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Professional
Board of Trustees: Law 501
Printable
Registration Form
Comprehensive Course Outline
Law 501 sets the Foundation for understanding
the Trust in many varied forms.
Specific Goals:
Understanding Revocable Trusts
Understanding Irrevocable Trusts
Understanding the Contract/Agreement
The Function, Responsibility and Liabilities of a Trustee
Understanding the IRS attitude toward Trusts
Trust Taxes, Accounting and Defense
I. The Revocable Trust v The Irrevocable Trust:
A. Introduction
1. Origin of the Trust Concept
2. Words and Phrases; Word Definitions
B. Revocable Trusts
1. Parties
2. Use: where, when and who
3. Taxes: Estate Income Taxes, Probate
and Federal Estate Taxes
4. A & B Trusts; A, B, C Trusts [
A, B, Q Tip Trusts]
5. Cestui Que Trust
C. Irrevocable Trusts
1. Parties
2. Use: where, when and who
3. The many, varied forms of irrevocable
trusts: business, holding
leasing, child's pension, investment,
etc.
4. Taxes: Income. Probate and Federal
Estate Taxes
II. Pour Over Wills; Powers of Attorney: where to keep
them and how to maintain them.
A. With a Revocable Trust
B. Separate from an Irrevocable Trust
III. The Contract Agreement: also known as the Declaration
or Indenture
A. Definition of a Contract
B. Differences between a Trust and a Corporation
IV. The IRS and Trusts
A. IRS Rules
B. American Jurisprudence on Business Trusts
[look up at the Law Library]
C. The Government's use of Trusts
V. Basic Responsibilities and Liability of the Trustee
A. The Office of Trustee is responsible for:
1. Evaluation of the Effective Use of
the Trust
2. Protecting and speaking for the Trust
3. Quarterly meetings and minutes
4. Separation of Trust Entities and
other entities
Must be sure there is no co-mingling
of funds and assets
5. Accounting
6. Tax Liability
B. Liability of Individual Trustees
C. Relationship of Trustees to the Beneficiaries
VI. Basic Vocabulary Related to Trusts
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Trust Law 501 presents a concise history of the trust,
an
introduction to the use of the trust organization, the
mechanics of how to use a business trust organization or
unincorporated organization and how it can be beneficial.
It also discusses the contract agreement-- understanding it,
what should be in it, the parties to the agreement, etc.
Trust Law 502 presents different contract agreements
used
in unincorporated organizations, the necessary ingredients
and the optional paragraphs. This course will be taught
upon request.
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Bibliography for Law 501
Required:
Sum & Substance on Trusts [Audio Tapes]
$ 40.00
Hornbook on Trusts by Bogart
$ 36.00
Gilbert Law Summaries on Trusts by Halbach
$ 21.00
Trust Estates as Business Companies
$ 100.00
by John H. Sears Second Edition
Note: All prices are subject to change. Books may be purchased from
any Legal Book Store or the Law Book Exchange at www.lawbookexchange.com.
I use www.legal.com based in Sacramento.
Dave Alden, attorney established it in the 90's. His wife, Sally Alden,
runs the book store. I have been using his book store ever since I started
teaching the course on trusts. Legal Recourse [Dave Alden] phone is
800\253-7271. They also have some forms available for down load at a
price. I have not looked at those yet. The Aldens are very helpful and
think as we do.
Optional:
Irrevocable Trusts by George M. Turner, Attorney at
Law
CBC Clark Boardman Callaghan
The latest edition is $300.00
Charitable Trusts by George B. Jewell and through Aspen
Publishers www.aspenpublishers.com
$200.00
Also available from Aspen Publishers [call for prices...$200
- $300]:
Drafting the Estate Plan, Law and Forms, Volumes I & II
by David A. Handler and Deborah V. Dunn
Charitable Trusts by George B. Jewell
The Charitable Giving Answer Book
by Catherine W. Wilkinson, JD and Carol A. Rhees, J.D
Special Optional: an entire encyclopedia of trust law
and the older the set the better:
Scott on Trusts See attached information pages The price for this encyclopedia
of trust law begins at about $1400. Older editions may be less.
Printable Registration Form
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