Estate Planning in Virginia

Estate Planning in Virginia
Publication Date: 2013
Electronic Forms: 50
Available Formats: Print (924 pages, looseleaf, 2 volumes) - PRINT SOLD OUT
  Electronic (searchable PDF via flash drive, CD, or immediate download)
  Both Print and Electronic formats
  Individual chapters available for download
Product #: 856

Information

Content Highlights:
  • Interviewing the Client
  • Mapping the Plan
  • Drafting the Will
  • Drafting the Trust
  • Tax Planning
  • Planning for Closely Held Businesses
  • Powers of Attorney, Minor Children, and Assets in Other Jurisdictions
  • Choosing Fiduciaries
  • Transferring Assets Outside of Probate
  • Execution and Safekeeping of Documents
  • Terminating the Representation

2016 Edition Coming Fall 2016. Purchase the current edition today and receive the 2016 edition without charge.

"The depth and breadth of information provided in a well-organized format make this book an indispensable reference for every Virginia lawyer who counsels clients with regard to any aspect of estate planning. The authors are experienced and respected Virginia estate planning lawyers, whose advice and commentary reflect their expertise. Your malpractice carrier will be happy to know that you own this resource!"
- Marie McKenney Tavernini, Editor

Creating truly irrevocable estate plans is increasingly a challenge. This essential reference guides practitioners through the entire estate planning process from initial client contact to finalizing a complete estate plan that accomplishes the client’s goals. It clearly lays out estate planning options, their benefits and limitations, and the federal tax consequences to best implement the client’s wishes.

One of Virginia CLE®'s best-selling publications, it includes 50 ready-to-use electronic forms to create estate plans for your clients.


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Table of Contents

CHAPTER LIST

1. Interviewing The Client

2. Ethical Issues

3. Mapping The Plan

4. Drafting The Will

5. Drafting The Trust

6. Tax Planning

7. Planning For Closely Held Businesses

8. Powers Of Attorney, Minor Children, And Assets In Other Jurisdictions

9. Choosing Fiduciaries

10. Transferring Assets Outside Of Probate

11. Execution And Safekeeping Of Documents

12. Terminating The Representation


CHAPTER 1: INTERVIEWING THE CLIENT  (back to top)

1.1 INTRODUCTION

1.2 STARTING THE PROCESS
      1.201 Initial Contact
      1.202 Scheduling the Interview

1.3 COLLECTING THE INFORMATION
      1.301 What to Ask For
      1.302 How to Ask for It

1.4 RECOGNIZING ETHICAL DILEMMAS

1.5 PROPOSED METHODOLOGY FOR CONDUCTING THE INTERVIEW

APPENDIX 1-1: INITIAL LETTER TO CLIENT

APPENDIX 1-2: ENGAGEMENT LETTER

APPENDIX 1-3: ENGAGEMENT LETTER--ALTERNATIVE FORM

APPENDIX 1-4: LONG-FORM QUESTIONNAIRE

APPENDIX 1-5: SHORT-FORM QUESTIONNAIRE

CHAPTER 2: ETHICAL ISSUES  (back to top)

2.1 INTRODUCTION

2.2 OVERVIEW

2.3 COMMUNICATION WITH CLIENT

2.4 CLIENT CONFIDENCES
      2.401 In General
      2.402 Scope of Protection
      2.403 Implied Consent to Disclosure

2.5 CONFLICTS OF INTEREST GENERALLY

2.6 IDENTIFYING THE CLIENT

2.7 SUBSEQUENT REPRESENTATION

2.8 MULTIPLE CLIENTS
      2.801 In General
      2.802 Representation of Spouses
      2.803 Representation of Families

2.9 GIFTS TO LAWYER OR LAWYER'S FAMILY

2.10 THE DRAFTING LAWYER AS FIDUCIARY

2.11 FEES

2.12 REPRESENTING AN IMPAIRED CLIENT

2.13 ASSET PROTECTION

CHAPTER 3: MAPPING THE PLAN  (back to top)

3.1 INTRODUCTION

3.2 FORMS OF OWNERSHIP
      3.201 Fee Simple
      3.202 Tenants in Common
      3.203 Joint Tenants with Right of Survivorship
      3.204 Tenants by the Entirety
      3.205 Community Property
      3.206 POD Accounts
      3.207 TOD Ownership of Securities

3.3 PROBATE PROCESS--A BRIEF OVERVIEW
      3.301 Probating the Will
      3.302 Qualifying the Personal Representative and the Trustee of a Testamentary Trust
      3.303 Fiduciary Bond and Surety on the Bond
      3.304 Filing the Inventory
      3.305 Filing the Annual Accounting
      3.306 Statement in Lieu of Accounting
      3.307 Settling the Estate

