Estate Planning Education

Topics

• Revocable Living Trust: Avoid probate and ensure your assets are managed and distributed according to your wishes.
• Last Will and Testament: Outline your wishes for the distribution of your assets and the care of your minor children.
• Guardianship: Designate a guardian for your minor children to ensure they are cared for by someone you trust.
• Advance Healthcare Directive: Specify your healthcare preferences and designate someone to make medical decisions on your behalf.
• Pour Over Will: Ensure that any assets not included in your trust at the time of your death are transferred to it.
• Power of Attorney: Grant someone the authority to make financial and legal decisions on your behalf.
  • Financial Power of Attorney: Designate an agent to manage your financial affairs.
  • Durable Power of Attorney: Ensure your designated agent retains their authority even if you become incapacitated.
• HIPAA Waiver: Allow your healthcare providers to share your medical information with designated individuals.
• Final Disposition Instructions Forms: Specify your wishes for funeral and burial arrangements.

Estate Planning Trusts

• Probate Avoidance Trust
• Disclaimer Trust
• A/B Trust (modified)
• Intentionally Defective Irrevocable Trust (aka Marital Deduction Trust)
• State Exemption Trust with Marital Deduction
• QTIP Trust with Clayton Election
• QTIP Trust
• QTIP Trust with the QDOT provisions

Guardianship

Guardianship

• Nomination of Guardian: Ensure your children are cared for by a trusted guardian.
• Designation of Temporary Guardian: Provide for the temporary care of your children in emergencies.
• Visitation Authorization: Grant permission for visitation rights as needed.

Transfer Documents

Transfer Documents

• Deed of Trust: Secure real estate transactions and ensure proper handling of your property.
• Transfer Deed: Facilitate the transfer of property ownership.

Understand the steps involved in dealing with death-related documentation, such as affidavits of death for joint tenants, trustees, or co-trustees. Learn about the necessary estate planning documents, including the nomination of guardians, designation of temporary guardians, and visitation authorizations.

Amending Estate Planning Documents

• Resignation of Trustee: Handle the resignation and replacement of trustees seamlessly.
• Revocation of Trustee
• Appointment of Co-Trustee: Appoint a co-trustee to assist in managing your trust.
• Revocation of Power of Attorney: Revoke a previously granted power of attorney when necessary.
• Estate Plan Amendments: Make necessary updates to your estate plan.
• Estate Plan Modifications: Adjust your estate plan to reflect changes in your life or goals.
• Codicil: Amend your will with minor changes without creating a new document.
• Amendment of Revocable Living Trust: Modify your trust to reflect new wishes or circumstances.
• Amendment of Special Needs Trust: Ensure your special needs trust remains current and effective.
• Revocation of Revocable Living Trust: Revoke your trust when it is no longer needed.
• Appointment of Trust Protector: Appoint a trust protector to oversee the management of your trust.

Estate Taxes

• Estate Taxes: Implement strategies to reduce estate tax liabilities.
• Crummey Powers: Utilize gift tax exclusions effectively through Crummey Trusts. Gives each beneficiary the right to withdraw any gift up to the amount of the gift or the Federal Annual Gift Tax Exclusion Amount (whichever is less). The withdrawal power can be “cumulative” with an annual lapse of equal to the $5 or 5% power (i.e., a “hanging power”) or for the withdrawal period to lapse 30 days after the date of the gift. Whichever option is selected, the gift (up to the annual exclusion amount) becomes a gift of a present interest and qualifies for the annual exclusion.

Miscellaneous Estate Planning Trusts and Trust Clauses

• Irrevocable Trust: Protect your assets and ensure they are managed according to your wishes.
• Irrevocable Life Insurance Trust (ILIT): Exclude life insurance proceeds from your taxable estate.
• Grantor Retained Annuity Trust (GRAT): Transfer wealth to your beneficiaries while minimizing gift taxes.
• Qualified Personal Residence Trust (QPRT): Transfer your residence to heirs while minimizing gift taxes.
• A/B Trust: Optimize estate tax savings for married couples.
• Charitable Remainder Trust (Annuity Trust and Unitrust): Support charitable causes while benefiting from tax advantages.
• Gift Trusts: Facilitate tax-efficient gifting to your beneficiaries.
• Intentionally Defective Marital Deduction Trust: Utilize advanced tax strategies to benefit your spouse.
• Intentionally Defective Grantor Trusts: Leverage tax benefits while retaining control over trust assets.
• Realty “Land” Trusts: Manage real estate assets effectively.
• IRA Beneficiary Trusts: Ensure your IRA assets are distributed according to your wishes.
• NFA Gun Trusts: Comply with federal regulations for firearms ownership and transfer.
• VA Planning Trust: Maximize veterans’ benefits and protect assets.
• Miller Trust (Qualified Income Trust): Manage income to qualify for Medicaid.

Caring for Disabled Persons

• Medicaid Trust: Protect your assets while qualifying for Medicaid benefits.
• Special Needs Trusts: Provide for loved ones with special needs without affecting their eligibility for public assistance.
• Dementia Directive: Outline your wishes for care if you develop dementia.
• Spendthrift Clause: Protect your beneficiaries’ inheritances from creditors and poor financial decisions.

Managing Estate Plan of Deceased Persons

• Affidavits of Death: Handle the transition of joint or co-trustee assets smoothly. Affidavits of Death for Joint Tenant, Trustee, or Co-Trustee
• Probate

Financial Planning

• Infinite Banking
• IRA
• 401K
• Roth IRA
• Life Insurance
• Whole Life
• Universal Indexed Life