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Each of the Wills in this title is structured and worded for ease of use and understanding. Depending on the level of complexity of the document chosen, they may have tax and business planning through a Stand-alone Will, or be very basic for clients with a truly simple situation. Or anywhere in-between. Each one will contain dispositive provisions, appointment of fiduciaries appropriate to its complexity, and, if desired, appointment of guardians for minor children. Other provisions can be layered onto some of them to expand administrative flexibility.
This form of Will includes the ability to create various Testamentary Trusts, such as Marital and Credit Shelter (Family) Trusts (including QDOTs); trusts for children and descendants; GST exempt and nonexempt trusts; dynasty trusts; a standby trust; a pet trust; and a special needs trust (third party), along with many other provisions to facilitate administration.
Simple Will is a term of art that describes a Will leaving all assets to one's spouse, or if deceased, to one's descendants. To minimize effort in drafting one of these less complicated instruments, Lawgic restricts the options available by preanswering many questions to produce a uniform document. When more complex provisions are desired, such as with a larger estate that still wishes for a basic family disposition, the Stand-alone Will opens up all the bells and whistles in the package, and can reach the same result.
When a Revocable Trust is made the central part of the client's estate plan, it is still important to have a Will that funnels any assets not placed in the trust during the client's lifetime. This Will does that, but has some other flexibility as well, such as the ability to add a gift of homestead within it.
A codicil is merely a change to a Will, and can be complex or very simple. It should be executed with the same formalities as a Will.
Each of the Trusts in this title includes a Revocable Trust for one Settlor, or a joint Revocable Trust. Because California is a community property state, the most common form of trust for a couple is a two Settlor Joint Community Property Trust. All trusts contain dispositive provisions, appointment of fiduciaries appropriate to its complexity, and, if desired, quasi-fiduciary assigned roles (trust protectors). Other provisions can be layered onto these trusts to expand administrative flexibility.
Lawgic Revocable Trusts include protection for the Settlor if disabled and the ability to create various ongoing Trusts, such as Marital and Credit Shelter (Family) Trusts (including QDOT); trusts for children and descendants; GST exempt and nonexempt trusts; dynasty trusts; a standby trust; a pet trust; and a special needs trust (third party), along with many other provisions to facilitate administration.
These documents are like codicils for trusts to make changes in the terms, whether simple or complex, including the ability to restate the entire trust.
These can be found in the separate California Irrevocable Trusts title.
An Irrevocable Life Insurance Trust is an old planning technique to isolate proceeds of life insurance from an estate tax in the insured's estate, and subsequently in the estate of the beneficiary (often the spouse). While insurance payable to a spouse is generally tax-free, those funds could be taxed at the second spouse's death; an irrevocable trust protects often large amounts by allowing premiums to build the policy value free of estate tax (and subsequent income tax on the proceeds).
An Intentionally Defective Income Trust (aka Intentionally Defective Grantor Trust) is an irrevocable trust that is taxed as if the Grantor were the owner, even though the trust assets are commonly outside of the Grantor's estate for estate tax purposes. There are benefits to this approach, which can be weighed against the downside--the Grantor is taxed on money he or she does not receive.
A Grantor Retained Annuity Trust is a method to pass appreciation on assets to others, while retaining the underlying assets themselves. The Grantor receives payments from a GRAT annually, and all growth beyond a government stated rate of return can pass to other family members or trusts at the end of the specified term.
This is an irrevocable trust designed to allow a Grantor to occupy a residence or vacation home for a specified period, after which it remains in trust or passes to other family members. The attraction is that the current gift of the residence's value after the term expires is reduced by the value of the Grantor's retained rights.
This trust is designed to allow assets to be held for a minor in trust while qualifying for the annual exclusion for gift tax purposes. Because of its statutory limitations, a more flexible trust is often preferred, for which Lawgic provides the beneficiary withdrawal rights (Crummey Powers) to qualify for the annual exclusion.
Gifts to grandchildren also need to take into account generation-skipping tax aspects; this special type of trust, though similarly restricted as the Trust for Minors, qualifies for not only the gift tax annual exclusion, but also the generation-skipping annual exclusion.
The IRS promulgates sample trusts that will qualify for Charitable Remainder Trust purposes; Lawgic has a separate title that incorporates that approved language into a standard trust structure.
Notices of withdrawal rights granted to beneficiaries are very important for tax purposes. Lawgic has some different approaches to choose from.
This is a form, styled as a note to the client, providing guidance on how his or her irrevocable trust should be funded and administered.
A Durable Power of Attorney grants another person (Agent) the right to exercise certain powers on behalf of the grantor (Principal); its "durability" results from a statutory enhancement that allows the power of attorney, contrary to its common law origins, to remain in effect even if the Principal is incapacitated, subject to certain restrictions.
This allows an agent to make health care decisions under state law for the principal. Some restrictions apply.
Some systems automatically revoke prior Powers of Attorney upon execution of a new one. Lawgic prefers a surgical approach with a separate form to allow revocation of only the powers that are no longer desired.
A separate document to appoint a conservator if a person becomes incapacitated. Allows that person to select who will be his or her conservator (if needed), and is intended to avoid disruptive and expensive fights among family.
While Lawgic generally grants HIPAA rights under a Medical Authorization, however denominated, there may be situations when a separate form is needed.
A simple form transferring assets to a trust, customarily stock or tangible personal property.
A joint declaration to confirm that property is the community property of the spouses, regardless of how title is held.
When spouses serve as multiple trustees, it is often convenient to delegate some routine tasks between them; this formdeals specifically with banking transactions.
A separate document for appointment of one or more guardians for minor children that expands on the provisions in a Will.
Provides a notice to be sent to beneficiaries by the trustee when a trust becomes irrevocable, as required by California law.
This is a form to allow a Trsutee to appoint an agent and delegate powers to him or her. Its use is expected to be rare.
This is a form to signify the existence and certain terms of the trust, but geneally does not contain the trust provisions. In earlier days it was called a Memorandum of Trust.
This form, structured as an affidavit, allows the Trustee to certify excerpted parts of the trust; it can be useful if a specific power needs to be confirmed and the language of the trust needs to be disclosed.
A general explanation of the management and administration of a two-settlor revocable trust, designed for settlors who are initial trustees.
This is a formal resignation of a trustee.
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