Documenting and Implementing the Estate Plan

After an estate plan is developed, it must be memorialized in writing using various estate planning documents.

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 one or more trusts customized to each client’s circumstances, goals and desires.

Revocable Trusts. The various trusts 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.