3.4 THE AUGMENTED ESTATE
      3.401 Surviving Spouse's Right to Elect a Share of Decedent's Estate
      3.402 Description and Timing
      3.403 Included Property
      3.404 Excluded Property
      3.405 Meaning of "Estate" and "Property"
      3.406 How the Augmented Estate Is Satisfied
      3.407 Effect on Federal Estate Taxes

3.5 OTHER RIGHTS
      3.501 Family Allowance
      3.502 Exempt Property
      3.503 Homestead Allowance

3.6 REASONS FOR HAVING A WILL
      3.601 To Dispose of Property
      3.602 To Reduce Estate Taxes
      3.603 To Name Fiduciaries

3.7 COMPARISON OF TESTACY AND INTESTACY

3.8 TYPES OF TRUSTS
      3.801 In General
      3.802 The Virginia Uniform Trust Code
      3.803 Revocable Versus Irrevocable Trusts
      3.804 Living Versus Testamentary Trusts
      3.805 Grantor Versus Nongrantor Trusts

3.9 USES OF TRUSTS
      3.901 Avoiding Probate
      3.902 Managing Assets
      3.903 Tax Savings
      3.904 Providing for Minors and Other Persons Under a Disability
      3.905 Providing for Spendthrifts
      3.906 Providing for a Spouse, While Controlling the Disposition of the Remainder

3.10 ALTERNATIVES TO TRUSTS
      3.1001 Uniform Transfers to Minors Act
      3.1002 Uniform Custodial Trust Act
      3.1003 POD Bank Accounts, Savings Accounts and United States Savings Bonds, and TOD Investments
      3.1004 Survivorship
      3.1005 Simultaneous Death Act
      3.1006 Limited Partnerships and Limited Liability Companies

3.11 OTHER DOCUMENTS
      3.1101 Durable Powers of Attorney
      3.1102 Advance Medical Directives
      3.1103 Burial Instructions and Appointment of an Agent to Dispose of Body
      3.1104 Anatomical Gifts

3.12 TRANSFER TAX CONSIDERATIONS
      3.1201 Overview of the Federal Gift Tax
      3.1202 Overview of the Federal and Virginia Estate Tax
      3.1203 Lifetime Versus Testamentary Gifts
      3.1204 Estates Subject to the Federal Estate Tax
      3.1205 Overview of the Generation-Skipping Transfer Tax
      3.1206 Estates Subject to the Generation-Skipping Transfer Tax

3.13 PLANNING FOR MARRIED COUPLES
      3.1301 Marital Agreements
      3.1302 Surviving Spouse's Elective Share of the Decedent's Aug- mented Estate

3.14 IMPLEMENTING THE PLAN
      3.1401 Need for Additional Information and Documents
      3.1402 Checklist for Preparation of Documents

3.15 CONCLUSION
      3.1501 Careful Review of All Information
      3.1502 Coordination with Other Professionals
      3.1503 Coordination with Existing Plan Documents and Transfers
      3.1504 Coordination with Estate Plans of Other Family Members
      3.1505 Following Up with the Client

CHAPTER 4: DRAFTING THE WILL  (back to top)

4.1 INTRODUCTION

4.2 WHAT CONSTITUTES A WILL?
      4.201 Definition of a Will
      4.202 "Will" Construed
      4.203 Essential Elements

4.3 WILL SUBSTITUTES AND ALTERNATIVE PLANNING
      4.301 General Considerations
      4.302 Necessity of a Will
      4.303 Coordinating Non-Probate Assets With the Estate Planning Documents

4.4 FUNDAMENTAL WILL PROVISIONS
      4.401 Exordium Clause
      4.402 Tangible Personal Property
      4.403 Specific and General Bequests
      4.404 Real Property
      4.405 Residuary Estate
      4.406 Powers of Appointment
      4.407 Trust for a Beneficiary Under a Specified Age
      4.408 Guardians
      4.409 Presumption of Survivorship
      4.410 Debts and Expenses of Administration
      4.411 Taxes
      4.412 Appointment of Executor and Trustee
      4.413 Testimonium
      4.414 Attestation

4.5 BASIC CONSIDERATIONS
      4.501 Clear Identifications
      4.502 Limitations
      4.503 Will Speaks as of Date of Death

4.6 PREREQUISITES FOR A VALID WILL
      4.601 Statutory Formalities for Drafting
      4.602 Testamentary Capacity
      4.603 Statutory Formalities for Execution
      4.604 Multi-Jurisdictional Issues
      4.605 Holographic and Nuncupative Wills

