ABOUT THIS PROGRAM
Planning in Perpetuity: Private Dynasty Trusts & Perpetual Charitable Trusts
Many clients have an interest in perpetual trusts, both for family members and for their charitable causes. Kathryn Miree and Turney Berry will discuss the advantages and disadvantages of perpetual trusts in very practical terms. What are the benefits to the donor, to the beneficiaries and to society? Can flexibility be provided to deal with unanticipated future changes in society? Can a charity modify an irrevocable trust if its needs change in the future? Who has standing to enforce perpetual charitable trusts? Can future generations be given powers of appointment to continue family trusts? Come to an interesting discussion of ways in which your clients can enhance the financial stability of future generations and of their charitable causes.
Register online here or learn more about the seminar.
ABOUT KATHRYN MIREE
Kathryn W. Miree is President of Kathryn W. Miree & Associates, Inc., a consulting firm that works with boards and staff of nonprofits and foundations to develop or fine tune administrative policies, planned giving programs and endowments. She received her undergraduate degree from Emory University and her law degree from The University of Alabama School of Law. She is a member of the Alabama Bar, is a past president of the National Committee on Planned Giving and a past president of the Alabama Planned Giving Council. Ms. Miree currently serves as chair of the Editorial Advisory Committee of the Journal of Gift Planning, on the Editorial Advisory Boards of Planned Giving Today and Planned Giving Design Center. Ms. Miree is a frequent lecturer, co-author of The Family Foundation Handbook with Jerry J. McCoy (CCH Publishers 2010) and author of The Professional Advisor's Guide to Planned Giving (CCH Publishers, 2006). Her clients include a variety of nonprofits and foundations across the country.
Kathryn's Presentation: A focus on long-term charitable gifts
Donors often have specific visions and goals for the use of their long-term charitable gifts, whether creating a foundation, a perpetual charitable trust, an endowment, or similar long-term gift. While it is the donor's vision that drives the gift, what happens when the purpose for which the gift is created is no longer valid? Or the needs of the charity to which the gift is directed change? If the planner is not careful, these perpetual gifts will eventually implode.
ABOUT: TURNEY BERRY
Turney P. Berry concentrates his practice in the areas of estate planning, fiduciary matters, and charitable planning. Mr. Berry is a regent of the American College of Trust and Estate Counsel (ACTEC), a fellow of the American College of Tax Counsel, a member of the Joint Editorial Board for Trusts and Estates, a Uniform Law Commissioner representing Kentucky, and a member of the advisory board of Trusts and Estates Monthly. He is listed in Woodward/White's The Best Lawyers in America® and is a Kentucky Super Lawyer in the area of trusts and estates.
Mr. Berry is the author or co-author of three Tax Management Portfolios: Estate Tax Deductions - Sections 2053 and 2054; Private Foundations - Self Dealing - Section 4941; and Taxable Expenditures - Section 4945. In addition he is co-author of Tax Planning for S Corporations and Trust Law in the Commonwealth of Kentucky (both in progress) and his frequent articles have appeared in numerous journals and magazines. A native of Tennessee, Mr. Berry received his B.A. and B.L.S. in 1983 from the University of Memphis and his J.D. in 1986 from Vanderbilt University.
Turney's Presentation: Essential rationale for the long-term or perpetual private trust
In the last two decades an accelerating trend has been the creation of multi-generation trusts, many which have no set termination date (perpetual trust) or have a termination date that is 100 or more years into the future (near perpetual trusts). Proponents of perpetual and near-perpetual trusts point to the advantages that accrue to beneficiaries from having access to wealth without being burdened by actual ownership. Opponents of perpetual and near perpetual trusts point to the negative effects that may stem from the separation of access to wealth from the ownership of wealth, effects which may be directed at beneficiaries but which may be felt more generally by society at large and sometimes even the donors themselves.
There is a similar trend in the area of charitable trusts as well. While charitable trusts can be of any term, it is common practice for estate planners to draft charitable trusts to be of perpetual rather than limited duration.
ABOUT OUR MODERATOR: ERIC MANTERFIELD
Eric Manterfield is a partner in the Indianapolis, Indiana law firm of Krieg DeVault LLP, where he concentrates his practice in estate planning, family business succession planning, charitable planning and probate and tax litigation. Eric is an Indiana Board Certified Trust & Estate Lawyer by TESB.
Eric is a magna cum laude graduate of Denison University (Phi Beta Kappa). Eric received his law degree from the University of Michigan Law School in 1972. He is a member of the Indianapolis (Estate Planning & Administration Section; Business Section) and Hamilton County, Indiana (Section of Real Property, Probate and Trust Law) and American (Section of Real Property, Probate and Trust Law and Section of Taxation) Bar Associations.