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The Cans and Can'ts of Trust Decanting

$0.00

**Archived


Provided By: New York City Bar

Approved for CLE credit in:

A trustee's power to pay over assets from one trust to another is a valuable technique. Whether relying on common law, EPTL 10-6.6(b), or another state statute specifically authorizing a transfer, the ability to pour over or decant assets from one trust to another permits a trustee to accomplish tax goals (for example, to change a grantor trust to a non-grantor trust or avoid state fiduciary income tax), to change provisions relating to trustees, to add or delete spendthrift provisions, and to achieve many other planning goals and objectives. This program will address the prerequisites for taking advantage of this powerful tool, provide drafting tips and practical advice about the potential uses of decanting and explain when decanting is unavailable. This program is aimed at lawyers with a basic understanding of the drafting and administration of trusts.


Agenda
  • Introduction Pamela V.A. Ehrenkranz

    Trust Decanting Under Common Law

  • Trustee?s power of appointment vs. fiduciary power
  • Phipps v. Palm Beach Trust Co. (Florida), Estate of Spencer (Iowa), and Weidenmayer v. Johnson (New Jersey)
  • Lack of New York common law Glenn G. Fox

    Estates Powers & Trusts Law Section 10-6.6(b)

  • (New York Decanting Statute)
  • Exercise of power of appointment
  • Requirement of absolute discretion to invade principal
  • Statutory limitations
  • Consent & court approval
  • Statutory mechanics & interested persons
  • Effect of EPTL Section 10-10.1 (trustee-beneficiary)
  • Special issues (GST grandfathered trusts; applicable rule against perpetuities) Meryl G. Finkelstein

    Limitations on Use of Trust Decanting

    Extending generation-skipping tax grandfathered trusts under Treas. Reg. ? 26.2601-1(b)(4)(i)(A)
  • Reluctance of trustees to decant based on common law in generation-skipping tax grandfather situations and generally
  • Statutory alternatives to decanting Meryl G. Finkelstein & Glenn G. Fox

    Trust Decanting Outside of New York Overview of Alaska, Delaware, Florida, South Dakota, Tennessee Statutes

    Elizabeth H.W. Fry

    Common Applications, Case Studies, & Special Tax Issues

    Richard Rothberg & Panel

    Ethical Issues Raised When Considering the Decanting Process

    Panel

    Questions & (maybe) answers

    Audience & Panel

  • CLE Credit Information

    Click on the state abbreviation to find the CLE Credit Information for your state.




    Experienced attorneys only (non-transitional)

    Similar Programs

    No related programs information available.


    Panelist Biographies

    RichardRothberg

    Partner
    Cooley Godward Kronish

    Richard S. Rothberg is a partner in the Estate Planning and Personal Representation practice. He joined Kronish Lieb Weiner & Hellman LLP in 1990, which was merged into Cooley Godward Kronish LLP in 2006. He is resident in the New York office and co-heads the Firm¿s New York Personal Representation and Tax Planning practice. Mr. Rothberg has practiced in the areas of trusts and estates for more than 25 years. His practice includes personal wealth transfer planning; estate and trust administration; estate, gift and generation-skipping tax planning; fiduciary income tax issues; estate and gift tax dispute resolution; wealth transfer litigation; charitable planning; and marital planning including legal and financial planning in the context of marriage and the marriages of children and other family members and the preparation and negotiation of prenuptial and postnuptial agreements. Mr. Rothberg received his J.D. in 1967 from Harvard Law School, cum laude. He attended Northwestern University, Evanston, Illinois, receiving his B.A. with distinction in 1964. He was a member of Phi Beta Kappa. Mr. Rothberg is a former Chair of the Trusts and Estates Law Section, New York State Bar Association, and a fellow of the American College of Trust and Estate Counsel. He has been recognized by New York Magazine as one of the New York City area¿s ¿Best Lawyers¿ in the field of Trusts and Estates, and has been named to the ¿Super Lawyers of New York ¿ 2006¿. He has written and lectured extensively on topics related to gift and estate taxation, including contributions to legal and tax journals on the subjects of federal and state estate taxes, retirement plan benefits, S Corporations and the valuation of family businesses. Mr. Rothberg is admitted to practice before the Bar of Indiana and the Bar of New York State.


    Elizabeth H.W.Fry

    Partner
    Pillsbury Winthrop Shaw Pittman

    Ms. Fry is a partner in the firm's Estates, Trusts & Tax Planning practice where she counsels individuals and families with respect to estate, gift, generation-skipping and income tax planning, charitable giving, and represents individuals and corporations acting as fiduciaries in connection with estate and trust administration. Her practice includes preparation of wills, trusts, partnerships, limited liability companies and private foundations, and representation of individuals and fiduciaries before the IRS and Surrogate's Court. Ms. Fry is recognized in the 2009 edition of The Best Lawyers in America as a leading New York lawyer for Trusts and Estates.


    MerylFinkelstein

    Senior Counsel
    Fulbright & Jaworski

    Meryl G. Finkelstein is Senior Counsel in the New York office of Fulbright & Jaworski L.L.P. She utilizes her extensive knowledge of estate and wealth planning techniques and her skills as a draftsman to counsel clients on a wide variety of estate planning, business succession and wealth transfer issues. Meryl focuses primarily on trusts and estates matters, with an emphasis on estate and wealth planning for individuals and their families. Her clients include a wide variety of business professionals, owners of closely-held businesses and private investors. A former career in the securities industry has given Meryl a keen understanding of basic and advanced investment strategies, and how these strategies can be utilized for gift and estate planning purposes, and implemented in connection with the administration of trusts.


    PamelaEhrenkranz

    Counsel
    Wachtell, Lipton, Rosen & Katz

    Pamela Ehrenkranz is head of the Trusts and Estates Department at Wachtell, Lipton, Rosen & Katz. She provides transfer (including estate and gift) and individual tax planning advice (including advice on charitable giving and matrimonial matters) to high net worth individuals, advises on the structure of financial holdings, and the orderly and efficient transfer and administration of assets and personal affairs at death. She also advises not-for-profit organizations, both public charities and private foundations. Ms. Ehrenkranz is a member of the New York, New Jersey, and California Bars. She graduated with a B.A. from the University of Pennsylvania. She earned a J.D. from Rutgers University and an LL.M. in Tax from New York University School of Law. She is a member of the Dean's Council of New York University Shirley M. Ehrenkranz School of Social Work and a member of the Council for Women's Health Research at Yale University. Pamela Ehrenkranz lectures and publishes on a frequent basis. She is an active member of both the New York State Bar Association and the Association of the Bar of the City of New York.


    Glenn G.Fox

    Counsel
    Alston & Bird LLP

    Practice Areas:

  • Estate Planning.
  • Trust Planning.
  • Estate and Gift Taxation.
  • Estate Administration.
  • Closely Held Business.

    Admitted:

  • 1990, New Jersey.
  • 1991, New York and Connecticut.
  • 1992, Pennsylvania and District of Columbia.

    Education:

  • Albany Law School of Union University, J.D., cum laude, 1990.
  • New York University, LL.M., in Taxation, 1994.
  • Cornell University, B.A., 1987.

    Biography: Member, Committee on Estate of Gift Taxation of The Association of the Bar of the City of New York, Committee on International Estate Planning of the New York State Bar Association Trusts and Estates Section.

    Born: Newark, New Jersey, September 6, 1965.


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    Pricing Information

    The Cans and Can'ts of Trust Decanting

    $0.00

    **Archived


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