4.7 AMENDING THE PLAN: CODICIL OR NEW WILL

4.8 MATCHING THE ESTATE PLANNING DOCUMENTS WITH THE CLIENT
      4.801 Candidates for Simple Wills With No Trusts
      4.802 Candidates for Simple Wills With Guardianship Provisions and Contingent Trusts for Children
      4.803 Separate Share or Single "Pot" Trust?
      4.804 Candidates for Marital Deduction Planning
      4.805 Marital Deduction Planning Options
      4.806 Funding the Marital Deduction
      4.807 Providing for Postmortem Marital Deduction Tax Planning
      4.808 Integrating Generation-Skipping Transfer Tax Planning With the Marital Deduction
      4.809 Candidates for Pour-Over Wills and Living Trusts
      4.810 Drafting for the Multiple Marriage

4.9 2001 TAX ACT TRANSITION DRAFTING
      4.901 Tentative Repeal of the Federal Estate Tax and Generation- Skipping Transfer Tax
      4.902 Key Issues to Focus on During Repeal
      4.903 The Need for Flexibility
      4.904 Carryover Basis in 2010 and Before the Sunset of the 2001 Tax Act

4.10 SELECTED PROBLEM AREAS
      4.1001 Troublesome Client Scenarios
      4.1002 Checklist of Common Problem Areas in Drafting
      4.1003 The Roots of Most Drafting Problems

4.11 COMMON CLAUSES AND UNCOMMON RESULTS
      4.1101 Debts of the Decedent
      4.1102 Death Taxes
      4.1103 Tangible Personal Property
      4.1104 Residuary Estate
      4.1105 Real Property
      4.1106 The Changing Fraction
      4.1107 Spendthrift Clauses
      4.1108 Marital Deduction Reduction: Down the Wrong "Street"
      4.1109 Delayed Vesting or Postponed Enjoyment?
      4.1110 Pour-Over to Inter Vivos Trust
      4.1111 No Contest Clauses
      4.1112 Doctrine of Equitable Election

4.12 VIRGINIA UNIFORM TRUST CODE

APPENDICES TO CHAPTER 4

APPENDIX 4-1: NON-TAX WILL FOR SINGLE PERSON WITH TRUST FOR YOUNG BENEFICIARIES

APPENDIX 4-2: NON-TAX WILL WITH TRUST FOR CHILDREN

APPENDIX 4-3: WILL WITH SPECIAL NEEDS TRUST FOR DISABLED CHILD

APPENDIX 4-4: TAX WILL WITH OUTRIGHT DISPOSITION OF MARITAL SHARE

APPENDIX 4-5: TAX WILL WITH QTIP OR GENERAL POWER OF APPOINTMENT MARITAL TRUST

APPENDIX 4-6: POUR-OVER WILL

APPENDIX 4-7: CODICIL

CHAPTER 5: DRAFTING THE TRUST  (back to top)

5.1 INTRODUCTION AND SCOPE

5.2 REVOCABLE LIVING TRUST: WHAT IS IT?

5.3 LIVING TRUST AS A WILL SUBSTITUTE
      5.301 Contrast to the Law of Wills
      5.302 State Law Discrepancies Between Wills and Trusts
      5.303 Review of Virginia Statutes
      5.304 Federal Tax Law Discrepancies Between Probate and Non- Probate Estates

5.4 REASONS FOR USING A REVOCABLE TRUST
      5.401 Management
      5.402 Probate Avoidance
      5.403 Privacy
      5.404 Challenges
      5.405 Disability Protection
      5.406 Expenses
      5.407 Contractual Benefits
      5.408 Flexibility
      5.409 Choice of Law and Situs

5.5 ESTATE PLANNING WITH LIVING TRUSTS

5.6 OVERVIEW OF THE POUR-OVER WILL AND LIVING TRUST ARRANGEMENT

5.7 DRAFTING CONSIDERATIONS

5.8 BASIC REVOCABLE TRUST PROVISIONS
      5.801 Preamble: Declaration or Agreement
      5.802 Identification of Assets
      5.803 Provisions During Grantor's Life
      5.804 Distribution at Grantor's Death
      5.805 Revocation and Amendment Provisions
      5.806 Trustee Provisions
      5.807 Spendthrift Provision
      5.808 Survivorship Provision
      5.809 Rule Against Perpetuities Clause
      5.810 Savings Clauses
      5.811 Division, Consolidation, and Termination of Trust
      5.812 Governing Law
      5.813 Execution Provisions
      5.814 Amendment to the Trust

