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easonable period of time, in order to permit sufficient time for the withdrawal rights of such Power Holders to be exercised or lapse, except that such delay may not reduce the amount allocable to the Marital Trust in a manner in which the estate tax marital deduction would be disallowed. With respect to any Powers of Withdrawal held by my Spouse (or another Grantor’s Spouse), such Power may not be applied to the Marital Trust if such application would result in the disqualification of the estate tax marital deduction (if so elected). (15) Restriction of a Withdrawal Right. Any Grantor (or a duly authorized agent) may, by a written instrument delivered to the Trustees at the time of a Contribution and with respect solely to such Contribution (and with respect to future Contributions to be made by the Grantor, if the instrument so provides), do any of the following: (a) (b) (c) (d) Exclude any person who would otherwise have a withdrawal right from exercising that withdrawal right as to such Contribution(s); Increase or decrease the amount subject to any Power Holder's withdrawal right as to such Contribution(s), except that the amount subject to the withdrawal right shall not exceed the amount of the Contribution; Change the period during which any Power Holder's withdrawal right as to such Contribution(s) may be exercised; and/or Change the manner and period during which any Power Holder's withdrawal right as to such Contribution(s) shall lapse. No such direction may in any way alter, amend or change any Power Holder's withdrawal right with respect to any prior Contributions or with respect to future Contributions by any Grantor. (16) Withdrawal Rights Personal To Power Holder; Lapse Upon Transfer. All Powers of Withdrawal shall be personal to the Power Holder and such powers shall not be transferable to any other person, including to the Power Holder’s estate. Except with respect to a withdrawal right that has been outstanding for fewer than thirty (30) days from the date of a Contribution, all Powers of Withdrawal shall immediately lapse upon a Power Holder’s assignment for the benefit of the Power Holder’s creditors, filing a voluntary petition in bankruptcy, being adjudicated bankrupt or insolvent, or consenting to or acquiescing in the appointment of a trustee in bankruptcy or a receiver in bankruptcy for all or any substantial part of the Power Holder’s assets or properties. Notwithstanding the foregoing, the applicable trust shall be liable for and subject to apportionment of death taxes related to such Power as may be applicable to the Power Holder’s estate. (17) Power to Amend. The Independent Trustees may amend this paragraph 1.1 in the manner provided by Article 8 [power to amend] to assure that Contributions qualify for the gift tax annual exclusion for federal gift tax purposes, except that no amendment may be made that would (a) cause any portion of any trust to be included in the gross estate of me or any other Contributor to a greater extent than before such amendment and (b) alter the rights of a Power Holder in any thenexercisable power of withdrawal before such amendment. 7
1.2 Discretionary Payments From Initial Trust. To the extent possible, the Trustees shall maintain assets in the Trust Estate sufficient to satisfy the Powers of Withdrawal under paragraph 1.1. Form of Letter to Trustee re Split Gifts and Exclusion of Beneficiary from Grant of Power [CrumTee], Trustee [CrumAdd] Re: Contributions to [Grantorlc] [Year] IRREVOCABLE GRANTOR Trust Under Agreement Dated [Date] Dear [CrumTee]: Today, or within the next few days, I will be making a contribution to the trust referred to above. With respect to this contribution, and with respect to each and every contribution I make from this time forward until I inform you otherwise: Alt 1: Election to split gifts 1. I am married and I hereby inform you that my spouse and I will be gift-splitting on our gift tax returns, and, therefore, you should consider that ½ of each gift is made by each of us as a "Contributor" as provided by paragraph 1.1(6) of the Trust Agreement. Alt 2: Election not to split gifts 1. I am married and I hereby inform you that my spouse and I will not be gift-splitting on our gift tax returns, and, therefore, you should consider that the entirety of each gift is made solely by me as a "Contributor" as provided by paragraph 1.1(6) of the Trust Agreement. 2. I hereby exclude from having a withdrawal right under paragraph 1.1( ) of the Trust Agreement, as permitted by paragraph 1.1(15). ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 8
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Sponsored by 2013 Probate & Trust L
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Minnesota CLE’s Copyright Policy
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Faculty & Planners* Jill A. Adkins
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Table of Contents Plenary Day 1 Non
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17. Marital Deduction Planning and
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PLENARY DAY 1 Non-Tax Case Law Upda
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1. *In re Estate of Neuman and In r
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3. Edwards v. Gillis ..............
