Practical Advice: Basics of Drafting Trusts; Creating and Drafting with Examples

A pre-recorded streaming VIDEO replay of the September 2023 webcast, Practical Advice: Basics of Drafting Trusts; Creating and Drafting with Examples.

What are the advantages of using a trust, rather than a will, to control the disposition of property at death and select the person designated to execute the decedent’s wishes?  Are there still tax reasons to create revocable trusts?  What kinds of irrevocable trusts are proper for the basic estate plan? 

This seminar covers the important issues in drafting trust documents, as well as creating and drafting various trusts. The discussion includes how irrevocable trusts differ from revocable trusts and also the different types of trusts and the clauses that make them unique, including ILITs, IDGTs, SNT, Simple Irrevocable Spendthrift Trust, QPERT, and more. In addition, our experienced speaker reviews some of the more common provisions found in trusts.

• How to draft the basic revocable trust from start to finish
• How to assess a grantor’s capacity to execute a revocable trust
• How to protect a trust from challenge and litigation
• How to salvage do-it-yourself trusts and other seemingly deficient writings

About the Speaker

Nathan R. Olansen, Midgett Preti Olansen PC / Virginia Beach

Nate Olansen is the Managing Shareholder at the law firm of Midgett Preti Olansen, with a practice focused on estate planning, probate and trust administration, IRS and state and local tax audit and tax collection cases, as well as individual and entity tax planning, asset protection, and a variety of related transactional matters such as business succession planning and business entity start-ups.

Mr. Olansen has extensive experience in drafting and implementing all types of basic and complex estate planning documents such as revocable trusts, irrevocable life insurance trusts (ILIT), grantor retained annuity trusts (GRAT), charitable remainder trusts (CRT), asset protection trusts, and generation-skipping transfer tax trusts.  He regularly assists clients with the administration of trusts and estates, whether through the probate process or in private trusts, and serves as the executor and/or trustee for clients seeking long-term, professional trust management.  He also has extensive experience in individual, gift, estate and trust income tax compliance and preparation (Form 1040, 1041, 706 and 709), and trust and estate fiduciary accounting preparation and forensic examination. 

A significant part of Mr. Olansen’s tax practice is dedicated to representing individuals and businesses before the IRS, state, and local taxing authorities in tax disputes, audits, appeals, and collection actions. The scope of his audit and examination defense practice covers the entire process, from the initial Information Document Request through audit, administrative hearings, appeals, and litigation if necessary.  He helps clients by removing levies, garnishments and liens, amending and correcting previous tax returns, filing delinquent tax returns, negotiating with the IRS and state governments to establish payment plans, conducting Collection Due Process Hearings (CDP), and submitting Offers in Compromise (OIC) to settle taxpayer debts that cannot be repaid.

Mr. Olansen is also a certified public accountant and former U.S. Marine.  He is listed in Best Lawyers in America® in three categories: Trusts & Estates, Tax, and Litigation—Trusts & Estates.