Faculty Course Information

Online Seminar

Trusts in Florida From A to Z

The Ultimate Pros and Cons Guide to Top Wealth Planning Techniques

Division
NBI (100154)
Event Date
05/09/2025
Event Time
8:30 AM - 4:10 PM EDT
Event Planner
Nicole Vandermoss
Email
nicole.vandermoss@nbi-sems.com
Phone
(715) 835-8525

Program Description

The Ultimate Pros and Cons Guide to Top Wealth Planning Techniques

Planning your clients' financial future and legacy is diverse and complex, with a unique tool for every unique client situation. In this fast-paced comprehensive program, our faculty will guide you through the plethora of trust options and give you a straightforward, incisive analysis of when and how each can be used for maximum effect. Explore the goals, functions, administration hurdles, and tax implications of the top trusts in the practice. Choose the best tool for the job every time - register today!

  • Weigh all the pros and cons to select the best trust options for specific client situations.
  • Anticipate tax consequences of various trusts.
  • Use sample trust language our faculty provide to save drafting time and avoid mistakes.
  • Clarify the powers and duties of trustees in different trusts.
  • Compare living and testamentary trusts for straightforward estate planning.
  • Distinguish between accounting and taxable income and learn how trust income tax is reported.
  • Understand how recent tax laws changed the practice of marital trusts and learn when they are still useful.
  • Review common ethical missteps that can cost you your license - and how to avoid them.

Who Should Attend

This basic level online seminar is designed for the professionals involved in creating and administering trusts:

  • Attorneys
  • Accountants and CPAs
  • Trust Officers
  • Tax Managers
  • Wealth Managers

Course Content

  1. What are Trusts? Main Trust Principles
  2. Simple Testamentary Trusts and Revocable Living Trusts
  3. Tax Reduction with Trusts
  4. Grantor Trusts
  5. Marital Trusts in a Nutshell
  6. Generation Skipping/Dynasty Trusts
  7. Special Needs Trusts (SNTs)
  8. Legal Ethics

Agenda / Content Covered

All times are shown in Eastern time.
  1. What are Trusts? Main Trust Principles
    8:30 - 9:25, Gary A. Forster, J. Brian Page
    1. Trust Terms, Concepts, and Definitions
    2. Key Parties in a Trust and Their Roles
    3. The Laws of Trust Creation and Administration (UTC, UPA, UPIA, etc.)
    4. Trust Revocability and its Implications
    5. Trust Funding Basics
    6. Creditor Rights in Regards to Trusts
    7. Does the Client Need a Trust?
  2. Simple Testamentary Trusts and Revocable Living Trusts
    9:25 - 10:05, Audra Simovitch
    1. When are Testamentary Trusts Used?
    2. Living vs. Testamentary Trusts for Tax Purposes
    3. Trust Funding Mistakes and Consequences
    4. Top Trust Administration Issues
    5. Sample Trust Language
  3. Tax Reduction with Trusts
    10:05 - 11:00, Scott J. Bakal
    1. Current State and Federal Tax Regime
    2. Taxation of Trusts: Transfer and Income
    3. Accounting vs. Taxable Income
    4. Tax Consequences of Distributions
    5. Tax Implications of a Trust Becoming Irrevocable
    6. Accumulation Distribution for Some Complex Trusts
    7. Material Participation by Trusts
    8. Tax Consequences of Trusts in Estate Administration
  4. Grantor Trusts
    11:15 - 12:10, Scott J. Bakal
    1. Types of Grantor Trusts and When They are Used
    2. Intentionally Defective Grantor Trusts
    3. Tax Planning, Requirements, and Consequences
    4. Trustee Powers and Duties
    5. Grantor Trust Status and Reporting
    6. Exceptions to the Rules
    7. Sample Trust Language
  5. Marital Trusts in a Nutshell
    12:10 - 1:05, Christopher C. Weeg
    1. When are Marital Trusts Used?
    2. Old AB/Credit Shelter Trusts After ATRA and Tax Cuts and Jobs Act
    3. Tax Planning, Requirements, and Consequences
    4. Trustee Powers, Duties, and Challenges
    5. Underfunded Trusts After First Death
    6. QDOTs for Noncitizen Spouses
    7. Exceptions to the Rules
    8. Handling Dysfunctional Client Families
    9. Sample Trust Language
  6. Generation Skipping/Dynasty Trusts
    1:35 - 2:15, Chad D. Hansen
    1. GST Tax and Other Tax Considerations
    2. When are Dynasty Trusts Used?
    3. Sample Trust Language
  7. Special Needs Trusts (SNTs)
    2:15 - 2:55, Michael C. Norvell
    1. When are SNTs Used? (SNTs vs. ABLE Act Accounts)
    2. Types of SNTs
    3. Tax Consequences of SNTs
    4. Preserving Benefits Eligibility
    5. Trustee Powers and Duties (What Can the Distributions be Used for?)
    6. Sample Trust Language
  8. Legal Ethics
    3:10 - 4:10, Gregory J. Nussbickel
    1. Who Is Your Client? The Most Important Question in Trusts Practice
    2. Top Legal Malpractice Risks
    3. Testator Capacity Issues
    4. Dealing with Trust Beneficiaries
    5. Protecting Confidentiality
    6. Preventing Fiduciary Misconduct

