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Table of Contents
-
List of Forms by Chapter - Chapter 1 — Introduction
- Chapter 2 — The Big Three
- Chapter 3 — Paradigms and Conundrums
- I. [3.1] First Paradigm — Competing Interests
- II. [3.2] Second Paradigm — Ever-Changing Interests
- III. [3.3] Third Paradigm — Competition from Colleagues
- IV. [3.4] Fourth Paradigm — More Long-Term Discretionary Trusts
- V. [3.5] Fifth Paradigm — Asset Protection
- VI. [3.6] Sixth Paradigm — Government Entitlement Eligibility
- VII. [3.7] Seventh Paradigm — “Irrevocable” Is Flexible and Modifiable
- VIII. [3.8] Eighth Paradigm — Estate Tax Portability for Every Married Estate
- IX. [3.9] Ninth Paradigm — Shift from Estate Tax to Income Tax Basis Step-Up Planning
- X. [3.10] Tenth Paradigm — Illinois Estate Tax
- XI. [3.11] Eleventh Paradigm — Significance of Tax-Deferred Retirement Accounts
- XII. [3.12] Twelfth Paradigm — Modern Family
- XIII. [3.13] Thirteenth Paradigm — Mobility and Differing State Laws
- XIV. [3.14] Fourteenth Paradigm — Bifurcating Trustee Roles
- XV. [3.15] Fifteenth Paradigm — Higher Risk
- XVI. [3.16] Sixteenth Paradigm — Lawyers as Explorers and Detectives
- XVII. [3.17] Seventeenth Paradigm — Scope of the Engagement
- XVIII. [3.18] Eighteenth Paradigm — Establishing Unique Value
- XIX. [3.19] Nineteenth Paradigm — Change for the Better
- XX. [3.20] Twentieth Paradigm — Value of Estate Planning
- XXI. [3.21] Finale
- Chapter 4 — Preengagement
- Chapter 5 — Consultation
- I. [5.1] Engagement Letter
- II. [5.2] Identify Your Client
- III. [5.3] Conflicted Clients
- IV. [5.4] Client Goals
- V. [5.5] In Over Your Head
- VI. [5.6] Client with Predictable Incapacity and Other Time Sensitivities
- VII. [5.7] Client Education
-
VIII. [5.8] Forensic Estate Planning - IX. [5.13] Aiding and Abetting the Unauthorized Practice of Law
- X. [5.14] Aiding and Abetting Fraud
- Chapter 6 — Analysis
- I. [6.1] Accuracy and Completeness of Data and Information
- II. [6.2] Noncitizen Spouse
- III. [6.3] Dissolution of Marriage
- IV. [6.4] Previous Marriage
- V. [6.5] Premarital Agreements
- VI. [6.6] Civil Unions, Same-Sex Marriages, and Other Permanent Relationships
- VII. [6.7] Children: Deceased, with Disability, Adopted, Assisted Reproductive Technology, or Otherwise
- VIII. [6.8] Future Gift or Inheritance
- IX. [6.9] Other Trust Interests
- X. [6.10] Powers of Appointment
- XI. [6.11] Past Inheritance Subject to Estate Tax
- XII. [6.12] Past Taxable Gifts
- XIII. [6.13] Federal Estate Tax Exemption Portability
- XIV. [6.14] State and Federal Death Tax Exemptions
- XV. [6.15] Pledges or Other Obligations
- XVI. [6.16] Restrictive Agreements
- XVII. [6.17] Restricted Property
- XVIII. [6.18] Community Property
- XIX. [6.19] Special Family Considerations
- XX. [6.20] Coowned Property
- XXI. [6.21] Land Trusts, Partnerships, and Limited Liability Companies
- XXII. [6.22] Payable on Death, Totten Trust, Transfer on Death, and Transfer-on-Death Instrument
- XXIII. [6.23] Beneficiary Designations
- XXIV. [6.24] Nonlegal Will Substitutes
- XXV. [6.25] Employer Retirement Account Joint and Survivor Annuity
- XXVI. [6.26] Roth Individual Retirement Accounts
- XXVII. [6.27] Intellectual Property
- XXVIII. [6.28] Digital Assets
- XXIX. [6.29] Guns and Ammunition
- XXX. [6.30] Disclaimer Analysis of Life Insurance, Pension, or Individual Retirement Account
- XXXI. [6.31] S Corporation Status
- XXXII. [6.32] Foreign Property
- XXXIII. [6.33] Foreign Trusts
- XXXIV. [6.34] Charitable Gifts
- XXXV. [6.35] Duty To Inform Beneficiaries and Duty To Account
- Chapter 7 — Documents
- I. [7.1] Introduction
- II. [7.2] Drafting a Memorandum To File
- III. [7.3] Drafting System
- IV. [7.4] Restating Documents
- V. [7.5] Label All Articles and Paragraphs
- VI. [7.6] Agenda
- VII. [7.7] Cannot Beat the Estate Administrator’s “Street Smarts”
- VIII. Will
- [7.8] Tax and Expense Clause
- [7.9] Abatement, Ademption, and Lapse
- [7.10] Drafting for a Gift of Specific Property
- [7.11] Tangible Personal Property Disposition
- [7.12] Heir Error: Per Stirpes Who?
