Education

Well-Being Trusts: Beyond Distribution Standards
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Jonathan G. Blattmachr, JD, Abigail O'Connor, JD, Martin M. Shenkman, Esq., and Todd Flubacher, Esq.
July 9, 2025
Description:

While trusts have always been created to protect beneficiaries, more can be done to help beneficiaries benefit from the wealth that is bequeathed not actually “to” them, but for them.  So-called “Well-Being Trusts” are consistent with a growing trend to be more inclusive of what can – and perhaps should – be provided for beneficiaries of trusts, beyond just making distributions.  

Delaware, as it often does, has lead the charge on this new approach to trust drafting and administration by enacting a new Well-Being Trust statue.  It is an “opt in” provision that drafters can incorporate into new trust documents and include in existing trusts via decanting or non-judicial modification.  In this webinar, the speakers will discuss the Delaware Well-Being Trust statute and the various issues it raises (not the least of which is potential trustee liability).  Other important issues include:                                                                                                                  

  • Income tax considerations, such as whether payment for programs for beneficiaries qualifies as a trust administrative expense or carries out DNI
  • Using a letter of wishes
  • Custom provisions practitioners might include
  • Conflicts that could arise in some situations, such as if a beneficiary is addicted to drugs
  • The need for mechanisms to change trustees and/or the terms of the trust.

Although everyone wants more wealth, history demonstrates that excess wealth can actually be an inhibitor of creativity and personal fulfillment.  A Well-Being Trust can empower beneficiaries rather than restricting them, allowing trustees to focus on helping beneficiaries flourish in different ways. Regardless of the type of trust or jurisdiction involved, the ideas behind the Well Being Trust can help transform trust practice and administration. 

                                                       

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Continuing Education Credits
InterActive Legal is not an approved Continuing Education (CE) Sponsor. However, several states and regulatory agencies for a variety of professionals that participate on our teleconferences may still receive continuing education credit for their participation. If a participant wishes to receive CE credit for their participation in these teleconferences, they must apply to receive credit on their own and through their individual states and regulatory authorities. It is the responsibility of the participant to file for CE credit and is not guaranteed by the webinar sponsors.
Jonathan G. Blattmachr, JD
Jonathan G. Blattmachr, JD thumbnail

Mr. Blattmachr is a Principal in ILS Management, LLC and a retired member of Milbank Tweed Hadley & McCloy LLP in New York, NY and of the Alaska, California and New York Bars. He is recognized as one of the most creative trusts and estates lawyers in the country and is listed in The Best Lawyers in America. He has written and lectured extensively on estate and trust taxation and charitable giving.

Mr. Blattmachr graduated from Columbia University School of Law cum laude, where he was recognized as a Harlan Fiske Stone Scholar, and received his A.B. degree from Bucknell University, majoring in mathematics. He has served as a lecturer-in-law of the Columbia University School of Law and is an Adjunct Professor of Law at New York University Law School in its Masters in Tax Program (LLM). He is a former chairperson of the Trusts & Estates Law Section of the New York State Bar Association and of several committees of the American Bar Association. Mr. Blattmachr is a Fellow and a former Regent of the American College of Trust and Estate Counsel and past chair of its Estate and Gift Tax Committee. He is author or co-author of eight books and more than 500 articles on estate planning and tax topics.

Among professional activities, which are too numerous to list, Mr. Blattmachr has served as an Advisor on The American Law Institute, Restatement of the Law, Trusts 3rd; and as a Fellow of The New York Bar Foundation and a member of the American Bar Foundation.

Abigail O'Connor, JD
Abigail O'Connor, JD thumbnail

Abigail O’Connor serves as Chief Fiduciary Officer for Peak Trust Company and is an InterActive Legal Advisor. With over 15 years of law practice in the trusts and estates field, Abigail has honed her expertise in a variety of practice areas, including estate planning, estate and gift tax strategic planning, representation of trustees and beneficiaries, estate administration, and family business succession planning. Her comprehensive approach to estate planning integrates tax considerations, challenging family dynamics, and the unique needs of family business owners.

Abigail’s professional affiliations are extensive. She serves as the Alaska State Chair of the American College of Trust and Estate Counsel (ACTEC) and has held leadership roles in several professional organizations, including the Anchorage Estate Planning Council and Anchorage Trust & Estate Professionals. She is a prolific writer and speaker, contributing to numerous publications and presenting at various industry events. She holds a Juris Doctor with a concentration in Estate Planning from Albany Law School, a Master of Science in Applied Mathematics from Rensselaer Polytechnic Institute, and a Bachelor of Arts in Mathematics from Rutgers University. Abigail is licensed to practice law in Alaska and Florida.

Martin M. Shenkman, Esq.
Martin M. Shenkman, Esq. thumbnail

Martin M. Shenkman is an attorney in private practice in Fort Lee, NJ, and New York City. His practice concentrates on estate and tax planning, planning for closely held business, and estate administration.

Mr. Shenkman is an author of over 42 books and more than 1,000 articles. He is an editorial board member of Trusts & Estates Magazine and the Matrimonial Strategist, and an advisor for InterActive Legal. He is the recipient of many awards including being a 2013 recipient of the prestigious Accredited Estate Planners (Distinguished) award from the National Association of Estate Planning Counsels. Mr. Shenkman was named Financial Planning Magazine 2012 Pro-Bono Financial Planner of the Year for his efforts on behalf of those living with chronic illness and disability. Investment Adviser Magazine featured him on the cover of its April 2013 issue naming as the lead of their “all-star lineup of tax experts.”

Todd Flubacher, Esq.
Todd Flubacher, Esq. thumbnail

Todd Flubacher is a partner with Morris, Nichols, Arsht & Tunnell, LLP, representing Delaware trust companies, individuals, and law firms throughout the United States on all aspects of the creation, migration, modification, and administration of Delaware trusts. His practice primarily emphasizes the unique advantages of Delaware trust law, including directed trusts, dynasty trusts, asset protection trusts, trust modifications, and tax planning.  Todd has substantial experience with migrating trusts to Delaware, changing governing law, and modifying trusts by decanting, merger, and non-judicial settlement agreements.

As an estate planner, Todd assists high-net-worth clients with implementing planning goals, saving taxes, protecting assets, and managing and preserving wealth for future generations. He also works with executors of Delaware estates to assist with estate administration, probate and planning, and has a substantial fiduciary litigation practice, representing trustees, executors, and beneficiaries in all types of trusts and estates litigation.

Todd is a fellow of the American College of Trust and Estate Counsel, an Accredited Estate Planner® (AEP®) Distinguished, and was inducted into the National Association of Estate Planners & Councils’ (NAEPC) Estate Planning Hall of Fame in 2023.   His articles have appeared in notable publications such as Estate Planning magazine and Trusts & Estates magazine and he is a recognized speaker, frequently appearing before professional and business audiences across the country and via webinar.

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