|
 WILLS
A. Simple Will
B. Complex Will
C. Super Will
D. Pour-Over Will
>>
Go to the
Wills Page
TRUSTS
A. LIVING TRUSTS
1. Revocable Living Trust
2. Irrevocable Trust
Note: Many trusts may be living/inter vivos trusts and many
may be trusts which take affect after the death of the grantor
(i.e., “Testamentary”).
Appointments/Definitions within Trusts:
a. Trustor
b. Trustee
c. Beneficiaries
B. TESTAMENTARY TRUSTS
1. Marital Deduction Trust
2. Bypass/Credit Trust
3. Educational Trust
C. OTHER TRUSTS
-
Charitable Remainder Trusts
-
Unitrust
-
A Crummey Trust
-
Annuity Trust
-
Insurance Trust
-
Personal Residence Trust
-
Irrevocable Life Insurance Trust (ILIT)
>>
Go to the
Trusts Page
POWERS OF ATTORNEY, DIRECTIVE TO PHYSICIANS, AND AGREEMENTS
A. Advanced Directive to Physicians. Commonly called “Living
Will”
B. Powers of Attorney
C. A Power of Appointment
>>
Go to the
Powers of
Attorney Page
Community Property AgreementS
A. Prenuptial (or Property) Agreement
>>
Go to the
Premarital
& Property Agreements Page
OTHER MECHANISMS
LIFE INSURANCE
Life insurance provides liquidity to an estate when needed for
the payment of taxes, administrative fees, and creditors to
avoid forced liquidation of other estate assets. It affords
budgeting through current costs of premiums instead of having
to keep a large quantity of assets liquid at all times. Thus,
preventing the quick sale of property at less than fair value,
sale of highly appreciated assets (resulting in additional
income or capital gains tax), or the sale of family assets of
high sentimental value.
>>
Back to
Main Areas of Practice Page
|
