Sketching Legacies: A guide to drafting wills and trusts

Russell T. Cook
Russell T. Cook
Cook Tillman Law Group

Russ is the first attorney to be recognized as an estate planning specialist by the Tennessee Board of Certification and Specialization and holds the Accredited Estate Planner and Estate Planning Law Specialist designations with the National Association of Estate Planners and Councils.

Aaron B. Morales
Aaron B. Morales
Cook Tillman Law Group

Aaron works with the partners of the Cook Tillman Law Group in estate planning.

Live Video-Broadcast: August 29, 2024
Sketching Legacies: A guide to drafting wills and trusts

$195.00 2 hour CLE

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Program Summary

This seminar will familiarize you with the essential instruments of an effective estate plan, wills and trusts. Cores to estate planning are transfer of assets, retention and administration thereof, succession and control, and contingencies. In that vein, we first discuss the modes to transfer assets to beneficiaries at the decedent’s death depending on the nature and ownership of each particular asset and the instruments that may be relied upon. Second, we consider ways in which an estate plan may preserve assets, such as when planning for blended families, or government benefits, such as when planning for special needs beneficiaries, or benefit more than one successive generation, for which we describe potential tax and liability protection advantages and drawbacks thereof. Third, and relatedly, we strategize about how to craft succession plans for closely held organizations (especially if family is involved) and family heirloom assets. Fourth, we address initial appointment of fiduciaries, removal and appointment of successor fiduciaries, and fiduciary duties and liability. Finally, once a client has an estate plan in place, we discuss numerous facts that will influence future updates to the plans, including change in domicile, tax planning, updates in law, and other major life events.

Key topics to be discussed:

  • Understanding Wills and Revocable Living Trusts
  • Preparing Documents
  • Asset Preservation, Creditor Protection and Succession Planning
  • Fiduciaries
  • Updating Estate Plans

Date / Time: August 29, 2024

  • 11:00 am – 1:10 pm Eastern
  • 10:00 am – 12:10 pm Central
  • 9:00 am – 11:10 am Mountain
  • 8:00 am – 10:10 am Pacific

Closed-captioning available

Speakers

Russell T. Cook_myLawCLERussell T. Cook | Cook Tillman Law Group

Russ is the first attorney to be recognized as an estate planning specialist by the Tennessee Board of Certification and Specialization and holds the Accredited Estate Planner and Estate Planning Law Specialist designations with the National Association of Estate Planners and Councils.

He received his B.A. degree from the State University of New York at Albany in 1984 and his J.D. degree from the Washington College of Law at American University, Washington, D.C. He also attended the University of Copenhagen in Denmark enrolled in their International Business Studies Program. Russ is a member of the National Association of Estate Planners and Councils, the Middle Tennessee Estate Planning Council, and the Tennessee Bar Association.

Russ conducts various seminars for clients, financial consultants, and attorneys. He has been accepted by the CFP Board as a Continuing Education Sponsor and provides seminars eligible for Continuing Education credits for Certified Financial Planners.

He is also recognized by the Tennessee Bar Association as a Continuing Legal Education Speaker. He is the former co-host on the Retirement Report television show on Channel 5 and has appeared on 99.7 WWTN, 1510 WLAC and 107.9 WMSR radio.

 

Aaron B. Morales_myLawCLEAaron B. Morales | Cook Tillman Law Group

Aaron works with the partners of the Cook Tillman Law Group in estate planning. He also enjoys preparing continuing education presentations for legal and financial professionals. He earned his B.A. from Cal Poly, San Luis Obispo and J.D. from Golden Gate University in San Francisco, where he was the editor of the Tax and Estate Planning Review.

Agenda

I. Understanding Wills and Revocable Living Trusts | 11:00am – 11:30am

  • Date of Effectiveness
    • Wills
    • Trusts and Funding
    • Revocation, Codicils and Amendments
  • Estate Administration
    • Probate
      • Publicity
      • Creditor Notification
    • Limited Probate
    • Muniment of Title
    • Ancillary Probate
  • Trust Administration

II. Preparing Documents| 11:30am – 12:00pm

  • Mode to Transfer Assets Upon Death
    • Transfer on Death Designation
    • Beneficiary Designation
    • Operation of Law
    • Probate Estate
    • Revocable Living Trust
  • Testator’s or Grantor’s Intentions
    • Consider dead hand controls
      • Limited Powers of Appointment
      • Executor and Trustee Appointments
      • Distributions
      • Substance Abuse, Gambling Provisions
    • Consider the beneficiaries
      • Family only
      • Individuals
      • Charities
  • Estate Tax and Generation-Skipping Transfer Tax
    • Preserving Exemptions: QTIP Election
    • Utilizing Exemptions at Death
    • Charitable Gifts
    • Lifetime Gifts
      • Annual Exclusions
      • Lifetime Exemptions
  • Income Tax
    • Grantor Trusts
    • Cost Basis Step-Up
    • Community Property

Break | 12:00pm – 12:10pm

III. Asset Preservation, Creditor Protection and Succession Planning | 12:10pm – 12:40pm

  • Testamentary Trusts
    • Asset Preservation
      • Marital Trusts
      • Credit Shelter Trusts
      • House or Land Trusts
      • Discretionary Distributions
      • Contingent Beneficiaries
      • Ultimate Beneficiaries
    • Creditor Protection
    • Beneficiary Tax Considerations
      • Income Tax
        • Trust Income Versus Distributable Net Income
          • Federal Taxes
          • State Taxes
        • Net Investment Income
        • Cost Basis and Capital Gains
        • General Powers of Appointment
      • Estate Tax and Generation-Skipping Transfer Tax
        • Decedent’s Exemptions
        • General Powers of Appointment
  • Asset Retention
  • Asset Allocation: in cash or kind
  • Purchase Options
  • Rights of First Refusal
  • Buy/Sell Agreements
  • Trust Modification

IV. Fiduciaries | 12:40pm – 12:55pm

  • Executors
  • Trustees
  • Investment Counselors
  • Trust Protectors and Advisors
  • Removal and Appointment of Successor
  • Fiduciaries Duties and Liabilities

V. Updating Estate Plans | 12:55pm – 1:10pm

  • Trust Nexus
  • Secure Act
  • General Powers of Appointment
  • Planning for Reduced Exemptions
  • Planning for Emotional Life Events