Wealth Transfer Planning
Wealth Transfer Planning provides access to a drafting system designed for clients with significant wealth.
Wills and Codicils
| Document | Short Description |
|---|---|
| Wealth Transfer Traditional Will | Comprehensive Will with multiple drafting options, including: – State-specific language – Specific bequests and continuing trusts – Supplemental needs trusts – Trusts for retirement assets – Disclaimer and Clayton QTIP options – Formula Credit Shelter Trust (federal or state) – State-only QTIP trust – GST Planning, including Reverse QTIP trust – Charitable Trusts, including CLT/CRT – Pour-over to Revocable Trust option – Options for special assets and special function fiduciaries – Expanded fiduciary powers – Summary |
| Wealth Transfer Contemporary Will | Modern “plain-English” comprehensive Will with multiple drafting options, including: – State-specific language – Specific bequests and continuing trusts – Supplemental needs trusts – Trusts for retirement assets – Disclaimer and Clayton QTIP options – Formula Credit Shelter Trust (federal or state) – State-only QTIP trust – GST Planning, including Reverse QTIP trust – Charitable Trusts, including CLT/CRT – Pour-over to Revocable Trust option – Options for special assets and special function fiduciaries – Expanded fiduciary powers – Summary |
| Codicil | Document used for minor changes to an existing Will |
Revocable Trusts
| Document | Short Description |
|---|---|
| Wealth Transfer Traditional Revocable Trust | Comprehensive single-grantor living trust with multiple drafting options, including: – State-specific language – Specific bequests and continuing trusts – Supplemental needs trusts – Trusts for retirement assets – Disclaimer and Clayton QTIP options – Formula Credit Shelter Trust (federal or state) – State-only QTIP trust – GST Planning, including Reverse QTIP trust – Charitable Trusts, including CLT/CRT – Options for special assets and special function fiduciaries – Expanded fiduciary powers – Summary |
| Wealth Transfer Traditional Joint Revocable Trust | Comprehensive dual-grantor living trust for spouses/partners with multiple drafting options, including: – State-specific language – Specific bequests and continuing trusts – Supplemental needs trusts – Trusts for retirement assets – Disclaimer and Clayton QTIP options – Formula Credit Shelter Trust (federal or state) – State-only QTIP trust – GST Planning, including Reverse QTIP trust – Options for special assets and special function fiduciaries – Expanded fiduciary powers – Summary |
| Wealth Transfer Contemporary Revocable Trust | Modern “plain-English” comprehensive single-grantor living trust with multiple drafting options, including: – State-specific language – Specific bequests and continuing trusts – Supplemental needs trusts – Trusts for retirement assets – Disclaimer and Clayton QTIP options – Formula Credit Shelter Trust (federal or state) – State-only QTIP trust – Charitable Trusts, including CLT/CRT – GST Planning, including Reverse QTIP trust – Options for special assets and special function fiduciaries – Expanded fiduciary powers – Summary |
| Wealth Transfer Contemporary Joint Revocable Trust | Modern “plain-English” comprehensive dual-grantor living trust for spouses/partners with multiple drafting options, including: – State-specific language – Specific bequests and continuing trusts – Supplemental needs trusts – Trusts for retirement assets – Disclaimer and Clayton QTIP options – Formula Credit Shelter Trust (federal or state) – State-only QTIP trust – GST Planning, including Reverse QTIP trust – Options for special assets and special function fiduciaries – Expanded fiduciary powers – Summary |
| Community Property Trust | Joint revocable trust that meets the requirements of a statutory community property trust intended to convert contributed property to community property. Available for Alaska, Florida, South Dakota, Tennessee, and Kentucky. |
| Retirement Benefits Trust | Revocable Trust designed to receive retirement assets at death, with drafting options similar to those in the Wealth Transfer Revocable Trust |
Irrevocable Trusts
| Document | Short Description |
|---|---|