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I. UNIFORM PROBATE CODE A. Effect o
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conceived until after decedent’s
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granddaughter. Ultimately, the cour
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the benefit of the person for whose
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814 MCA, which provides that a divo
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524.3-203, persons who are nominate
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also been the sole personal represe
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within the prescribed time set out
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mother’s estate, had breached fid
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plan. The court found that Brown wa
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power of attorney was, in fact, a l
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questions before the court were the
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E. Adverse Possession 1. *Jokela v.
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presumption. Finally, the court fou
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death, her daughter, in her capacit
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3. Estate of Nuo Djeljaj, 954 N.Y.S
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C. Trust Construction but that the
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4. *In the Matter of the Frank J. R
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adding the “general charitable in
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may provide that at least a substan
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including those created for the ben
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D. Spendthrift Clauses Finally, the
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decedent’s execution of a financi
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not negligent. On appeal, the court
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purchasing the insurance but determ
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H. Trust Accounting Disputes 1. Chu
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settlor’s death in 2005, the trus
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entitled to a jury trial because th
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other manner whatsoever disposing o
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the trial judge rejected - as highl
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F. Inter Vivos Gifts community over
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V. POWER OF ATTORNEY A. Improper Us
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FEDERAL TAX UPDATE Important Develo
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• The preferential rates for net
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3. Planning for the Wannabes: Deali
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Suppose, for example, that a marrie
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ESTATE AND GIFT TAX PLANNING AFTER
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after the first spouse’s death),
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First, they will want one or more g
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In Estate of Christiansen v. Commis
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Grandchild A 11,000 Grandchild B 11
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In the end, Wandry is correctly dec
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RECENT VALUATION CASE OF INTEREST (
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uncertainties, ahypothetical buyer
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So portability is achieved by givin
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(5) Special rules. (A) Election req
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million, and H2’s executor makes
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standard, but saves the rest for th
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THE IMAPCT OF WINDSOR ON ESTATE PLA
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Decanting: Refining an Old Vintage
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DECANTING: REFINING AN OLD VINTAGE
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XI. Trustee Liability .............
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D. Change Governing Law E. Trustee
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absolute discretion for some modifi
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K. Court Approval. Court approval i
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eliminate beneficiaries or change t
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precisely, to make certain exceptio
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appointment created under the new t
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If contributions to the original tr
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Qualified personal residence trusts
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enefit the beneficiaries by convert
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B. Notice Required. Other states re
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of the particular state, apparently
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tax consequences. See Tax Effects a
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(ii) at the time the exempt trust b
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BIBLIOGRAPHY Articles 1. Farhad Agh
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APPENDIX I STATE DECANTING STATUTES
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ALTERNATIVE PLENARY Tax Issues (For
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I. MINNESOTA ESTATE TAX - LIFETIME
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NOTE: In the examples below, I will
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At his death, he leaves the followi
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total federal gross estate (line 1)
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Note: in several of the examples ab
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C. Source of Charitable Gift - Ordi
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Many tax preparers relied on that r
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RESULT: •Because the amount paid
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III. DEDUCTION OF MORTGAGE INTEREST
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•Estates with net taxable assets
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05/20/13 HOUSE RESEARCH ANALYST JM
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SECTION 1 Funding Education: The Gi
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E. Five-Year Proration Required ...
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I. Saving and Paying for Higher Edu
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1. TAM 199941013. In Technical Advi
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. Estate Tax. Assuming that the don
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exclusion. If contributions to the
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distribute principal for GC’s ben
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sample trust language was used wher
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university, or (iii) making reasona
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treatment granted by section 529 wi
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and the beneficiary’s family duri
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eginning with the year of the contr
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Rule 5. If, by the due date for fil
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2. Attach Explanation. An explanati
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It is impossible for an account own
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were not making other gifts to thei
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a. Proposed Regulations Tax the Ben
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Prop. Treas. Reg. § 1.529-1(c). D.
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SECTION 2 Avoiding the Uncommon Dif
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2. Discouraging Bad Behavior ......
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problems in a document but so can a
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B. Who suffers from a drafting prob
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succeed to the preceding trustee’
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“ (a) Property a testator, while
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home. When devising recreational re
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to allow the beneficiary to pay off
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The remaining principal and any acc
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outright and free of trust. If eith
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D. Incentive Trusts 1. Encouraging
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that exemptions or deductions allow
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F. Family Business Succession. The
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3. Problems with Allocation of Fami
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SECTION 3 Unlimited Duration Trusts
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3. CONCLUSION .....................
