Trust Structuring, Drafting and Design: From Foundational Trust Concepts to Advanced Planning Techniques

Maria Bourdeau | Kirkland & Ellis LLP

Maria L. Bourdeau is a partner in the Trusts and Estates Practice Group in the New York office of Kirkland & Ellis LLP. Maria’s practice focuses on sophisticated estate and tax planning for high-net-worth individuals and families. She also advises clients on family wealth preservation, structuring family offices, business succession planning, estate and trust administration, and charitable planning. Maria regularly writes and speaks on estate planning topics. Maria received an LL.M. in Taxation from New York University School of Law and is a graduate of Notre Dame Law School and Middlebury College.

Thomas Norelli | Kirkland & Ellis LLP

Thomas Norelli is a partner in the Trusts and Estates Practice Group of Kirkland & Ellis LLP. Tom’s practice focuses on wealth transfer planning, wealth preservation, trust and estate administration, charitable organizations, and charitable giving. He advises principals of private equity funds and venture capital firms, business executives, leaders in the financial industry, and other individuals of significant wealth and their families to accomplish their estate, charitable, and business succession planning objectives in a tax-efficient fashion. Tom also counsels fiduciaries regarding the ongoing administration of high-net-worth estates and trusts and advises on issues related to charitable organizations, including nonprofit formation, administration, grant-making, and governance.

Tom is a contributor to The Complete Estate Planning Sourcebook (published by Wolters Kluwer) and regularly writes and speaks on trust and estates topics.

Session I – Trust Fundamentals and Core Planning Structures | 1:00pm – 2:00pm

• What is a trust?
• Trust creation, administration, and modification
• Revocable trusts vs. irrevocable trusts: Purposes and limitations on role of grantor for a lifetime grantor trust
• Trustees and other fiduciaries
• Trustee appointment and removal provisions
• Division of trusts
• Distribution provisions: Ascertainable standard distributions (beneficiary as a co-trustee), discretionary distributions, and other distribution provisions
• Limited and special powers of appointment
• Other provisions to consider: Divorce clause, addition of future children, portability, right of survivorship, co-trustees vote (by majority), change of situs

Break | 2:00pm – 2:10pm

Session II – Advanced Irrevocable Trust Planning and Specialized Planning Techniques | 2:10pm – 3:10pm

• Grantor trusts vs. non-grantor trusts: Planning uses and tax implications (discussion of the grantor trust rules, advantages and disadvantages/limitations of each)
• BDOTs/BDITs
• Key considerations in funding: Which assets to use, community property considerations, and taxation of trusts
• GST exemption and related provisions: General power of appointment, severance provision
• GRATs
• QPRTs
• RPM trusts
• Trust decanting
• Charitable planning: CRTs, CLTs