ALTCS Benefit Planning
Veteran Benefit Planning
- QTIP Provisions (couples)
- Community Property
- Creditor Protection for Heirs
- GST Protective Trust Provisions
- Special Needs Provisions
- HIPAA Authorization
- Annuities Payable to Surviving Spouse
- Use of Schedules
- Restatement Feature
- Movable Trusts
- Estate Planning Document Package
- Non-Citizen Surviving Spouse
- Power of Attorney Gifting Provisions
- Design Flexibility
The trust packages utilize A-B-C (QTIP) trust forms, designed to fit a wide variety of families and a broad range of estate sizes. At the death of the first spouse, the trust will be divided into a Survivor’s Trust (A), a Credit Shelter or Bypass Trust (B) and a Marital Deduction Trust or “QTIP” (C); the C trust will be created only if the deceased spouse’s assets are sufficient to do so. If specific bequests are described at the first spouse’s death, those specific bequests may be distributed outright, or held in trust for the heirs, at the estate owners’ election.
The trust forms specifically allow for the use of community property, wherever available, in order to provide the surviving spouse the maximum income tax benefits.
To the extent legally possible, the trust forms are designed to provide creditor protection, including divorce protection and bankruptcy protection, to the surviving spouse and ultimate heirs of the estate. This is accomplished for the heirs, in part, by holding their inheritances in individual separate trusts after the death of the surviving spouse.
To the extent legally possible, the trust forms take advantage of the Generation Skipping Transfer Tax Exemptions in order for the heirs to pass their inheritances on to future generations estate tax-free. For a detailed description, refer to Generation-skipping Trusts.
Provisions are provided for “special needs” beneficiaries so that their entitlement to public assistance benefits can be preserved.
This authorization allows the successor trustees named in the trust to obtain medical information under the Health Insurance Portability and Accountability Act (“HIPAA”) in order to be able to evaluate whether a trustor is mentally incapacitated, so that the successor trustee can take over the trust when necessary. Agents acting under the Health Care Powers Of Attorney are similarly authorized.
The trust instructs the successor trustee to treat annuities payable directly to the surviving spouse as trust property, held by the surviving spouse as nominee” for the trustee. This clause is intended to compensate for insurance companies that pay annuity proceeds directly to the surviving spouse even when the annuity policy is owned by the trust.
The trust packages are designed to allow the estate owners to specify their intentions through the use of schedules. This feature provides a means to allow future changes to a trust without having to amend the trust itself.
The trust package can be used to restate an existing revocable living trust in its entirety. Retitling of existing trust assets is not necessary.
The trust forms contain provisions that allow the trustee to move the trust to any jurisdiction in which the trustee or a beneficiary resides, or where any trust assets are located. Thus the trustee is given significant discretion to select the state or country whose governing law will apply.
The trust document package includes: a revocable living trust, pour-over will, Durable Powers of Attorney (Financial and Health Care), Living Will, an abstract of the trust, an assignment of all non-titled assets to the trust and a simple-English explanation of the trust provisions.
The trustee is expressly authorized to amend the trust so that a surviving spouse who is not a U.S. citizen may utilize the estate tax marital deduction.
The financial power of attorney contains optional provisions, which may be selected by the principal, to allow the attorney-in-fact to make gifts on the principal’s behalf (to qualify for benefits that may be otherwise unavailable).
Many options are available to match a variety of needs and objectives in important planning areas, such as: the division of assets among heirs, the age (or ages) when heirs receive control, the passing of inheritances when an heir fails to survive, and alternate choices for financial and health care powers of attorney.
Avoid conservatorship if you become incapacitated.
Avoid the cost and delays of probate.
Upon your death (and your spouse, if married), your Successor Trustee can distribute the assets almost immediately and with little or no additional expense (other than typical costs such as real estate commissions, etc.) Court supervision is not required.
Keep your estate affairs private. A Will that goes through probate makes all aspects of your estate a matter of public record.
If you would like to amend your Trust, you can purchase an Amendment to your Trust from our office, here for $200.00. We will follow-up with you to discuss the changes you would like to make to your Trust after your purchase or call 480.464.4968 to schedule your appointment today!
The Estate Planning Portfolio package offers an extensive list of features and benefits (dependent on your choices).
FREE ALTCS Assessment
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FREE IOT Need Assessment
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