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Alabama Trusts Part I: Basic Principles for the Non-Specialist Attorney (On-Demand)
On-Demand Webinar held Wednesday, May 31, 2017
WEBINAR SNAPSHOT: Learn the basics of trusts in Alabama estate planning.
A trust is traditionally used for minimizing estate taxes and can offer other benefits as part of a well-crafted estate plan. A trust allows a third party – the trustee – to hold assets on behalf of a beneficiary. The trust can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries.
What are the advantages of a trust? The use of a trust avoids probate. It allows the beneficiaries of the trust to get access to the trust assets quicker than if the assets were transferred by will. The use of a trust avoids courts fees and, potentially, reduces estate taxes as well.
In the first part of this two-part webinar, the presenter discusses the basics of a trust, its jargon, and what laws govern its creation. He will also give practical advice and explain how a trust works for your client.
- What is a trust?
- What are the origins of trusts?
- Why create a trust?
- Basic jargon of trusts
- What laws govern trust creation?
- How do you explain trusts to a client?
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About Your Presenter:
James B. Griffin
James B. Griffin, LLC
James B. Griffin founded James B. Griffin, LLC in Mountain Brook and serves clients in Alabama and Georgia who are pursuing the American dream of property ownership, business ownership, and investing in their future. The firm’s mission is the protection of private property rights, especially in real estate, the creation of wealth, and the preservation of assets through estate planning, especially for those heirs who are not capable of taking care of themselves. He is a Birmingham native who graduated from Gordon College in Massachusetts with a B.A. in Economics and History, from the University of Alabama with a M.A. in History, and from Vanderbilt University Law School. He began his practice at a large firm in Atlanta and then in a small firm for most of a decade in his wife's hometown of Covington, Georgia, before returning home to Alabama. His practice today concentrates on estate planning, trusts, estate administration, property, and real estate.