Seminar C: The Trust has Moved Under Your Feet: Do You Feel the Rules Tumbling Down?
We’ve all seen vast changes in trust design and administration over the last 19 years as a result of the Uniform Trust Code and other uniform acts dealing with decanting, powers of appointment, and trust directors. The most recent addition is UFIPA, the Uniform Fiduciary Income and Principal Act, the first total revision of a principal and income act since 1997. Collectively these acts have created extraordinary new opportunities for flexible drafting to meet client needs and have fueled excitement around long-term trust planning. The success of the UTC -- enactment in more than 30 states – has inspired many states to examine their statutory law with the goal of modernization and, in many instances, one-upping surrounding jurisdictions, which makes planning more fun and more challenging.
Our panel will examine this new planning and administration environment with an eye towards providing strategies to take advantage of the opportunities created by these new acts, as well as avoiding the pitfalls that inevitably appear. Specific UTC topics to be addressed tentatively include the duty to keep beneficiaries informed, spendthrift trusts and creditors rights, trustee removal, and recent case law. UFIPA topics to be addressed tentatively include the act’s name, expansion of the power to adjust, new broad unitrust conversion authority, and efforts to make more practical the rules for receipts from entities, business activities, and retirement arrangements. The experiences of others will be highlighted through court cases and the observations of our panelists who have been intimately involved in creating the 2019 trust environment.
Speakers: Ronald D. Aucutt, Tysons, VA Turney P. Berry, Louisville, KY Professor David M. English, Columbia, MO
ACTEC 2019 Annual Meeting March 23, 2019 La Quinta, CA