Materials Due Date: 04/04/2025


Materials

If you're covering any of the following topics, you must include the (identified) sample documents with your materials:

  • II. Simple Testamentary Trusts and Revocable Living Trusts (sample will and sample revocable living trust)
  • III. Tax Reduction with Trusts (sample tax provisions)
  • IV. Grantor Trusts (sample grantor trust of your choice)
  • V. Marital Trusts in a Nutshell (sample marital trust)
  • VI. Special Needs Trusts (SNTs) (sample special needs trust)
  • VII. Generation Skipping/Dynasty Trusts (sample dynasty trust)
  • VIII. Charitable Trusts (sample charitable trust)

Attendees love forms! Even if your topics are not above - if you can think of any templates, checklists, letters, agreements, provision language, reports, and legal and tax forms that are appropriate for your topic - you are encouraged to provide them.

Event Materials Support

Email: eventmaterials@nbi-sems.com

Phone: (800) 777-8707



Scott J. Bakal is an attorney and shareholder at Greenberg Traurig, LLP's Miami location, where he develops tax-planning strategies for closely held family businesses, partnerships, and publicly held corporations with significant domestic and international operations. He works closely with high- and ultra-high-net-worth individuals and entrepreneurial companies to develop elegant, tax-sensitive approaches to their complex business transactions, financial situations, estate planning matters, and real estate investments, as well as to pursue tax efficiency throughout their operations. Mr. Bakal's practice includes advising closely held businesses on the tax consequences of critical transactions, including structuring joint ventures and asset and stock purchase agreements. In addition, he advises executives in tax-sensitive compensation matters and the owners of controlling stakes in publicly held corporations. Mr. Bakal earned his B.S. degree, magna cum laude, from Yale University and his J.D. degree, magna cum laude, from Harvard Law School. He is admitted to practice law in Florida, Illinois, and the U.S. Tax Court.

Gary A. Forster is managing partner and co-founder of ForsterBoughman. His practice spans 30 years and includes domestic and international corporate law, asset protection, tax and estate planning. Mr. Forster handles a variety of corporate and personal planning matters for business leaders and wealthy families. He writes and speaks nationally on tax, corporate and international topics and is the author of three books. In 2013, he wrote Asset Protection for Professionals, Entrepreneurs and Investors, a guide to asset protection strategies for clients and their financial advisors, now in its second edition. In 2020, Mr. Forster finished the second edition of The U.S. Estate and Gift Tax and the Non-Citizen, which explains how resident and non-resident foreign nationals are impacted by the U.S. Estate and Gift Tax. In 2021, he wrote The U.S. Wealth Transfer Tax and the Non-Citizen, a law school textbook. Mr. Forster's legislative amendments were adopted as Section 43A of the Nevis LLC Ordinance - Nevis Limited Liability Company (Amendment) Ordinance, 2015. He earned his B.A. degree from Tufts University, graduating cum laude with majors in economics and Spanish literature. Mr. Forster earned his J.D. degree from the University of Florida College of Law, graduating with honors. He continued his studies as a graduate fellow at the University of Florida College of Law, Master of Taxation program, earning an LL.M. degree in taxation. Mr. Forster's education also includes studies at the University of Madrid, Oxford University and Leiden University in the Netherlands. He is a member of The Florida Bar and District of Columbia Bar Association, including bar sections for international and tax law. Mr. Forster is licensed to practice before the U.S. Tax Court, and is a member of the American Bar Association Asset Protection Planning Committee. He speaks Spanish fluently.