5.9 GENERAL CONSIDERATIONS IN DRAFTING IRREVOCABLE TRUSTS
      5.901 Introduction
      5.902 Powers and Rights That the Grantor Should Not Have
      5.903 Powers and Rights that Beneficiaries May Safely Hold
      5.904 General Gift Tax Issues
      5.905 State Income Taxation of Multi-Jurisdictional Trusts
      5.906 Rule Against Perpetuities
      5.907 Coordination with the Grantor's Estate

5.10 2001 TAX ACT TRANSITION DRAFTING
      5.1001 Tentative Repeal of the Federal Estate Tax and Generation- Skipping Transfer Tax
      5.1002 Granting Extraordinary Powers to Amend, Distribute, and Terminate Trusts

5.11 IRREVOCABLE LIFE INSURANCE TRUST: TAX-EFFICIENT
OWNERSHIP
      5.1101 Reasons for Using an Irrevocable Life Insurance Trust
      5.1102 Drafting Considerations for the Irrevocable Life Insurance Trust
      5.1103 Crummey Rights of Withdrawal
      5.1104 Family Trust Provisions
      5.1105 Single Trust (Pot Trust) for Descendants
      5.1106 Separate Trusts for Descendants
      5.1107 Contingent Marital Trust
      5.1108 Default Remainder Beneficiaries
      5.1109 Divorce and Remarriage
      5.1110 Adopted Persons
      5.1111 Insurance Policies
      5.1112 Maximum Duration of Trusts
      5.1113 Spendthrift Trust
      5.1114 Payments to Minors
      5.1115 Irrevocability
      5.1116 Trustee Provisions
      5.1117 Survivorship Provision
      5.1118 Savings Clauses
      5.1119 Choice of Law and Situs
      5.1120 Trust Advisor
      5.1121 Dealings With the Insured's Estate

5.12 CHARITABLE REMAINDER TRUSTS: A PRIMER
      5.1201 Generally
      5.1202 Potential Grantors of a CRT
      5.1203 Estate Taxation of a CRT
      5.1204 Charitable Remainder Trusts: A Statutory Creation
      5.1205 Types of Unitrusts
      5.1206 Governing Instrument Requirements of Charitable Remainder Trusts
      5.1207 Certain Optional Provisions
      5.1208 Funding Charitable Remainder Trusts
      5.1209 Trustees of Charitable Remainder Trusts
      5.1210 Noncharitable Beneficiaries

5.13 VIRGINIA UNIFORM TRUST CODE
      5.1301 Overview
      5.1302 Drafting Considerations
      5.1303 Default Provisions
      5.1304 Default Provisions That May Be Overridden

APPENDICES TO CHAPTER 5

APPENDIX 5-1: NON-TAX TRUST WITH TRUST FOR CHILDREN

APPENDIX 5-2: TAX TRUST WITH QTIP OR GENERAL POWER OF APPOINTMENT MARITAL TRUST

APPENDIX 5-3: TAX TRUST WITH GST PROVISIONS

APPENDIX 5-4: AMENDMENT TO TRUST AGREEMENT

APPENDIX 5-5: LIFE INSURANCE TRUST

APPENDIX 5-6: GRANDCHILD'S TRUST

APPENDIX 5-7: I.R.C. sec. 2503(c) TRUST

APPENDIX 5-8: CHARITABLE REMAINDER UNITRUST

APPENDIX 5-9: INITIAL "PERPETUAL" WITHDRAWAL RIGHT NOTIFICATION LETTER

APPENDIX 5-10: ANNUAL WITHDRAWAL RIGHT NOTIFICATION LETTER

APPENDIX 5-11: CRUMMEY TRUST FOR THE BENEFIT OF A CHILD OF
THE GRANTOR

APPENDIX 5-12: ANNUAL WITHDRAWAL RIGHT TRUSTEE/GUARDIAN NOTIFICATION LETTER FOR CRUMMEY TRUST FOR THE BENEFIT OF A CHILD OF THE GRANTOR

APPENDIX 5-13: ANNUAL WITHDRAWAL RIGHT DONEE NOTIFICATION LETTER FOR CRUMMEY TRUST FOR THE BENEFIT OF A CHILD OF THE GRANTOR

CHAPTER 6: TAX PLANNING  (back to top)

6.1 OVERVIEW OF THE UNIFIED TRANSFER TAX SYSTEM
      6.101 Federal Estate Tax
      6.102 Federal Gift Tax
      6.103 Generation-Skipping Transfer Tax
      6.104 Unified Credit Against Federal Estate and Gift Tax
      6.105 Virginia Estate Tax

6.2 DETERMINING PROPERTY SUBJECT TO ESTATE TAX
      6.201 Property Owned at Death
      6.202 Other Property Included in the Gross Estate
      6.203 Valuation of Property Included in the Gross Estate

