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Special Issues in Small Trusts

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Description

There are many more small trusts than large trusts and they pose special challenges for trust planners and administrators. The fees paid to trustees and to investment professionals, together with ongoing reporting and fiduciary income tax compliance costs, can consume a substantial portion of the trust's liquid assets or income.

There are also the challenges in the types of assets commonly held by small trusts.

In other instances, trusts may cease to be practically and financially viable, and may need to be restructured or even terminated.

This program provides a practical guide to drafting, structuring and administering small trusts – and what to do when they cease to be viable entities.

  • Economics of small trusts – trustee compensation, reimbursement of expenses, investment fees
  • Challenges of trust management of operating businesses and real estate
  • Restructuring or terminating trusts that are no longer economically viable
  • Custodial accounts and other alternatives to small trusts
  • Choosing a trustee for a small trust versus a larger trust

Contributors

  • John T. Midgett

    John T. Midgett is a founder of Midgett &Preti PC in Virginia Beach, Virginia, where his practice focuses on estate planning, administration and taxation, elder law, and family business planning. He is a Fellow of the American College of Trust and Estate Counsel, a member of the National Academy of Elder Law Attorneys, and the Duke University Estate Planning Council. He has lectured widely on topics relating to estate planning, taxation, probate, elder law, and family businesses.

    John received his B.A. from the University of Virginia and his J.D. from the University of Richmond.

    Click here for more information about John.

  • Missia H. Vaselaney

    Missia H. Vaselaney is a partner in the Cleveland office of Taft, Stettinius & Hollister, LLP, where her practice focuses on estate planning for individuals and businesses. She also represents clients before federal and state taxing authorities. Ms. Vaselaney is a member of the American Institute of Certified Public Accountants and has been a member of the Steering Committee for AICPA’s National Advanced Estate Planning Conference since 2001. Ms. Vaselaney received her B.A. from the University of Dayton and her J.D. from the Cleveland-Marshall College of Law.

    Click here for more information about Missia.

March 15, 2024
Fri 1:00 PM EDT

Duration 1H 0M

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