Parents and grandparents grasp for every tool to encourage good character and productive lives in their children and grandchildren. Increasingly, they are adapting family trusts to provide material incentives for beneficiaries to obtain certain educational or other developmental goals of the benefactor. Incentive trusts blend traditional trust planning with very delicate issues of intra-family relations and personal behavior. This program will provide a practical guide to advising clients on forming an incentive trust, and structuring it to achieve the benefactor’s goals and to provide effective administration by the trustee.
Advantages and disadvantages of incentive trusts
Relationship to larger estate plans and family businesses
Best practices in fiduciary administration of incentive trusts
Setting objective, measurable standards for beneficiaries
Legal limitations and practical pitfalls of incentive trusts
John A. Warnickis a senior partner in the Denver office of Holme Roberts & Owen, LLP. He has extensive experience in tax planning, purposeful trusts, multi-generational wealth transfer planning and philanthropic consulting. He is the author of “Private Annuities and Self-Canceling Installment Notes (The Bureau of National Affairs, Inc.), the leading text for professional estate planners on private annuities and self-canceling installment sales. Mr. Warnick consults with attorneys, accountants and financial planners across the nation on advanced estate planning techniques. He has also worked with corporate trustees in several states on developing and implementing strategies for minimizing state income tax liability and establishing “Dynasty” and domestic asset protection trusts. Mr. Warnick is a Fellow of the American College of Trust and Estate Counsel. He graduated magna cum laude from Brigham Young University, where he received his B.A., and with honors from George Washington University Law School, where he received his J.D.
The Institute of Certified Bankers
This program received the following breakdown of continuing education credit,
To obtain continuing education credits, ICB members should submit their credits electronically at http://www.icbmembers.org.