July 30, 2016

Trust & Estate Planning

Estate Planning

  • Will
  • Revocable Trust
  • Ancillary Documents (Power of Attorney (Durable ?), Living Will, Health Care Surrogate, Declaration of Preneed Guardian and HIPAA Authorization)
  • Check: Beneficiary Designations for Qualified Plans, Annuities and IRAs
  • Check: Beneficiary Designations for life insurance policies
  • Check: Does the client have an umbrella policy
  • Check: Does the client have adequate automotive insurance coverage
  • Check: Does the client’s umbrella policy or liability insurance policy reflect assets owned by trusts, LLCs, corporations and partnerships
  • Check: Ownership of title to automobiles
  • Check: Ownership of homestead and whether homestead exemption filed for
  • Check: Does client have a prenuptial or premarital agreement; should a postnuptial agreement be created?

Specific Techniques

  • Transferring ownership and beneficiary designation to irrevocable life insurance trust (an “ILIT”)
  • Creating a family limited partnership or trust structure to hold title to assets
  • Ownership of real property using one separate LLC per property
  • Foreign and domestic asset protection trusts (including inter vivos QTIP Trusts)
  • Private placement life insurance
  • Captive insurance company formation for business (to the extent business risks are present)
  • Transferring ownership of third and fourth vehicles to limited liability company
  • Reorganizing S corporation interests into limited liability companies
  • Are assets owned as tenants by the entirety
  • Domicile planning for out-of-state residents moving to Florida

Tax Check-up

  • Were gift tax returns filed?
  • Were Crummey Letters drafted to the extent withdrawal rights present in trust?
  • Was GST allocated properly?
  • Were Federal Income Tax Returns filed?
  • Were foreign trusts and foreign bank accounts properly reported?
  • Were S elections timely filed (or filed at all)?
  • Verify whether portability election should be made.

Family Office Services

  • Bill paying
  • Insurance planning
  • Investment policy development
  • Cash flow analysis
  • Agent for trustee compliance
  • Investment and beneficiary education
  • Annual consolidated net worth statements