May 29, 2002
Lawyers Invited to 'Reinvent Income, Rethink Trust Distributions'Estates and other lawyers who advise clients, trustees and beneficiaries are invited to attend "Reinventing Income, Rethinking Trust Distributions: Counseling Clients, Trustees and Beneficiaries after the New Pennsylvania Principal and Income Act," on Tuesday, June 4 at the Philadelphia Bar Education Center on the 10th floor of the Wanamaker Building, Juniper and Market Sts.
Co-sponsored by the Philadelphia Bar Association's Probate and Trust Law Section and the Pennsylvania Bar Institute, the course will run from 12:15 to 2:30 p.m., include lunch (beginning at 11:45 a.m.) and offer two substantive CLE credits and two hours of continuing education credit in tax.
The seminar, part of the Probate and Trust Law Section's Quarterly Meeting, will discuss the newly enacted revision of the Principal and Income Act. Faculty will review the act, exploring its new opportunities, challenges and drafting considerations for estate planning and fiduciary clients; highlight the new "power to adjust" and "unitrust" provisions; provide sample forms; address how the Act affects existing trusts; discuss fiduciary responsibilities, including choice of total return payout and tax treatment; and review income tax implications for trusts and beneficiaries.
Evelyn Howard, Esq. of Brown Brothers Harriman Trust Company in Philadelphia and Judith B. Stein, Esq. of Wilmington Trust Company are course planners. Faculty include Julia B. Fisher, vice president of JPMorgan Private Bank; Thomas O. Hiscott, Esq. of Heckscher, Teillon, Terrill & Sager P.C.; and Elizabeth P. Anderson, senior vice president of Bernstein Investment Research and Management. Anderson will demonstrate the economic impact of various total return distributions on the trust principal under a variety of assumptions.
Tuition is $79 for members of the Pennsylvania, Philadelphia or any other county bar association or any co-sponsoring organization, $69 for members admitted after Jan. 1, 1998, $99 for nonmembers, $69 for paralegals, $40 for judges and judicial law clerks, and $35 for judges and clerks admitted after Jan. 1, 1998. One copy of the course manual is included with registration.
Conference registration may be obtained by calling PBI at (800) 247-4724 or (800) 932-4637, or by visiting PBI's Web site. Pre-registration is encouraged.