6.3 ESTATE TAX MARITAL DEDUCTION
      6.301 Background
      6.302 Requirements for the Marital Deduction
      6.303 General Power of Appointment Trust
      6.304 Estate Trust
      6.305 QTIP Trust
      6.306 Optimum Use of the Marital Deduction

6.4 SELECTING AND FUNDING MARITAL DEDUCTION FORMULAS
      6.401 General Purpose of Formula
      6.402 Types of Formulas

6.5 OTHER DEDUCTIONS FROM THE GROSS ESTATE
      6.501 Charitable Deductions
      6.502 Funeral Expenses, Costs of Administration, and Claims Against the Estate
      6.503 Qualified Conservation Easements
      6.504 Qualified Family-Owned Businesses

6.6 TAXATION OF GIFTS
      6.601 Definition of Taxable Gift
      6.602 Concept of Completed Gifts
      6.603 Gifts Made Within Three Years of Death
      6.604 Gifts Made More Than Three Years Before Death
      6.605 Gift Tax Annual Exclusion
      6.606 Gift Tax Marital Deduction
      6.607 Valuation of Gifts
      6.608 Income Tax Considerations
      6.609 Benefits of Lifetime Transfers

6.7 GENERATION-SKIPPING TRANSFER TAX
      6.701 In General
      6.702 Definitions
      6.703 Tax Base
      6.704 Gift-Splitting
      6.705 Reverse QTIP Election
      6.706 Separate Share Rules
      6.707 Effective Dates
      6.708 Generation-Skipping Transfer Tax Planning Principles
      6.709 Postmortem Generation-Skipping Transfer Tax Planning

6.8 SPECIAL VALUATION RULES
      6.801 In General
      6.802 I.R.C. sec. 2702: Special Valuation Rules for Transfers of Interests in Trusts
      6.803 Private Remainder Trusts (GRATs and GRUTs)
      6.804 Personal Residence Trusts

6.9 DISCLAIMERS
      6.901 In General
      6.902 What May Be Disclaimed?
      6.903 Use of Disclaimers in Postmortem Estate Planning
      6.904 Use of Disclaimers in Inter Vivos Estate Planning
      6.905 Effect of State Law
      6.906 Requirements of a Qualified Disclaimer
      6.907 Writing Requirement
      6.908 Delivery Requirement
      6.909 Timing Requirement
      6.910 Timing Requirement for QTIP Trusts
      6.911 Timing Requirement for Joint Property
      6.912 Disclaimant Must Not Have Accepted Any Benefits of the
Disclaimed Property
      6.913 Disclaimed Property Must Pass Without Direction by the
Disclaimant
      6.914 Disclaimer of Less Than an Entire Interest
      6.915 Disclaimers That Reduce the Disclaimant's Estate
      6.916 Disclaimers That Increase the Marital Deduction
      6.917 Disclaimers to Take Advantage of the Unified Credit
      6.918 Disclaimers by a Fiduciary
      6.919 Disclaimers Under the Generation-Skipping Transfer Tax
      6.920 Drafting a Disclaimer Trust
      6.921 Drafting for Deaths in Close Sequence

6.10 SAVING TAXES WITH CHARITABLE GIFTS
      6.1001 Applicable Internal Revenue Code Sections
      6.1002 Income Tax Charitable Deduction
      6.1003 Estate and Gift Tax Rules
      6.1004 Valuation Tables
      6.1005 Methods of Giving and Tax Consequences
      6.1006 Bargain Sales
      6.1007 Bequests and Other Testamentary Transfers
      6.1008 Charitable Remainder Trusts
      6.1009 Pooled Income Funds
      6.1010 Charitable Gift Annuities
      6.1011 Remainder Interests in Personal Residences and Farms
      6.1012 Charitable Lead Trusts
      6.1013 Techniques for Special Assets
      6.1014 Private Foundations
      6.1015 Techniques for Special Situations

INDEX

Volume II

CHAPTER 7: PLANNING FOR CLOSELY HELD BUSINESSES  (back to top)

7.1 INTRODUCTION
      7.101 Importance of Estate Planning
      7.102 Lifetime Versus Postmortem Estate Planning

7.2 SELECTING A FORM OF OWNERSHIP
      7.201 In General
      7.202 Goals

7.3 SHAREHOLDER AGREEMENTS
      7.301 Purpose
      7.302 Types of Shareholder Agreements

7.4 VALUATION OF INTERESTS FOR ESTATE TAX PURPOSES
      7.401 In General
      7.402 Criteria for Valuation
      7.403 Tangible and Intangible Assets
      7.404 Making the Price Binding for Tax Purposes
      7.405 Selecting the Method of Determining the Price
      7.406 Paying the Purchase Price
      7.407 Disadvantages of Buy-Sell Agreements

