NBI: Trusts in Pennsylvania from A to Z—The Ultimate Pros and Cons Guide to Top Wealth Planning Techniques

Whitney Patience O’Reilly presented on key aspects of trusts, simple testamentary trusts and revocable living trusts as part of the National Business Institute’s CLE program, Trusts in Pennsylvania from A to Z – The Ultimate Pros and Cons Guide to Top Wealth Planning Techniques.

Highlights from Whitney’s presentation included:

What are Trusts? Main Trust Principles

• Trust terms, concepts, and definitions
• Key parties in a trust and their roles
• Laws governing trust creation and administration (UTC, UPA, UPIA, etc.)
• Trust revocability and its implications
• Trust funding basics
• Creditor rights regarding trusts
• Evaluating whether a trust is needed

Simple Testamentary Trusts and Revocable Living Trusts

• When to use testamentary trusts
• Living vs. testamentary trusts for tax purposes
• Common trust funding mistakes and their consequences
• Key trust administration issues