- [7.13] Antilapse
- [7.14] In Terrorem Clause and Marital and Charitable Deductions
- [7.15] Disclaimer Provision — Executor
- [7.16] Disclaimer Provision — Guardian
- [7.17] Digital Assets and Accounts
- [7.18] Deceased Spousal Unused Exclusion
- IX. Living Trust
- [7.19] Lifetime Disability Distribution Provision
- [7.20] Tax and Expense Clause
- [7.21] Estate Claims Paid by Trust
- [7.22] Marital Formula Choice
- [7.23] Decoupled Federal and State Estate Taxation
- [7.24] Funding a Pecuniary Gift with Income in Respect of a Decedent
- [7.25] Drafting Separate Provisions for Disclaimer and Release Purposes
- [7.26] Five-and-Five Power
- [7.27] Limited (Non-General) Powers of Appointment
- [7.28] Small Trust Termination
- [7.29] Discharging an Obligation of Support and Ascertainable Standards
- [7.30] Distribution Standards
- [7.31] Beneficiary with a Disability and Special-Needs Trusts
- [7.32] Asset Protection Trust Design
- [7.33] Good-Faith Hold-Harmless Provision
- [7.34] Trustee Power over Life Insurance on Trustee’s Life
- [7.35] Lifetime Gifting Provision or Coordination with Gifting Provision in Financial Power of Attorney
- [7.36] Savings Clauses
- [7.37] In Terrorem, No-Contest, or Forfeiture Provisions
- [7.38] Exculpatory Clauses
- [7.39] Health Insurance Portability and Accountability Act of 1996
- [7.40] Deceased Spousal Unused Exclusion
- [7.41] Directed Trusts and Bifurcated Trustee Roles
- [7.42] Closely Held Business Interests
- X. [7.43] Retirement Account Beneficiary Designations
- XI. Financial Power of Attorney
- [7.44] Community Standard
- [7.45] Potential for Abuse
- [7.46] Revocation of Powers of Attorney for Property
- [7.47] Agent’s Power
- [7.48] Gifting Power Authorization
- [7.49] Limit Gifts Within Gift Tax Exclusion
- [7.50] Agent’s Fiduciary Status and Presumption of Fraud
- [7.51] Power To Transfer Assets to Trust
- [7.52] Spousal Pension Rights and Extended Retirement Account Empowerment
- [7.53] Medicaid Planning
- [7.54] Living Trust Authorization in Power of Attorney
- [7.55] Digital Assets and Accounts
- [7.56] Multistate Execution Formalities
- XII. Healthcare
- XIII. Living Will
- XIV. Other
- XV. Execution
- Chapter 8 — Implementation
- I. [8.1] Need for Division and Transfer of Assets
- II. [8.2] No Extended Tax Planning
- III. [8.3] No Medicaid Planning
- IV. [8.4] Risk Management and Asset Protection Planning
- V. [8.5] Professional Stock Transfer
- VI. [8.6] Business Interest
- VII. [8.7] Stock Classification Pursuant to 26 U.S.C. §1244
- VIII. [8.8] Title of Individual Retirement Account — Beneficiary Change Only
- IX. [8.9] Employer Qualified Retirement Accounts and Spousal Consent
- X. [8.10] Installment Sale Trap
- XI. [8.11] Joint Real Estate Title Existing Before 1977
- XII. [8.12] Maintaining the Principal Residence Gain on Sale Exclusion
- XIII. [8.13] Homestead Exemption
- XIV. [8.14] Out-of-State Real Estate Transfers
- XV. [8.15] Insurances
- XVI. [8.16] Annuities
- XVII. [8.17] Gifts of Partial Land Trust Interests
- XVIII. [8.18] Annual Exclusion Gifts by Check
- XIX. [8.19] Annual Exclusion Gifts of Stock
- XX. [8.20] Illinois Uniform Transfers to Minors Act Custodian
- XXI. [8.21] Pension Plans
- XXII. [8.22] Trust as Retirement Account Beneficiary
- XXIII. [8.23] Safe-Deposit Box
- XXIV. [8.24] Storage Locker
- Chapter 9 — Termination
- Chapter 10 — Lessons from the Trenches and Practice Maxims
- Chapter 11— Conclusion
- Chapter 12— Appendix
Authors
- Tricia Renze Buhrfiend
Tricia Renze Buhrfiend
Tricia Renze Buhrfiend is a Senior Director at Huck Bouma PC in Wheaton, where she focuses on estate and corporate planning, estate administration, business succession, and closely held business planning. She is a member of the Illinois State and DuPage County Bar Associations and was named the 2019 Lawyer of the Year by the DuPage County Bar Association. She is a certified public accountant. Ms. Buhrfiend received her B.A. magna cum laude from the University of Notre Dame and her J.D. with highest distinction from the University of Iowa College of Law.
- Jennifer A. Johnson
Jennifer A. Johnson
Jennifer A. Johnson is a Senior Director at Huck Bouma PC in Wheaton, where she focuses on estate planning, estate administration, guardianship, and closely held business planning. She is a member of the Illinois State, DuPage County, and Kane County Bar Associations. She is a member of the Real Property, Probate and Trust Law Section of the American Bar Association. Ms. Johnson received her B.A. from Northern Illinois University, her M.A. from the University of Illinois, and her J.D. from Harvard Law School.
Everyday Mistakes In Estate Planning 2023 Edition
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