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20 Tax Traps and Other Trustee Selection Considerations (Audio CD-ROM) |
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Clients rely on their planning attorney to guide them in selecting the best candidates to serve in the critical role of trustee. But clients need more than just brilliant ideas from their attorneys, they also need effective implementation. Unfortunately, IRC 2036, 2038 and 2041 can wreak havoc on the successful structuring of a trust. Overlay the nuances of these rules with the particulars of the client family's goals and personalities, and it is easy to see how a smart and otherwise appropriate plan could fall into one or more tax traps. In spite of the fact that most of the rules in this area haven't changed dramatically in years, there is still a steady stream of cases and rulings. Some highlight what should be done; others what should be avoided. Either way, planners will benefit from an understanding or refresher course on these rules.
In addition, there are certain non-tax criteria that should be taken into consideration. The most appropriate trustees are those with the right skills to further the purpose of the trust arrangement. This may include knowing the family, history of the wealth, talent to operate a private company business interest, or any of a host of other unique factors. So clients, naturally turn to their attorneys to help identify not just who "could" serve, but who "should" serve.
Both speakers for this program bring the combination of private practice and trust company in-house counsel experience in guiding listeners through an exploration of important tax and non-tax considerations on trustee selection.
Our Experts:
Stephen R. Akers, Bessemer Trust, Dallas, TX
Mark R. Parthemer, Bessemer Trust, Palm Beach, FL
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