7.5 USE OF THE I.R.C. sec. 303 REDEMPTION
      7.501 In General
      7.502 Qualifying Under Section 303
      7.503 Unreasonable Accumulation of Surplus
      7.504 Using Section 303 Even If Liquidity Is Not Needed

7.6 ELECTION TO DEFER PAYMENT OF ESTATE TAX
      7.601 Introduction
      7.602 General Rules
      7.603 Pitfalls in Using Election

7.7 ESTATE TAX DEDUCTION FOR QUALIFIED FAMILY-OWNED BUSINESSES
      7.701 In General
      7.702 Qualification for Deduction
      7.703 Amount of Deduction
      7.704 Recapture

7.8 DISPOSITION OF BUSINESS INTEREST BEFORE DEATH
      7.801 In General
      7.802 Outright Sale for Cash
      7.803 Installment Sale
      7.804 Tax-Free Merger
      7.805 Transfer on a "Discounted" Basis

7.9 ESTATE FREEZES

7.10 NON-TAX CONSIDERATIONS OF BUSINESS SUCCESSION PLANNING
      7.1001 Family Businesses Are Different
      7.1002 Role of Family Members
      7.1003 Overcoming Obstacles to Planning
      7.1004 Formulating the Plan
      7.1005 Fair Versus Equal Distribution
      7.1006 Cash Flow
      7.1007 Control
      7.1008 Equity Ownership
      7.1009 Employment
      7.1010 Retention Versus Sale of Business

APPENDIX 7-1: SHAREHOLDER AGREEMENT DRAFTING QUESTIONNAIRE

APPENDIX 7-2: SHAREHOLDER AGREEMENT

APPENDIX 7-3: BUSINESS SUCCESSION PLANNING QUESTIONNAIRE RELATING TO THE BUSINESS, ITS OPERATIONS, MANAGEMENT, AND OWNERSHIP STRUCTURE

APPENDIX 7-4: BUSINESS SUCCESSION PLANNING QUESTIONNAIRE RELATING TO NON-BUSINESS ASSETS

CHAPTER 8: POWERS OF ATTORNEY, MINOR CHILDREN, AND ASSETS IN OTHER JURISDICTIONS  (back to top)

8.1 POWERS OF ATTORNEY
      8.101 In General
      8.102 General Versus Limited Powers of Attorney
      8.103 Capacity to Execute Power of Attorney; Breach of Duty; Presumption of Fraud; Actual Possession of Instrument
      8.104 The "Durable" Language
      8.105 Contingent or "Springing" Powers of Attorney Versus Delivery in Escrow
      8.106 Ending the Power of Attorney
      8.107 Relationship Between Other Fiduciaries and Agent Under Durable Power of Attorney
      8.108 Suggested Provisions of a Power of Attorney
      8.109 The Gifting Power of Attorney
      8.110 Health Care Decisions

8.2 MINOR CHILDREN
      8.201 Introduction
      8.202 Choosing a Guardian
      8.203 Property Transfers to Minors
      8.204 Tax-Advantaged Transfers to Minors

8.3 ASSETS OWNED IN OTHER JURISDICTIONS
      8.301 Introduction
      8.302 Domicile
      8.303 Ancillary Administration

APPENDIX 8-1: MEMORANDUM OF UNDERSTANDING ACCOMPANYING POWER OF ATTORNEY

APPENDIX 8-2: MEMORANDUM OF ESCROW DELIVERY OF POWER OF ATTORNEY; AUTHORIZATION FOR RELEASE OF CONFIDENTIAL AND PROTECTED HEALTH INFORMATION

APPENDIX 8-3: DURABLE GENERAL POWER OF ATTORNEY

APPENDIX 8-4: DURABLE SPECIAL POWER OF ATTORNEY GRANTING AUTHORITY TO AGENT TO MAKE GIFTS

APPENDIX 8-5: ADVANCE MEDICAL DIRECTIVE APPOINTMENT OF AGENT FOR HEALTH CARE DECISIONS APPOINTMENT OF PERSONAL REPRESENTATIVE TO OBTAIN HEALTH CARE INFORMATION APPOINTMENT OF AGENT TO MAKE ANATOMICAL GIFTS

APPENDIX 8-6: DURABLE LIMITED POWER OF ATTORNEY FOR TAX MATTERS

APPENDIX 8-7: DURABLE LIMITED POWER OF ATTORNEY TO MAKE FINAL ARRANGEMENTS

APPENDIX 8-8: GENERAL DURABLE POWER OF ATTORNEY--ALTERNATIVE FORM

CHAPTER 9: CHOOSING FIDUCIARIES  (back to top)