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*In 1995, Delaware enacted legislat
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2. Exercise the power of appointmen
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ii. States: 1. Alaska 43 - 1,000 ye
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4. CONCLUSION vii. New Jersey viii.
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the “prudent man rule” required
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Additionally, many advisors are dra
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investment committee and/or distrib
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1. Significant change in asset allo
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Please see example below of a typic
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IV. DECANTING 1. INTRODUCTION Decan
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. States May Limit Trustee’s Auth
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V. VIRTUAL REPRESENTATION 1. INTROD
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ecome entitled to an interest, if i
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VI. PRIVACY OF COURT RECORDS 1. INT
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iii. Statutes c. South Dakota Proce
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VII. DOMESTIC ASSET PROTECTION AND
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property interests. 206 This can be
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11. EXTINGUISHMENT OF CREDITORS’
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13. SPENDTHRIFT TRUSTS As previousl
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SECTION 4 Drafting and Administerin
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1. Supplemental&SpecialNeedsTrust B
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iii. Discretionary Trust Trusts cre
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v. Vehicle One vehicle used to tran
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ii. Legal Guardian It is generally
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ii. SSA Determination Anyone receiv
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eimburse the State following the be
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else uses the computer from time to
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h. Revocable vs. Irrevocable i. Spe
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Qualified Disability Trust (QDT) ex
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(1) An inventory of Trust assets an
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Assistance benefits paid on behalf
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SECTION 5 Notable North Dakota Nuan
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I. North Dakota Real Property A. No
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a Statement of Claim is recorded by
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1. Any grantee or grantee’s autho
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By North Dakota Information Technol
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insolvent estates. Has priority ove
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(2) Would be a permissible distribu
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o North Dakota has two (2) pooled t
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G. The value of currently owned min
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* * * * * * * * * * * * * * lease r
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eceived, are not considered to be t
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disqualifying transfer provisions i
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ONLINE NORTH DAKOTA RESOURCES Title
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Table of Contents The Beauty and Bu
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--volatility in the financial marke
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For the trustee: If an individual t
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VII. Duty to keep records and provi
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specific information like their fin
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An alternative structure might be t
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--Intellectual property which may i
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SECTION 7 “Bleak House” Reviste
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PROBATE INSTITUTE 2013 HARD TIMES:
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TIP THREE: FOR REALLY BAD FIDUCIARI
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with disfavor on attempts to depriv
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E. Undue influence 1. Must prove te
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3. The Partition statute allows adm
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APPENDIX 524.3-720 EXPENSES IN ESTA
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owner of the real property or the o
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524.3-911PARTITION FOR PURPOSE OF D
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STATE OF MINNESOTA COUNTY OF MCLEOD
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5. For such other and further relie
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personal representatives determined
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notations in the memo portion indic
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Page 12 costs charged by private de
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The Well-Prepared Executive: Person
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Stock Options: Sales, Gifts, & Tran
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the stock has been held for more th
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Page 435 and 436: not property for purposes of Sectio
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Page 439 and 440: will also be treated as owning inte
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Page 445 and 446: CONFIDENTIAL Appendix
Page 447 and 448: Summary of Option Strategies 5. to
Page 449 and 450: Summary of Option Strategies 10. Co
Page 451 and 452: Transferring an asset via a GRAT re
Page 453 and 454: A CRT can result in greater total v
Page 455 and 456: IRA Rollback Strategy Pension Rescu
Page 457 and 458: Use Interest Rate Swaps to Lock in
Page 459 and 460: How does a 10b5-1 plan work? 1 2 3
Page 461 and 462: SECTION 9 Spousal Elections Under M
Page 463 and 464: 1. INTRODUCTION Minnesota, as in ma
Page 465 and 466: . 1969 Version In the 1969 statutor
Page 467 and 468: each other. 11 The statutory notes
Page 469 and 470: (b) Personal property not exceeding
Page 471 and 472: category includes properly gifted t
Page 473 and 474: .) Next, assets owned by the spouse
Page 475 and 476: 4. Unspoken fourth: The spouse and
Page 477 and 478: Table of Contents Crummey Power Pro
Page 479 and 480: however, that my Spouse’s power t
