Learn why Estate Planning Portal Trust Documents outshine other providers
Not All Estate Planning Documents are Created Equal
To the average consumer estate plans look the same, but the truth is, not all estate planning documents are created equal.
So What Makes the Estate Planning Portal Different?
Estate planning portal technology paired with our nationwide network of attorneys creates high quality, custom documents that are simple to complete and save your clients both time and money. And you as their advisor get to be the hero!
So what makes our documents so good? Here are just a few things your clients will receive at no extra charge:
Age-based distributions. Assets can be held in trust and distributed to beneficiaries over time. Distributions can be “sprinkled” or occur at any age as determined by the Grantor.
Behavioral Conditions on Distributions. Our documents allow the Grantor to impose behavioral conditions on distributions so that beneficiaries do not receive their inheritance if they have severe addictions.
Accelerated Distributions. This allows the trustee to advance funds held in trust to any beneficiary as necessary for purposes of “health, education, welfare or general support”.
First Right of Refusal. Gives any beneficiary a first right of refusal to purchase any asset before trust assets are sold in the open market. Permits beneficiaries who are children to preserve property tax basis if they need to buy out other beneficiaries and purchase property within the trust. This is essential for Medicaid planning purposes.
Special Needs Trust. Empowers trustee to create a “special needs trust” and hold a disabled beneficiary’s assets in trust, if the receipt of their inheritance would jeopardize their ability to receive state or federal aid. (Some cases may require additional attorney involvement)
Qualified Plan Language. If the trust receives assets from a qualified plan, IRA, 401(k), etc the trustee is given flexibility in regards to distribution of qualified accounts. The trust does allow for the accumulation of qualified assets during the current Secure Act 10 year rule.
Power to Determine Income and Principal. Permits the trustee to allocate trust income to principal to minimize the income tax liability of the trust.
Power to Employ Investment Advisors. Permits trustee to retain the services of a financial advisor to assist them in managing trust assets.
Power to Elect Minimum Distributions for IRAs. Works in conjunction with Section 1.038 to ensure that trustee optimizes the current income tax advantages associated with qualified plan assets.
Power to Operate a Professional Corporation. Critical provision for grantors who are professionals such as doctors, dentists, pharmacists, architects, lawyers, etc (where licensure is a requirement for continued operation of the business). Permits trustee to hire someone to run professional corporation while transitioning business ownership and/or management.
Power to Own a Sub-S Corporation. Critical provision for grantors who own or operate small business.
Power to Qualify for Smallest Generation Skipping Transfer Tax. Critical for large estates whenever a distribution skips current generation - grandchildren as named beneficiaries with no inheritance given to children.
Power to Qualify for Federal and State Assistance. Permits the trustee to arrange assets, make distributions, withhold distributions etc as necessary to optimize federal or state financial aid on behalf of any beneficiary.
Power to Manage Digital Assets. Permits the trust to access and manage digital accounts of all kinds.
Trust Contests. Empowers trustee to disinherit a beneficiary who formally contests the will or trust.
Power to Probate an Asset. Empowers the trustee to open a formal probate proceeding if they deem it necessary. Can be a useful to formally terminate creditor rights or otherwise make a formal court record of death without forcing all assets into the probate process.
Power to Change Situs or Place of Administration. Permits the trustee to change the legal jurisdiction responsible for the administration of the trust. It is often more convenient for the trustee if the place of administration is the same state where trustee resides. In addition, modifying the situs may also result in lower income tax burden at the state level on assets held in trust.