Dynasty Trusts
  7. Charitable Trusts
  8. Legal Ethics

Related Topics

Product ID 99175

Credit Details

Credits Available
Credit Status Total
New York CLE Approved 7 Total
Pennsylvania CLE Approved 6.5 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. 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
    7. Material Participation by Trusts
    8. Tax Consequences of Trusts in Estate Administration

  4. 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

  5. Marital Trusts in a Nutshell

    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

  6. 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

  7. Charitable Trusts

    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

  8. 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

Patti S Spencer
Patti S.
Spencer
Spencer Law Firm LLC
Whitney Patience O'Reilly
Whitney Patience
O'Reilly
Cohen Seglias Pallas Greenhall & Furman, PC
Danielle Friedman
Danielle
Friedman
Offit Kurman, P.A.
Julia Varholla
Julia
Varholla
Lovett Bookman Harmon Marks LLP
Peter L Ostermiller
Peter L.
Ostermiller
Peter L. Ostermiller, Attorney at Law
Speaker bio
Patti S Spencer

Patti S. Spencer

Spencer Law Firm LLC
Patti Spencer

is an attorney with Metzger and Spencer, LLP and Spencer Law Firm LLC in Lancaster, Pennsylvania, where she provides experience and depth in estate planning, trust and estate administration, complex tax consulting, charitable gift planning, wealth transfer vehicles and retirement plan consulting, and expert witness testimony. Ms. Spencer taught estate and gift tax for eight years as an adjunct professor at Boston University in the LL.M. program, and also was a former professor of trusts and estates at Boston University School of Law. In addition, she has spoken numerous times on topics related to her areas of expertise. Ms. Spencer is the author of a weekly column Taxing Matters, which appeared in the Lancaster Intelligencer Journal's Business Monday Section for 14 years. She also has written Pennsylvania Estate Planning, Wills and Trusts Library: Forms and Practice Manual, Data Trace, which is updated annually. Ms. Spencer earned her B.A. degree from Dickinson College, her J.D. degree from Boston University, and her LL.M. degree from Boston University. She is a fellow of the American College of Trust and Estate Counsel.

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Speaker bio
Whitney Patience O'Reilly

Whitney Patience O'Reilly

Cohen Seglias Pallas Greenhall & Furman, PC
Whitney Patience O'Reilly

is an attorney with Cohen Seglias Pallas Greenhall & Furman, PC, where she is a member of the trust, estate and wealth preservation section of the firm. Her practice is focused in the areas of trusts and estates, asset protection, wealth preservation, and elder law. Ms. O'Reilly has a background in estate planning, and estate and trust administration, and has written extensively for the firm on these topics. She is admitted to practice in Pennsylvania, and before the Supreme Court of Pennsylvania and the Supreme Court of New Jersey. Ms. O'Reilly is a member of the Chester County Bar Association and the Pennsylvania Bar Association. She earned her B.A. degree, magna cum laude, from Cabrini College; her J.D. degree, cum laude, from Widener University School of Law; and her LL.M. degree in taxation from Temple Law School.

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Speaker bio
Danielle Friedman

Danielle Friedman

Offit Kurman, P.A.
Danielle Friedman

is an attorney at Offit Kurman, P.A. Her practice areas include business law and transactions, and estates and trusts. Ms. Friedman earned her B.A. degree, magna cum laude, at George Washington University; and her J.D. degree from Temple University. Licensed to practice in Pennsylvania and New Jersey, she is a member of the Pennsylvania Bar Association and the Philadelphia Estate Planning Council.

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Speaker bio
Julia Varholla

Julia Varholla

Lovett Bookman Harmon Marks LLP
Julia Varholla

is a partner at Lovett Bookman Harmon Marks LLP. Her practice areas include estate planning, estate, gift, generation-skipping tax planning, charitable giving planning, and estate and trust administration. Ms. Varholla earned her B.A. degree, magna cum laude, at University of Pittsburgh; and her J.D. degree at University of Pittsburgh School of Law. Licensed to practice in Pennsylvania, she is a member of the Pennsylvania Bar Association and the Allegheny County Bar Association.

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Speaker bio
Peter L Ostermiller

Peter L. Ostermiller

Peter L. Ostermiller, Attorney at Law
Peter Ostermiller

is a sole practitioner concentrating in legal ethics and professional responsibility matters. He represents attorneys in disciplinary and reinstatement proceedings, judges in judicial ethics matters, and bar exam applicants. Mr. Ostermiller has also represented parties in attorney's fee dispute proceedings, and attorneys in legal proceedings in which sanctions have been sought against the attorney. He has represented parties in attorney disqualification proceedings and counseled lawyers and law firms in their respective rights, responsibilities and duties to other attorneys and their clients. Mr. Ostermiller is a member of the Kentucky Bar Association, Louisville Bar Association and the Association of Professional Responsibility Lawyers. He served on the Kentucky Bar Association's Ethics 2000 Committee, which proposed changes to the Rules of Professional Conduct to the KBA, and resulted in the July 2009 revisions to the ethics rules. Mr. Ostermiller earned his B.A. and J.D. degrees from the University of Louisville.

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