Features in Our Trust Based Estate Plan

Here are the features you will find in EVERY trust-based Estate Plan from our software provided, EncorEstate Plans. This is not an exhaustive list, there are many more, too many to list. These are the the features most individuals inquire about.

• Ability to leave a separate list of assets (Exhibit A). This gives the successor trustee the best odds of finding all the Trust’s assets after the client's passing.

• Homestead Exemption protection for clients that transfer their home to their Trust.

• Divorce and Creditor Protection- Leave assets for a beneficiary in the Trust for protection.

• Special Needs Trust Conversion- Upon the death of the clients, the successor Trustee can convert a beneficiary's share to a Special Needs Trust if appropriate.

• IRA Pass-Through (aka See-Through or Conduit) Language - This provides the Trustee with flexibility. They can accumulate inherited IRA assets in the Trust or have the Trust act as a conduit to distribute those assets to beneficiaries.

• Standard catastrophic/common disaster language (The Titanic scenario- where all the beneficiaries go down simultaneously.)

• Postponement provisions - In the event of drug use, gambling, or creditor issues.

• No Contest Provision - A beneficiary forfeits their share if they contest the terms of the Trust.

• Trustee Compensation language

• While a Disclaimer Trust is always included in plans for a married couple (with an optional split of assets at the first death), AB Trusts and QTIP Trusts are also available. Other Knowledge Base articles provide more information on these types of Trusts.

• Ability to leave Specific Gifts after the first or second passing.

• Ability to leave a Tangible Personal Property list. This distributes family heirlooms with limited monetary value outside of the Trust’s terms. (jewelry, collectibles, antique furniture)

• Trustee can make appropriate tax elections (reverse QTIP, Clayton Election, Portability).

• Qualified Domestic Trust (QDOT) language for cases where the surviving spouse is not a US citizen (prevents unnecessary federal estate tax).

• Trustee can make tax elections that may benefit the Estate from a state estate tax viewpoint, even though it is neutral from a federal estate tax viewpoint. This is important for states that still have state estate taxes, as it may minimize or eliminate them.

• An easy-to-read beneficiary box that clarifies who is getting what and when.

• Qualified Subchapter S Corporate language

• Additional features that are not included but can be easily implemented when necessary.

• Restatement of an existing Trust

• Adding AKAs for clients that have assets under multiple names. i.e., maiden name versus married name

• Making a portion of the Trust irrevocable upon the first death.

• Separate Trusts for married couples.

• Right of Occupancy- Leaving a residence to heir(s) after the surviving spouse's passing. This strategy is more commonly used for second marriages and blended families.

• Leave assets to a beneficiary in a Special or Supplemental Needs Trust upon the client’s death.

• Financial Advisor language that directs the heirs to the client’s Financial Advisor upon the client's death.

AND MORE!