9.1 FIDUCIARIES GENERALLY
      9.101 Introduction
      9.102 Types of Fiduciaries
      9.103 Personal Representatives
      9.104 Testamentary Trustees and Trustees of Inter Vivos Trusts to Which
a Devise or Bequest Is Made
      9.105 Guardians of Person and Estate of Minor Children
      9.106 Attorneys-in-Fact and Trustees of Inter Vivos Trusts to Which No Testamentary Transfer Is Made

9.2 STANDARDS OF JUDGMENT, DUTIES, AND OBLIGATIONS
      9.201 Standards of Judgment for Fiduciaries Generally
      9.202 Specific Duties and Obligations

9.3 FIDUCIARY CHOICES AVAILABLE
      9.301 Individual
      9.302 Corporation
      9.303 Co-Fiduciaries

9.4 CONSIDERATIONS IN SELECTING PERSONAL REPRESENTATIVES
AND TRUSTEES
      9.401 Professional Versus Non-Professional Fiduciary
      9.402 Individual Versus Corporate Fiduciary
      9.403 Trustees of QDOTS
      9.404 Ethical Considerations: The Attorney-Draftsman as Fiduciary
      9.405 Tax Considerations
      9.406 Compliance with Uniform Trust Code Requirements and Powers

9.5 CONSIDERATIONS IN SELECTING GUARDIANS OF MINOR CHILDREN
      9.501 In General
      9.502 Guardian as Trustee

9.6 CONSIDERATIONS IN SELECTING ATTORNEYS-IN-FACT
      9.601 In General
      9.602 Tax Consequences to Attorney-in-Fact
      9.603 Conflicts of Interest

9.7 SELECTING AGENTS UNDER HEALTH CARE POWERS OF ATTORNEY AND ADVANCE MEDICAL DIRECTIVES

9.8 SELECTION AND APPOINTMENT OF SUCCESSOR FIDUCIARIES

9.9 COMPENSATION OF FIDUCIARIES
      9.901 Court-Supervised Fiduciaries
      9.902 Under Governing Instrument
      9.903 Timing of Payment of Commission
      9.904 Forfeiture of Commission
      9.905 Compensation of Fiduciary Serving Both as Executor and as Trustee
      9.906 Attorney Fees and Other Expenses

APPENDIX 9-1: ATTORNEY/FIDUCIARY DISCLOSURE AND CLIENT CONSENT

CHAPTER 10: TRANSFERRING ASSETS OUTSIDE OF PROBATE  (back to top)

10.1 INTRODUCTION

10.2 NATURE OF NONPROBATE ASSETS
      10.201 Distinction Between Probate and Nonprobate Assets
      10.202 Common Examples of Nonprobate Assets
      10.203 Advantages of Nonprobate Assets
      10.204 Disadvantages of Nonprobate Assets

10.3 ESTATE PLAN INTEGRATION
      10.301 Will
      10.302 Tax Planning
      10.303 Asset-by-Asset Review
      10.304 Information-Gathering

10.4 JOINTLY OWNED PROPERTY
      10.401 Introduction
      10.402 Types of Joint Ownership
      10.403 How Created
      10.404 Multiple-Party Depository Accounts
      10.405 Advantages of Joint Ownership
      10.406 Federal Estate and Gift Tax
      10.407 Income Tax
      10.408 Estate Plan Coordination

10.5 POD AND TOD ACCOUNTS
      10.501 Payable on Death Accounts
      10.502 Transfer on Death Accounts
      10.503 Reasons to Use

10.6 LIFE INSURANCE
      10.601 Introduction
      10.602 Types of Insurance
      10.603 Reasons to Use
      10.604 Taxation
      10.605 Estate Plan Coordination

10.7 QUALIFIED PLAN AND IRA RETIREMENT BENEFITS
      10.701 Introduction
      10.702 Types of Plans
      10.703 Plan Distributions
      10.704 Taxation
      10.705 Naming a Beneficiary

10.8 POWERS OF APPOINTMENT
      10.801 Introduction
      10.802 Reasons to Use
      10.803 Federal Estate and Gift Tax

10.9 AUGMENTED ESTATE
      10.901 Statutory Summary
      10.902 Assets Included in Augmented Estate
      10.903 Claim Procedure
      10.904 Planning

CHAPTER 11: EXECUTION AND SAFEKEEPING OF DOCUMENTS  (back to top)

11.1 OVERVIEW

11.2 REVIEW OF DOCUMENTS BEFORE EXECUTION
      11.201 By Client
      11.202 By Corporate or Professional Fiduciary
      11.203 By Attorney