Page 481 and 482: Estate or the proceeds of such asse
Page 483: such Power Holder is entitled to wi
Page 487 and 488: didn’t occur) a long time ago? 1
Page 489 and 490: Upon my spouse's incapacity or deat
Page 491 and 492: Trustees of the Separate Trusts *Op
Page 493 and 494: Unfilled Trustee Vacancy If the off
Page 495 and 496: the independent special trustee. An
Page 497 and 498: Removal and Replacement of Trust Ad
Page 499 and 500: Definitions 6 Compensation Any Trus
Page 501 and 502: Trust Asset Diversification and Con
Page 503 and 504: As a Grantor Retained Annuity Trust
Page 505 and 506: ultimate burning out of the sun and
Page 507 and 508: Granting and Exercising Powers of A
Page 509 and 510: POWER TO CHANGE LIMITED POWER INTO
Page 511 and 512: Single Fund QTIP Marital Trust Inco
Page 513 and 514: 5.8 Reverse QTIP Election. The Trus
Page 515 and 516: SECTION 11 Federal and Minnesota In
Page 517 and 518: Federal and Minnesota Individual Ta
Page 519 and 520: qualifying charities. Distributions
Page 521 and 522: iii. In the Reesink case, taxpayer
Page 523 and 524: The 10% threshold applies to all ta
Page 525 and 526: A Baker’s Dozen of Dangerous Assu
Page 527 and 528: In short, domicile is the combinati
Page 529 and 530: choice of law process in the render
Page 531 and 532: Germany is one such example of a co
Page 533 and 534: The US State Department lists the v
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In every other case, a foreign trus
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SECTION 13 Drafting Documents With
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Drafting With the Corporate Trustee
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date, then include a copy with the
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step daughter two months before her
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2. Borrowing in an irrevocable trus
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estrictive access to principal. Con
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SECTION 14 The Current Status of Wi
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I. History of the Wisconsin Trust C
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d. A final accounting is required b
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a. ULC promulgated the uniform prin
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3. Irrevocable trusts may be modifi
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7. A trustee may delegate its dutie
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fiduciary or confidential relations
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6. The new code will eliminate the
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. The standard of care that applies
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23. The subchapter dealing with lia
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Electronic reproduction of 2011−1
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Fiduciaries and Fighting Families:
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3. Who should attend 4. Agenda or f
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TABLE OF CONTENTS I. INTRODUCTION .
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I. INTRODUCTION MEDICAL ASSISTANCE
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has decided to increase reimburseme
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the problems they cause for some co
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change only when Social Security pa
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PRACTICE TIP: When the Asset Assess
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2014. i. If the community spouse do
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g. making income or asset methodolo
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less than the asset’s value on th
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amount of the transfer was $25,000.
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Example: the transfer penalty and t
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allow a recipient's current income
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facility admission or readmission t
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The NF LOC Initiative has been hard
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was not [sic] made exclusively for
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1. Prior to February 8, 2006, the p
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follows: [Undue hardship] exists wh
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claim in both Estate of Barg and In
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federal law. See 42 U.S.C. § 1396p
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called "MA for Adults Without Child
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The starting point for redesign of
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programs, available in the State. S
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If the enrollee is required to sati
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Art. 2, Sec. 4, amends Minn. Stat.
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Art. 2, Sec. 30, amends Minn. Stat.
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MARITAL DEDUCTION PLANNING: First C
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(1974); PLR 7902020 (ruling gift to
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(A) Then do your other language—d
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to any jurisdiction.” Michael Mul
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2) Fractional share: As the value o
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d) The amount subject to the electi
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Form 706 is due nine months from th
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C. Gift Tax 1. EGTRRA partially sev
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three years, when Fred would have t
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equired beginning date, and they wi
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SECTION 18 Estate Planning Issues f
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Table of Contents 1. Initial consid
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termination notices should be filed
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If the Fiduciary is released from p
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c. Relief is requested by using For
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when ordinarily due. Use, for examp
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SECTION 20 Portability Under the Ne
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I. HOW TO MAKE THE ELECTION PORTABI
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espect to such an estate, for beque
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decedent, which together is the amo
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of the surviving spouse’s death.
