When Reporting on your SC Commission Compliance Report, please use this code: 180610ADT
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About the Teleseminar
Not every irrevocable trust ends up serving its intended purpose or is financially viable. Many unforeseen events can occur – laws change, deep conflicts arise among beneficiaries, there’s deep downturn in the general economy or markets, or in a specific industry in which the trust is heavily invested. In these and many other circumstances trusts are broken and need to be “fixed” – fiduciary powers adjusted, distributions balanced, trusts divided or merged, or even terminated early. The process of accomplishing these fixes are necessarily limited and come with risks, including tax liability and potentially liability to future beneficiaries. This program will provide you with a practical guide to techniques for fixing broken irrevocable trusts.
- Why trusts become broken – beneficiary conflicts, changing law, changing economy/markets
- Modifying irrevocable trusts – material v. non-material terms
- Dealing with principal and income distribution issues and problems
- Merger and division of irrevocable trusts
- Early termination of trusts
- Permissibility and practical uses of “decanting” broken trusts
- Avoiding pitfalls – liability to future beneficiaries and tax concerns
About the Speakers
Benjamin S. Candland is a partner in the Richmond, Virginia office of McGuireWoods, LLP, where his practice focuses on estate planning, administration, estate and gift taxation, and litigation. He provides individual clients with advice on various estate planning matters involving estate, gift, and generation-skipping transfer taxes. He is a member of the ABA Real Property and Probate Section and the Virginia Bar Association Trusts and Estate Section. Mr. Candland received his B.A. from Brigham Young University and his J.D. from the College of William and Mary School of Law.
Stephen W. Murphy is an attorney in the Charlottesville, Virginia office of McGuireWoods, LLP, where his practice concentrates primarily on estate planning, trust and estate administration, real estate, and business law. He is a lecturer-in-law at the University of Virginia School of Law where he teaches trust and estate administration and professor of law at Washington & Lee University School of Law where he teaches statutory interpretation. Mr. Murphy received his B.A. from the University of Maryland, his M.Phil. from the University of Cambridge, his PhD from University of Virginia, and his J.D. from the University of Virginia School of Law.
Mandatory MCLE Credit Hours
This seminar qualifies for 1.0 MCLE Credit Hour, including up to 1.0 Estate Planning & Probate Law Specialty Credit Hour
(Instruction Level: Intermediate)*Live Teleseminar programs are not live credit programs. Supreme Court Commission on CLE rules allow SC Bar members to use Alternatively Delivered programming to obtain up to 6.0 hours of MCLE each reporting period. For FAQ’s please click here.