Tuesday, November 17, 2009

47 POINTS TO LOOK AT WHEN EVALUATING AN ESTATE PLAN

47 POINTS TO LOOK AT WHEN EVALUATING AN ESTATE PLAN:

Avoid probate.
Reduce taxes.
ABC Formulas
GPA & LPA
Honor deceased Family Members
Easy to follow format
Name flexibility
Character of property
Powers of trustees
Trust protectors
ILIT
Asset protection
Administrative experience both TRA and Probate
Select the best persons to manage your estate.
Trustee flexibility for each sub trust
Provide protection in the event of the disability and eliminate or reduce court involvement.
Remarriage protection for the surviving spouse.
Distribution for children in can we known as “A toothpaste trust” for life time protection for the children, either in a string, rope, chain or carrot and stick withdrawal provisions.
Protection of grandchildren.
Special Needs Trust.
Springing Special Needs Trust.
Durable Power of Attorney for property management.
Advance healthcare directives.
 Is flexible:
Alzheimer's, cancer, trauma, coma or vegetative state
Pregnant, pre-existing conditions, organ donations, autopsy's blood transfusions,
Personal-care, funeral arrangements, Memorial instructions.
Persons who might object
Exclude persons from contact

HIPAA releases.
A repository to hold the Advance Healthcare Directive.
Priceless conversations, legacies and valued distribution.
Family history.
Personal property memorandums.
Memorial instructions.
Location lists and key advisers and people.
Certification of trust.
Naming of guardians and exclusion of guardians.
Funding Assets into the trust, either through transfer of beneficiary designation.
Independent distribution trustees.
IRA stretch out trust.
Business succession planning.
On going business relationship
Does the drafting attorney have a plan to help you if that attorney is no longer available
Trust Protector
Flexibility to provide or exclude for step and adopted children
Co-trustees after death of first spouse as additional remarriage protection
Power to change the trustee after the death of the first spouse
Powers to edit the trust or modify the trust after the trust becomes irrevocable
When would you want to make changes and what powers are available
Generation-skipping transfer tax splitting
Sweater in the suitcase
Definitions