| Wealth Transfer Irrevocable Trust | Comprehensive single-grantor irrevocable trust with multiple drafting options, including: – Crummey powers for lifetime gifting – Spousal access (SLAT) – Life insurance ownership provisions (ILIT) – Grantor trust powers (IDGT) – Deemed gift mitigation strategies for sales to grantor trusts – Reversionary disclaimer option – Continuing trusts for spouse/descendants – Contingent marital deduction trusts – Supplemental needs trusts – GST exemption planning – Directed Trust option – Options for special assets and special function fiduciaries – Expanded fiduciary powers – Summary |
| Wealth Transfer Joint Irrevocable Trust | Comprehensive dual-grantor irrevocable trust for spouses with multiple drafting options, including: – Crummey powers for lifetime gifting – Life insurance ownership provisions (ILIT) – Grantor trust powers (IDGT) – Continuing trusts for descendants – GST exemption planning – Options for special assets and special function fiduciaries – Expanded fiduciary powers – Summary |
| Single Beneficiary Irrevocable Trust | Comprehensive single-grantor irrevocable trust for one named beneficiary |
| Joint Single Beneficiary Trust | Comprehensive dual-grantor irrevocable trust for one named beneficiary |
| Special Power of Appointment Trust | Comprehensive single-grantor Irrevocable trust with collateral special lifetime power of appointment for added flexibility, in addition to the same options in the Wealth Transfer Irrevocable Trust |
| Incomplete Non-Grantor (ING) Trust | Trust applicable in specific states that is designed as a non-grantor trust for income tax purposes and gifts to which are incomplete for transfer tax purposes. |
| Non-Grantor Spousal Access Trust | Trust for the benefit of the grantor’s spouse that is a non-grantor trust for income tax purposes and is often used to maximize state and local tax deductions. A grantor-trust version of a spousal access trust falls under the Wealth Transfer Irrevocable Trust, above. |
| Asset Protection Trust (DAPT) | Self-settled domestic asset protection trust permitted in specific states for creditor protection. Available in 19 states. |
| Qualified Personal Residence Trust (QPRT) | Trust designed as a qualified personal residence trust under Section 2702 of the Internal Revenue Code and intended to transfer a residence at a discounted gift tax value. |
| Grantor Retained Annuity Trust and Unitrust (GRAT; GRUT) | Trust designed as a qualified interest trust under Section 2702 of the Internal Revenue Code and intended to transfer asset appreciation with minimal gift tax. |
| Charitable Remainder Trust (CRAT; CRUT) | Charitable split interest trust that pays a designated amount to individuals for a period of time and distributes the remaining balance to charity. |
| Charitable Lead Trust (CLAT; CLUT) | Charitable split interest trust that pays a designated amount to charity for a period of time, with the balance remaining distributed to (or held in trust for) family |
| Wholly Charitable Trust | Irrevocable trust exclusively for charitable purposes and designed to qualify as a private non-operating foundation. |
| Lifetime QTIP Trust | Marital deduction trust created for the grantor’s spouse during lifetime. Ability for formula-based gift to a Credit-Shelter Trust for the grantor if spouse predeceases. |
| Extra Crummey Trust (SM) | Irrevocable gifting trust designed to maximize annual exclusion gifting and qualify for the GST annual exclusion in addition to the gift tax annual exclusion. |
| Beneficiary Defective Sec. 678 Trust (BDIT) | Irrevocable trust that is treated as wholly-owned by the trust beneficiary for income tax purposes under Section 678 of the Internal Revenue Code. |
| Split Purchase Trust | Trust designed to meet the QPRT requirements of Section 2702 of the Internal Revenue Code without the mortality risk and with out an ETIP for GST purposes. |
| Split Purchase Annuity Trust | Trust designed to meet the qualified interest requirements of Section 2702 of the Internal Revenue Code and function as a GRAT but without the mortality risk and with out an ETIP for GST purposes. |
| Third Party SNT | Irrevocable third party SNT created for one named beneficiary |
| Minor’s 2503(c) Trust | Annual-exclusion gift trust for minors with mandatory distribution at 21 and option to extend. |
Ancillary Documents
Financial and Health Care Document
| Document | Short Description |
|---|---|
| General Durable Power of Attorney | State-specific document in which client appoints an agent to handle financial matters, including expanded power (“hot power”) options |
