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  • Copyright 2004-2008 WealthCounsel, LLC

    EP101 Drafting Revocable Living Trusts and

    Ancillary Documents with WealthDocs Table of Contents

    Part I Introduction ......................................................................... 11.01 What this course will cover ..............................................................11.02 Rules of the game .............................................................................11.03 Common estate planning terms and abbreviations ..........................1

    Part II Overview The Estate Planning Process ......................... 32.01 A Process Not a Transaction .........................................................3

    Part III Introduction to the WealthDocs Revocable Living Trust Agreement ................................................................. 8

    3.01 WealthCounsels drafting philosophy..............................................93.02 Creating and using WealthDocs Scenarios.............................103.03 Joint Trusts for Married Couples ...................................................163.04 Joint Trusts for Unmarried Couples? .............................................173.05 Joint Trusts in Common Law Jurisdictions ...................................183.06 Community property Issues ...........................................................203.07 Selecting the Correct Trust Interview ............................................213.08 Choosing the Full or Express Interview .................................233.09 Family Information ........................................................................233.10 UTC Provisions ..............................................................................283.11 Initial Trustees ...............................................................................293.12 Distribution Trustee .......................................................................303.13 Funding ..........................................................................................303.14 Agents Power to Amend ...............................................................313.15 Exercise of Testamentary Power of Appointment .........................323.16 Incapacity .......................................................................................323.17 Post Mortem Administration..........................................................353.18 Retirement Plans and Life Insurance .............................................393.19 Definition of the Internal Revenue Code .......................................443.20 Specific Distributions and Distributions of Personal Property ......453.21 Estate Tax.......................................................................................503.22 Introduction to the Marital Deduction ...........................................513.23 Estate Equalization .....................................................................523.24 The goal of Marital Deduction Planning .......................................533.25 Dividing the Estate in Marital and Non-Marital Shares ................54

  • Copyright 2004-2008 WealthCounsel, LLC

    Part IV Marital Deduction Planning Methods .............................. 554.01 Introduction ....................................................................................554.02 All to surviving spouse ..................................................................564.03 Disclaimer funding method ............................................................564.04 The Clayton Election ..................................................................584.05 Pecuniary Marital Deduction Formula ...........................................594.06 Credit Shelter Pecuniary Formula ..................................................634.07 Fractional Marital Formula ............................................................644.08 Fact-based methods not estate tax-driven ...................................664.09 Selecting the right marital deduction method for clients ...............674.10 Generation-Skipping Transfer Tax (GSTT, or GST Tax)

    Provisions .......................................................................................69

    Part V Distributing the Marital Share .......................................... 725.01 Introduction ....................................................................................725.02 Outright gift to surviving spouse ...................................................735.03 Life estate with power of appointment ..........................................745.04 Estate trust ..................................................................................745.05 Six-month survivorship condition ..................................................745.06 General appointment trust ..............................................................755.07 Qualified Terminable Interest Property (QTIP) trust .....................765.08 Qualified Domestic Trust Providing for a non-citizen spouse....775.09 Structuring the Marital Share Trust ...............................................795.10 Survivors Trust Joint Trust ........................................................82

    Part VI Distribution of Non-Marital Share .................................... 916.01 Spouse Not a Beneficiary of Non-Marital Share ...........................916.02 Bypass Trust to Benefit Spouse .....................................................916.03 Income and Principal Distributions ...............................................926.04 Discretionary Distributions ............................................................926.05 Withdrawal Right 5 and 5 Power ................................................936.06 Remarriage Provisions ...................................................................946.07 Lifetime Limited Power of Appointment ......................................946.08 Testamentary Limited Power of Appointment ..............................94

    Part VII Planning for Residuary Beneficiaries ............................. 957.01 Planning for Minor Children ..........................................................957.02 Distribution for Beneficiaries ........................................................967.03 Outright Distribution ......................................................................977.04 General Needs Trust ......................................................................977.05 General Needs Trust Discretionary Distribution of

    Income/Principal ............................................................................987.06 Precatory guidelines for discretionary distributions ......................997.07 Granting Withdrawal Rights ........................................................1007.08 Granting Powers of Appointment ................................................101

  • Copyright 2004-2008 WealthCounsel, LLC

    7.09 Lapse Options ..............................................................................1047.10 Special Needs Trust .....................................................................1047.11 Trust Provisions for Afterborn or Adopted Children ...................1057.12 Options for Descendants of a Deceased Child .............................1067.13 Remote Contingent Beneficiaries ................................................106

    Part VIII Trust Protectors and Trustees ....................................... 1068.01 Introduction to Trust Protectors ...................................................1068.02 Trustee Succession .......................................................................110

    Part IX Trust Administration, the Trustees Powers, and General Provisions ......................................................... 122

    9.02 Defining the Trustees Discretion ................................................1259.03 Trustee Indemnification ...............................................................1259.04 Clarify the definition of Ascertainable Standards ....................1259.05 Determination of Income and Principal .......................................1269.06 Method of Exercising a Power of Appointment ..........................1269.07 Discretionary Distributions for Specific Purposes .......................1279.08 Administration of Trusts for Minor and Incapacitated

    Beneficiaries ................................................................................1289.09 General Provisions .......................................................................1309.10 Formalities of Execution ..............................................................1339.11 Custom Article Templates ...........................................................134

    Part X Ancillary Documents ...................................................... 13610.01 Completing the Estate Plan ..........................................................13610.02 Portfolio Inserts ............................................................................13710.03 Trust Information Page ................................................................13710.04 Trust Summary .............................................................................13710.05 Pour-Over Will .............................................................................13710.06 Name and Fiduciary Summary ....................................................13710.07 Funding Instructions ....................................................................13710.08 Durable Power of Attorney ..........................................................13810.09 Certification or Affidavit of Trust................................................13810.10 Assignment of Personal Property.................................................13910.11 HIPAA Authorization ..................................................................13910.12 Health Care Power of Attorney................

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