National Paralegal College | Evaluated Learning Experience
Trust Drafting (PLG-405)
Varies; self-study format.
September 2013 - Present.
Upon successful completion of this course, students will be able to: define the roles of the various parties to a trust and describe the formalities necessary to execute a trust instrument; distinguish between various types of trusts, including irrevocable trusts, revocable trusts, and testamentary trusts; determine whether a trust can hold “s corporation” shares and determine what provisions are necessary to do so; differentiate between various types of trust distribution provisions, identify the benefits and pitfalls associated with them, and draft such provisions to meet clients’ needs and goals; identify gift tax issues that may come up in the course of the preparation of a trust and use “Crummey” provisions to minimize gift-tax consequences on gifts to a trust; analyze the provisions of a trust, and decide whether a gift to such trust will be considered a taxable completed gift; discuss the advantages and disadvantages of having assets in a trust included in the taxable estate of the grantor and determine whether they will be, based on the provisions of the trust; describe the advantages and disadvantages of creating a “grantor” trust vs. a “non-grantor” trust; create trust provisions to ensure that trust assets are not considered “available resources” for Medicaid planning purposes; draft trust provisions to ensure that trust assets are not available to creditors, the grantor, or beneficiaries; discuss the advantages and disadvantages of foreign and domestic assets protection trusts vis a vis other spendthrift trusts; identify the purposes and benefits of a supplemental needs trust and the provisions necessary to allow a trust to qualify as one; ensure that trusts have appropriate secondary provisions and determine whether and when these provisions should be amended or deleted from boilerplate forms when drafting a trust; discuss the requirements of a charitable trust and describe the different types of split interest charitable trusts that are available under federal law.
Instruction focuses on the key aspects of drafting trusts for clients and examines the major considerations necessary in preparing trusts, including estate planning, estate tax planning, Medicaid eligibility planning, etc. Students learn about many different types of trusts, including revocable trusts, irrevocable trusts, life insurance trusts, etc. Many important trust provisions are reviewed and placed into scenarios that could apply to diverse types of clients. Prerequisite: Wills, Trusts and Estates (PLG-106).
In the lower division baccalaureate/associate degree category OR in the upper division baccalaureate degree category, 3 semester hours in Paralegal Studies or Business Law (3/18) (5/23 revalidation).