Total Credits: 3 CLE, 3 Estate & Trust Law Specialization
Since the 1980s, Trusts that required a split or division of assets upon the death of the first spouse to die were popular, in order for married couples to preserve their exemptions. However, as the exemptions have risen, and as the structure became widely deployed, surviving spouses have routinely failed to honor the structure, creating administrative, tax, and litigation issues in their wake. In this presentation, we will unpack the administrative, tax and litigation issues that arise when a trust that requires a split goes otherwise improperly administered after the first death.
Topics include:
• History and background of AB/ABC trusts.
• Administrative issues arising from stale trust administration.
• Tax issues arising from stale trust administration, including preservation of estate and GST exemptions.
• Litigation issues arising from stale trusts, including preservation of beneficiaries' rights.
• Solutions to address stale trusts in uncontested matters.
• Solutions for families facing trust division where it no longer serves the settlors' purposes to divide the assets.
Faculty:
TJ Ryan, (Chair) Frazer Ryan Goldberg & Arnold LLP
Debra Polly, Fennemore
After the program, plan to attend the Probate and Trust Section Networking Event at Seasons 52 from 5:00-8:00pm. Sign up here: https://azbar.ce21.com/item/probate-trust-section-networking-event-seasons-52-591505
| Stale and Unfunded Trusts Materials (718.4 KB) | 59 Pages | Available after Purchase |
| Stale and Unfunded Trusts Slides (4.6 MB) | 11 Pages | Available after Purchase |
T. J. Ryan is a senior partner with the law firm of Frazer Ryan Goldberg & Arnold, LLP, in Phoenix. T.J.'s practice encompasses virtually all aspects of estates and trusts, including estate and business planning, probate and trust administration, and litigating contested issues related to estates and trusts. An AV Preeminent rated attorney by Martindale-Hubbell, Best Lawyers in America selected T.J. as "Lawyer of the Year" in Trust Litigation for 2015. In 2017, the American College of Trust and Estate Counsel (ACTEC) named T.J. as a Fellow of the college. T.J. received his law degree from the James E. Rogers College of Law at the University of Arizona in 2002, after graduating with a BBA from Baylor University in Waco, Texas. Along with colleagues Darren Case and Brent Nelson, T.J. is the co-author of the Arizona Estate Planning and Probate Handbook, published by Thompson Reuters as a part of the Arizona Practice Series. T.J. has assisted with the editing of the Arizona Probate Practice Manual and the Arizona Attorneys’ Fees Manual (both publications of the Arizona State Bar) and served on the Task Force which revised the Arizona Rules of Probate Procedure in 2017-2019. T.J. served as the President of the Maricopa County Bar Association in 2015. T.J. is a native of Phoenix, Arizona who enjoys golf, Crossfit™, baseball, and spending time with his wife and two sons.
Debra Polly is a director in our Trusts & Estates practice group who works out of their Phoenix office. Her practice focuses on probate; estate & trust administration; estate planning; retirement benefits planning and administration; estate tax, gift tax, and generationskipping transfer tax planning, strategy and compliance; and family settlement agreements and negotiation. Deb is also an Arizona Certified Public Accountant. Originally from Sioux City, Iowa, Deb began her professional career working for KPMG, one of the “Big Four” – the four largest accounting firms in the United States. She gravitated to work involving consulting for estate planning strategies, however, to fully assist her clients, it was evident that she needed to become an attorney – and this led her to law school and a rewarding career in the legal profession. In her work involving estate planning and administration, Deb takes great pride in creating customized solutions – never a “one size fits all” approach – on behalf of her esteemed clients. Deb is a fellow of the American College of Trust and Estate Counsel (ACTEC), a group of peer-elected trust and estate attorneys spanning the U.S. and abroad.
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