Chad D. Hansen is of counsel with Peterson & Myers, P.A. Prior to joining Peterson & Myers, he worked in Ohio with a practice centered on assisting individuals and businesses with tax, estate planning, and business matters helping clients with formational issues, joint ventures, operating agreements, venture funds, structuring acquisitions/dispositions, estate planning and probate, and a variety of tax issues. Mr. Hansen also worked with many business owners to make sure personal and business succession planning are properly aligned and in the most tax efficient manner. He earned his B.A. degree in accounting from Utah State University, his J.D. degree from the University of Idaho College of Law, and his LL.M. degree in taxation from the University of Florida.

Michael C. Norvell graduated from the University of Florida Fredric G. Levin School of Law in 1976 and was admitted to The Florida Bar in November of 1976. Prior to entering law school, he served in the US Army from 1965-1967 where he was part of the Army Engineer Field Unit of the Ethiopia - U.S. Mapping Mission. This mission was the last ground mapping of an entire country ever undertaken. Mr. Norvell's practice has transitioned to late life issues, such a guardianship, Medicaid planning, trust and probate administration, and litigation. He has been working in the area for over 40 years and has two practices in the Leesburg area, with one office dedicated to the sole practice of Medicaid planning. Mr. Norvell is a member of the University of Florida President's Council.

Gregory J. Nussbickel is an attorney with Nussbickel Law Firm, P.A. He has been practicing trust, estate, and elder law for the better part of two decades. Mr. Nussbickel's legal experience spans large firm, public interest, and higher education. Before graduating cum laude from F.S.U. Law, he externed at The Florida Supreme Court. Mr. Nussbickel later obtained a Master of Laws (LL.M.) degree from U.M. He contributes to legal education platforms and has been featured on major news outlets.

J. Brian Page is a tax attorney with ForsterBoughman, whose practice encompasses a wide range of estate planning, probate, trust administration, business succession, tax controversy, and asset protection. He has been admitted to practice law in Florida, U.S. Tax Court, and the Northern and Middle districts of Florida. Mr. Page has also published articles and spoken publicly in the areas of estate planning, probate, trust administration, and federal tax law. He is a member of The Florida Bar and the U.S. Tax Court. Mr. Page is also a member of The Florida Bar Tax Section, The Florida Bar Real Property Probate & Trust Law Section, Orange and Seminole County bar associations, and the Central Florida Estate Planning Council. He earned his undergraduate degree, his J.D. degree and his LL.M. degree in taxation from the University of Florida.

Audra Simovitch is a founding partner of Astor Simovitch Law. She practices elder law, estate planning and guardianship. Ms. Simovitch earned her J.D. degree from Nova Southeastern University, Shepard Broad College of Law and her LL.M. degree in taxation from Boston University School of Law. She is licensed to practice law in Florida and Massachusetts, and before the Florida Southern District Bankruptcy Court and Massachusetts Bankruptcy Court.

Christopher C. Weeg is a partner in the Palm Beach Gardens office of Comiter, Singer, Baseman & Braun LLP. He is board-certified in both tax law and in wills, trusts and estates, distinguishing him as one of 29 Florida lawyers who hold dual certification in those areas of law. Mr. Weeg's two areas of board certification, as well as being a CPA, are complementary and provide a broad depth of knowledge for his clients. His core law practice is estate planning and includes drafting wills and trusts, probate and trust administration, and advising on income, gift, estate, and GST tax issues. Mr. Weeg is experienced in the preparation of gift and estate tax returns, representation of executors in all phases of estate administration, and creating comprehensive estate plans tailored to meet clients' personal objectives in a tax efficient manner. He currently serves on the Board of Directors of the East Coast Estate Planning Council and the Palm Beach Tax Institute. Mr. Weeg is a director of the Tax Section of The Florida Bar and is a member of The Florida Bar Tax Law Certification Committee. He earned his B.S. degree, his LL.M. degree in taxation and his J.D. degree, all from the University of Florida. Mr. Weeg is admitted to practice law in Florida and Texas, and is a licensed CPA in Florida.

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