| Health Care Power of Attorney/Advance Directive | State-specific document in which client appoints a health-care agent and states medical treatment wishes. |
| HIPAA Authorization | Permits release of protected health information to named persons. |
| Living Will | State-specific directive expressing end-of-life treatment preferences. Available in specific states; combined into the Health Care Power of Attorney/Advance Directive in others. |
| Guardian Designation Forms | State-specific designation of preferred guardians for minor children or for the client in the event of future need. Guardians for minor children can also be named in Wills and Revocable Trusts. |
| Remains Agent Forms | State-specific document in which client appoints agent to control final disposition of bodily remains. Available in specific states. |
| Anatomical Gift Forms | State-specific document authorizing donation of organs or body for transplant or research. Available in Florida currently; in other states this topic is covered in the Health Care Power of Attorney |
| Retirement Benefit Forms | Automated beneficiary designation forms, clauses, and letters based on the sample forms and provisions included in Appendix B of Natalie Choate’s Life and Death Planning for Retirement Benefits |
Trust Administrative Documents
| Document | Short Description |
|---|---|
| Trust Certificate | A certificate confirming the existing of a trust, identity of the trustees, and trustee powers. |
| Trust Amendment | A document that modifies specific provisions of an existing revocable trust. |
| Trustee Memorandum for Decanting | A document memorializing the details of a “decanting” of an existing irrevocable trust. |
| Promissory Note | A document that is a formal evidence of a loan between related parties, including a trust. |
| Private Annuity Agreement | An agreement for a private annuity arrangement between related parties, including a trust. |
Marital Agreements
| Document | Short Description |
|---|---|
| Partition Agreement | Agreement that divides community property into separate property. |
| Separate Property Agreement | Agreement confirming that assets transferred by one spouse in trust were separate property |
| Spousal Agreement and Consent | Consent by one spouse to a transfer of assets by the other in trust and waiving rights to reimbursement |
| California Aggregate Theory Agreement | Agreement that allows non-pro-rata division of community property under California law. |
Client Communications and Information
| Document | Short Description |
|---|---|
| Consultation Letter | Letter sent in advance of the initial meeting with the client. |
| Retainer/Engagement Letter | Letter that sets the scope, fees, and responsibilities of legal representation. |
| Summary Cover Letter | Letter used to forward document summaries and information to the client. |
| Client Summary | Summary of all parties related to a particular client. |
| Client Questionnaire | A written questionnaire / intake form used to collect client, family, and asset information for planning. |
Business Planning Documents
| Document | Short Description |
|---|---|
| Family Limited Partnership Agreement | Partnership agreement regarding transfer of ownership interests, entity governance, and other issues. |
| Buy-Sell Agreement | Agreement between shareholders of a corporation regarding transfer of ownership interests. |
| Limited Liability Company Agreement | LLC operating agreement regarding transfer of ownership interests, entity governance, and other issues. |
| Amendment to Family Limited Partnership or LLC | Instrument updating provisions of an existing partnership or LLC agreement. |
| Assignment of Partnership Interest | Document transferring an interest in a partnership to an individual or a trust. |
| Assignment of LLC Interest | Document transferring an interest in an LLC to an individual or a trust. |
Benefits
Wealth Transfer Planning enables you to:
- Draft documents using a comprehensive selection of tax and non-tax options that meet the needs of clients who have significant wealth.
- Deliver a sophisticated estate plan that can be tailored to meet each client’s specific wealth transfer, and asset protection, goals.
- Spend less time drafting and more time with clients.
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