Documenting and Implementing the Estate Plan

After an estate plan is developed, it must be memorialized in writing using various estate planning documents. Luscutoff, Lendormy & Associates prepares a wide range of estate planning documents, as appropriate for each client. Along the way we check with the client to ensure that the estate plan, as conceived, adequately addresses the client’s concerns.

The firm drafts estate planning documents customized to each client’s particular plan. As we go through the drafting process, we make a point to review drafts of estate planning documents with our client so that we develop language that achieves the best ‘fit’ for the client’s goals and estate plan. Only then are documents finalized.

Basic Documents. Virtually every estate plan will includes preparation of a basic will, a durable power of attorney and an advance health care directive. Beyond that basic set of documents the firm will prepare one or more trusts customized to each client’s circumstances, goals and desires.

Revocable Trusts. The various trusts we prepare and customize for each client include revocable ‘living trusts’ and also trusts that are known as bypass trusts, QTIP trusts, disclaimer trusts & QDOT trusts.

Irrevocable Trusts. Often one or more ‘irrevocable trusts’ can be included in an overall estate plan and serve as a valuable tool toward achieving a client’s specialized goals or needs. The irrevocable trust appears in many forms; and each is a device designed for a particular purpose.

Irrevocable trusts include life insurance trusts, special needs trusts, qualified personal residence trusts, charitable remainder trusts, charitable lead trusts, grantor retained income trusts, grantor retained annuity trusts and grantor retained unitrusts.

Limited Partnerships or Limited Liability Companies. One or more limited partnerships or limited liability companies (LLC’s) can serve as valuable estate planning vehicles for ownership (and transition) of real estate or family businesses. The firm drafts the necessary documents for the formation, management and operation of such “vehicles”. These can be established under the ownership or control of a trust or under the direct ownership of the clients.

Complex Techniques. More complex techniques are also considered, such as installment sales to defective grantor trusts and use of charitable remainder trusts to generate higher annual income from substantially appreciated assets. Firm attorneys continue to work with the client after document preparation and execution to ensure that the plan is fully implemented, including transfers of assets to trusts and limited liabilities entities as necessary.