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In formulating their trust and estate plans, clients often want to set up benchmarks of achievement before distributions or gifts are made. These benchmarks often involve educational attainment – i.e., that a child obtain a college degree by a certain. But they may involve more difficult to measure benchmarks or life goals that are arguably not appropriate – i.e., that a child marry or have children of their own by a certain age.
Conditional gifts can easily lead to resentments among beneficiaries, questionable enforceability, disputes, and fiduciary litigation.
This program provides a practical guide to conditional gifting using incentive trusts and other mechanisms, and counseling clients about the real limits and risks of conditional gifting.
- Conditional gifting using incentive trusts and other mechanisms
- Establishing objectively measurable conditions for gifts or distributions
- Types of conditions or benchmarks – education, life goals, etc.
- What's enforceable, what's not – counseling clients about limits
- Choosing the right fiduciaries to administer conditional gifts/incentive trusts