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GSTT election or a portability elec
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VI. THE TEMPORARY REGULATIONS PART
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(c) Credit limitation. The applicab
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(7) Requirements of return— (i) G
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property of the marital trust relat
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(ii) Application. H’s DSUE amount
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(i) If the executor of the decedent
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Table of contents This section list
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death. Thus, the decedent’s DSUE
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SECTION 21 New Lawyer Panel: “Wha
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I. Introduction Building & Managing
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Being the beneficiary of a trust Fu
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clients what you are doing for them
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Be aware, however, that sometimes y
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Estate and Trust Administration 101
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Obtain Asset Information You should
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2. Other “Non-Probate” Assets S
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(ii) the pages of the trust agreeme
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The total value of the probate asse
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Surviving Your First Probate Procee
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4. Closing the estate - Statement t
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Table of Contents Estate Planning t
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. In order to qualify for the $14,0
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1. Minnesota does not have a gift t
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a. Within 9 months of a completed l
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in excess of the applicable estate
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Preparing Your First Estate and Gif
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E. Other Notable Items There are a
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SECTION 22 Small Estates Panel - Pr
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I. Introduction Disclaimers have lo
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epresentative.The writing should in
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IV. The Disclaimer-Based Estate Pla
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Grandchild B $11,000 Grandchild C $
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formula similar to the one used inW
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Small Estates Panel Peter M. Hendri
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assets must have been subject to an
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A. The Doctrine of Advancements, Ho
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promissory notes and/or mortgages,
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advancements. The Court opined that
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a) Filing a gift tax return for gif
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TABLE OF CONTENTS I. INTRODUCTION 1
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emains private both during the owne
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for many of the same reasons as a w
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I. REVOCATION BY SPOUSE NOT IN TITL
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TODD, the county Medical Assistance
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PRACTICE TIP: To avoid the complica
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Subd. 3.Rights of creditors and rig
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A transfer on death deed that other
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conveyance or transfer is condition
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COMMENT: See above Question and Ans
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SECTION 24 Sales of Real Estate: Fr
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B. Listing Agreement 1. Key terms a
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c. Deed/Title d. Deferred Taxes/Ass
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A. “Property” Documents 1. Deed
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SECTION 25 A Gift for All Donors: A
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I. INTRODUCTION. Often philanthropi
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4. The trustee of a CRT may be an i
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4. If a trust is measured by the li
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III. RETIREMENT ACCOUNT GIFTS. A.
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C. Income Tax On Withdrawals from R
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. P might consider making such a gi
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vii. viii. Income taxes. Amounts di
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v. Income tax. The IRA with S as be
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3. The trustee of the CLT makes def
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V. PRIVATE FOUNDATIONS. A. Definiti
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4. Net Investment Income. An excise
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c. Ordinary Income Property. Only t
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SECTION 26 Incentive/Disincentive P
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PLANNING AND DRAFTING FOR THE USE O
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descendants, the client clearly wil
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E. Special Family Needs. In some fa
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age and the child or grandchild cou
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D. Division of Trust. Since incenti
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SCHEDULE 1 SAMPLE PROVISIONS 1. Def
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6. Distributions to Match the Benef
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cooperate with the trustees in esta
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16. Other Resources. In making disc
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expenses; (B) to provide a Benefici
Page 933 and 934:
Grantors further recognize, should
Page 935 and 936:
dental insurance premiums, or other
Page 937 and 938:
the Trustee on a regular basis for
Page 939 and 940:
(B) (C) (D) Trustee’s Authority t
Page 941 and 942:
(3) The costs of initial whole body
Page 943 and 944:
SECTION 27 New Law Update - Changes
Page 945 and 946:
A committee was formed within the V
Page 947 and 948:
than one attorney-in-fact is design
Page 949 and 950:
I, (the above named Principal),here
Page 951 and 952:
Acknowledgment of notice to attorne
Page 953 and 954:
IMPORTANT NOTICE TO THE ATTORNEY(S)
Page 955 and 956:
Estate Planning and Administration
Page 957 and 958:
iii. Former attorney and Ebay selle
Page 959 and 960:
client to make such a list. In assi
Page 961 and 962:
1. A reminder to update the digital
Page 963 and 964:
the Will and not the Trustee in the
Page 965 and 966:
iii. Minn. Stat. § 609.891: Unauth
Page 967 and 968:
c. If device is password protected,
Page 969 and 970:
1. When planning ahead, review of s
Page 971 and 972:
n. For a blog, consider whether the
Page 973 and 974:
EXHIBIT A Digital Asset Inventory I
Page 975 and 976:
8. Is there any sensitive informati
Page 977 and 978:
Table of Contents I. Client with Di
Page 979 and 980:
1.6(b)(3) to reveal information abo
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Probate & Trust Law Section Conference Manual ... - Minnesota CLE

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