Thursday, May 16, 2024
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EFPCSNJ Breakfast Meeting-
Down the Rabbit Hole and Through the Looking Glass: The Wonderland of Trust Situs
Date: Thursday, May 16, 2024
Speaker: Bradley D. Terebelo, Esquire - Heckscher, Teillon, Terrill & Sager
Time: 7:45am breakfast, 8:15am opening remarks, 8:30-9:30am educational program
Location: Laurel Creek Country Club

Sponsors: 
Armanino LLP
LPL Financial

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Session description:
You might think that your trust situs (also known as principal place of administration) is where it should be -- in a meadow in the known trust world it has long enjoyed. However, perhaps that trust should travel to a better destination. Alice is an adventuresome trustee, and her advisors need to be equipped to recommend whether or not to go down the rabbit hole and consider what she might see through the looking glass. But what is trust situs, and why is it important? What are some of the advantages and risks in moving trust situs? What does trust situs have to do with the mysterious Bandersnatch of state fiduciary income tax, and can you reduce or even eliminate a trust’s state fiduciary income tax liability by changing situs – not just now, but possibly forever? Is it “off with their heads” for trustees who do not consider a change of situs? What about for a trustees’ advisors who fail to mention it? All this makes for a wonderful discussion at a tea party with Alice, the March Hare, the Mad Hatter and others. One does not want to be late for this discussion.

Learning Objectives:

• What do we mean when we say “trust situs”?
• How is situs determined?
• How can situs be changed?
• Why would you want to change trust situs (with a particular focus on state fiduciary income tax issues, and how state fiduciary income tax might be able to be reduced or eliminated entirely by changing situs)?
• What happens when you change situs?

Speaker Bio:
Brad Terebelo is a partner of the Philadelphia and West Conshohocken firm of Heckscher, Teillon, Terrill & Sager, P.C., where he focuses on estate and tax planning, estate and trust administration and Orphans’ Court litigation. He received his B.A., with honors, from Washington University in St. Louis in 2001 and his M.A. in English Literature from Washington University in St. Louis in 2002. He received his J.D., cum laude, from Temple University Beasley School of Law in 2007. Mr. Terebelo is on the board of directors of the Philadelphia Estate Planning Council (where he co-chairs the Council’s Outreach Committee) and is chair of the Orphans' Court Litigation Committee of the Probate and Trust Law Section of the Philadelphia Bar Association. He served two terms on the executive committee of the Probate and Trust Law Section of the Philadelphia Bar Association and is the former chair of the Legislative Committee of that Section. Mr. Terebelo has been named a Pennsylvania Super Lawyers Rising Star (2014-2017) and a Pennsylvania Super Lawyer (2020-2024), and he has been recognized by Best Lawyers (2021-2024). In 2019, Mr. Terebelo was recognized as a "Lawyer on the Fast Track" by the Legal Intelligencer. Mr. Terebelo is also a Fellow of the American College of Trust and Estate Counsel ("ACTEC").