March 2020 Lunch Meeting

Date: Tuesday, March 17, 2020
Time: 11:30am - 1:00pm
Location: Happy Hollow Club
Speaker: Daniel J. Wintz, JD and John B. Atkins, JD

You're in LUCK - we've got two great speakers on March 17! 

AGENDA:
11:30 AM - 
Lunch & Networking
12:00 PM - Meeting & Program

Uniform Directed Trust Act
Presented by: Daniel J. Wintz, JD and John B. Atkins, JD
Nebraska is one of ten states that has adopted the Uniform Directed Trust Act (“UDTA”) promulgated by the National Conference of Commissioners on Uniform State Laws (“NCCUSL”) (adoption is currently under consideration in three other states). The UDTA addresses increasingly common arrangements in estate planning and asset management known as a “directed trust.”   In a directed trust, the terms of the trust grant a person other than a trustee a power over some aspect(s) of the trust’s administration. The NCCUSL found that existing nonuniform state laws are in disarray.  That is, there is no consistent vocabulary to describe the person other than a trustee that holds a power in a directed trust.  Several terms have been commonly used such as “trust protector,” “trust adviser,” or “trust director.”  The NCCUSL also found there is much uncertainty in existing law about the fiduciary status of a nontrustee that has a power over a trust and about the fiduciary duty of a trustee, sometimes called an “administrative trustee” or “directed trustee,” with regard to actions taken or directed by the nontrustee. The UDTA is intended to address the fiduciary duties of a trust director and a directed trustee through validating terms of a trust that grant a trust director a power of direction thereby promoting Settlor autonomy in accordance with the principle of freedom of disposition. The Nebraska UDTA is generally effective January 1, 2021. This program will explore the mandatory fiduciary duties of both a directed trustee and a trust director. We will discuss the kinds of powers that can be granted to a trust director (and grants of powers that do not create trust director status), the default and mandatory fiduciary duties of the trust director, the fiduciary duty of a directed trustee, and the Act’s rules for information sharing and monitoring among trust directors and directed trustees.      

This program is approved for one hour of credit for legal, accounting, insurance and CFP. 

Register online or contact Stacie Sarasio at 402.210.9446

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