The pattern trust and clause forms cover:
- Special warranty deed language.
- Restrictions to lender’s due-on-sale clauses.
- Letters notifying insurer of transfer of real property.
- Assignment of partnership or limited liability interest.
- Mineral deed and assignment of mineral lease.
- Bill of sale for transfer of personal property and assignment of accounts receivable and trade names.
- Waiver of conflicts of interest for property characterization.
- Partitioning community property by agreement.
- Transferring real property to a revocable trust and how to avoid commingling upon transfer.
- Reconciling planning objectives for retirement benefits at participant’s death.
- Qualifying a distribution to the non-participant spouse for the marital deduction.
- Prolonging tax benefits with a rollover in the name of the surviving spouse.
Revocable Management Trusts
- When to use, planning issues, and pros and cons of the decisions required by funding.
- Additional documents required, with model forms.
- Compared to guardianship proceedings, statutory management trust, and management of community property by spouse, and durable powers of attorney.
- Use for investment planning.
Marital Estate Tax Planning
- Pattern marital deduction formula clauses.
- Complex pecuniary form clauses.
- The types of funding clauses.
- Using multiple types of clauses.
- Date of distribution value funding advantages and disadvantages, with clauses.
- Fairly representative funding pros and cons, problem avoidance, and clauses.
- Minimum worth funding form.
- Reverse pecuniary formula form.
- Funding issues with the various formulas.
- Fractional share marital formula, with clause.
- Conflicts in funding.
- Estate trust form.
- General power of appointment trust requirements, usage, tips, and clauses.
- Comparison of QTIP trust with charitable remainder to a charitable remainder trust.
- QTIP trust requirements, effect on valuation discounts, and marital deduction savings clause.
- QTIP election issues, effect of unnecessary QTIP election, and partial QTIP election.
- Gift tax consequences.
- Administration of QTIP trusts.
- Avoiding general power of appointments, with form.
- Limited power of appointment forms.
- Suitability of surviving spouse as trustee, and estate and gift tax implications.
- Determining which type of invasion power or withdrawal right is appropriate.
- When to use mandatory distributions.
- Structuring the non-marital trust to qualify for the QTIP election, with form.
- Planning issues with sprinkling distributions, with forms.
- Planning issues with limited powers of appointment, benefits and detriments, and forms.
- Use of non-marital trust for small estates.
- Drafting considerations for death of the surviving spouse, with form.
- Disclaimer trust provision.
- Substituting a disclaimer trust for a pecuniary formula non-marital trust.
- Third-party trustees.
- Trustees for a generation-skipping trust.
- Ethical issues and fees when attorney is trustee.
- Trustee exculpatory clauses.
- Appointing successor trustees.
- One spouse vs. two spouses as trustee.
- Trustee removal and its tax consequences.
- Powers and liability of successor trustee, with form limiting liability.
Trustee powers and duties
- Exceptions to statutorily-prohibited activities.
- Guidelines for drafting the trustee’s powers.
- Prudent investor considerations.
- Drafting trustee investment powers, with 11 clauses.
- Unproductive or underproductive assets.
- Trustee’s liability for acts of agent, with form.
- Drafting trustee’s management powers, with 8 clauses.
- Borrowing and lending.
- Drafting considerations and tax implications.
- When to include detailed allocation clauses.
- Clause for adjusting the allocation.
- Accounting issues with bonds.
- Apportioned receipts.
- Allocation among successive beneficiaries, with form.
- Tax adjustments, with form.
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