11.3 LEGAL REQUIREMENTS FOR EXECUTION OF A WILL
      11.301 Legal Capacity of the Testator
      11.302 Statutory Requirements for Execution of Will

11.4 PROOF OF EXECUTION OF WILLS
      11.401 In General
      11.402 Self-Proving Wills
      11.403 Persons in Military Service
      11.404 Holographic Wills
      11.405 International Wills

11.5 DOCUMENT EXECUTION CEREMONY
      11.501 In General
      11.502 Place of Execution
      11.503 Redetermination of Legal Capacity
      11.504 Execution Procedure

11.6 EXECUTION OF OTHER ESTATE PLANNING DOCUMENTS
      11.601 Trusts
      11.602 Powers of Attorney
      11.603 Advance Medical Directives
      11.604 Anatomical Gift Forms

11.7 SAFEKEEPING OF DOCUMENTS
      11.701 In General
      11.702 Originals of Documents
      11.703 Copies of Documents
      11.704 Documentation of Location of Originals and Copies
      11.705 Disposition of Prior Documents

APPENDIX 11-1: SAMPLE LETTER SENDING NON-TAX DOCUMENT DRAFTS TO CLIENTS

APPENDIX 11-2: SAMPLE LETTER SENDING TAX-ORIENTED DOCUMENT DRAFTS TO CLIENTS

APPENDIX 11-3: SAMPLE LETTER TO CORPORATE OR OTHER PROFESSIONAL FIDUCIARY SENDING DOCUMENT DRAFTS FOR REVIEW

APPENDIX 11-4: SIGNING FOR TESTATOR FORM

APPENDIX 11-5: PROCEDURE FOR NOTARIES IN THE USE OF SELF-PROVING CERTIFICATES

APPENDIX 11-6: SELF-PROVING CERTIFICATE WITH TESTATOR AND WITNESS SIGNATURES

APPENDIX 11-7: SELF-PROVING CERTIFICATE WITHOUT TESTATOR AND WITNESS SIGNATURES

APPENDIX 11-8: LEGAL ETHICS OPINION

APPENDIX 11-9: CLIENT DOCUMENT EXECUTION MEMORANDUM

APPENDIX 11-10: LOG FOR ORIGINAL CLIENT DOCUMENTS RETAINED BY LAW FIRM

APPENDIX 11-11: SAMPLE LETTER TO PRIOR ATTORNEY OR CORPORATE FIDUCIARY REQUESTING RETURN OF PRIOR ORIGINALS TO CLIENT

CHAPTER 12: TERMINATING THE REPRESENTATION  (back to top)

12.1 OVERVIEW

12.2 COMPLETION OF WORK

12.3 IMPORTANCE OF TERMINATING THE REPRESENTATION

12.4 HOW TO TERMINATE THE REPRESENTATION
      12.401 Termination at Completion
      12.402 Termination of an Incomplete Matter

12.5 RETRIEVAL SYSTEM
      12.501 Importance of Access to Closed Files
      12.502 Importance of Being Able to Contact Clients in the Future

12.6 ETHICAL ISSUES REGARDING CONTACTING FORMER CLIENTS
      12.601 Solicitation
      12.602 Affirmative Duty to Contact Former Clients

12.7 ETHICAL ISSUES REGARDING CLOSED ESTATE PLANNING FILES

APPENDIX 12-1: LEGAL ETHICS OPINIONS

APPENDIX 12-2: SAMPLE LETTER TERMINATING REPRESENTATION WITH ESTATE PLANNING CLIENT UPON COMPLETION

APPENDIX 12-3: SAMPLE LETTER TO CORPORATE OR OTHER PROFESSIONAL FIDUCIARY SENDING EXECUTED DOCUMENTS FOR SAFEKEEPING

APPENDIX 12-4: SAMPLE FIRST LETTER TO CLIENT WHO FAILS TO
RE-CONTACT ATTORNEY

APPENDIX 12-5: SAMPLE LETTER TERMINATING RELATIONSHIP WITH CLIENT WHO FAILS TO RE-CONTACT ATTORNEY

TABLE OF AUTHORITIES

 

INDEX

Authors

Editor

Marie McKenney Tavernini

Authors

Farhad Aghdami

George F. Albright, Jr.

Melissa W. Ashkani

Michael H. Barker

Dennis I. Belcher

Carolyn A. H. Bourdow

Neal P. Brodsky

Nan L. Coleman

Timothy H. Guare

Andrew H. Hook

Michele A. W. McKinnon

Amy G. Pesesky

Victoria J. Roberson

Nancy Newton Rogers

William I. “Bill” Sanderson

Charles E. Taylor

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