Joclene Vanik presented three topics for the National Business Institute Seminar, Trusts in Ohio from A to Z.
Joclene’s first presentation, What are Trusts? Main Principles, addressed the purpose of trusts, the important terms, concepts and key parties and their roles. Additionally, the laws of creation and administration were explored, as well as practice tips on revocation, funding and other general tips. Part of this presentation included a discussion of the circumstances in which a client would want to consider a trust as part of their estate plan.
The second presentation, Testamentary Trusts and Revocable Living Trusts, addressed the similarities and differences between the two types of trusts, the legal requirements to create each type of trust, in what circumstances a client would choose to execute one versus the other, and the advantages and disadvantages of each. As testamentary trusts are overseen by the appropriate probate court, the presentation included a discussion of the probate process. Finally, common issues were explored, and tips and solutions provided for the mistakes that are often made.
The final presentation, Special Needs Trusts, identified the various types of Trusts used in special needs planning for persons with disabilities. Each trust type was explored in detail, including the legal requirements for creating each type of trust, the sources of contribution, and distribution requirements. The presentation included a cost-benefit analysis of the many things to consider when selecting which trust is best for a client, such as: 1) age of the disabled beneficiary, 2) source of contribution funds, 3) amount of funds available for funding, 4) administrative and legal costs for each trust, 5) who will serve as trustee, and 6) the desired amount of control over distributions.
