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Hopefully the following estate planning tidbits will make you the hit at the next campfire.■ FLP discounts: – The IRS is continuing its onslaught against partnership discounts.Other states permit self-settled-like trusts (you can set up a marital trust for your spouse and on his or her demise the assets come flow into a credit shelter trust that you are a beneficiary of).All told there is a significant number of states that permit self-settled trusts.Should years in the future you need access to trust funds the trusted person might add you as a beneficiary. This creates interesting planning opportunities, but it might also create a new risk for trustees.If you’re a trustee of an irrevocable trust, and the trust agreement is not optimal, in the past it might have been presumed that “it is what it is.” But now, do you have an obligation to use decanting to improve the provisions of the trust?Most folks seem to feel that once the documents are signed their good to go. If you meet your wealth manager semi-annually, at least one of those meetings should have your CPA and attorney in attendance.Few plans will have much chance of success without periodic professional involvement.
With a regulation prohibiting discounts your estate might get a bigger basis step up (less capital gains to heirs) at no estate tax cost. ■ Administration: You have to meet regularly with all of your advisers after completing a complex/large transaction in order to properly administer that plan. A few of the myriad of vital steps folks so often get wrong include: missing note payments, missing GRAT or CRT annuity payments, paying fees from the wrong entities/trusts, monitoring defined value mechanisms, not issuing Crummey notices, not monitoring trust termination dates, and more.Campfire Estate Planning Chat Newsletter Word Template Single Spaced Times Roman New 10 point bold MONTH YEAR: Lead Article: 1 ¾ pages [2nd page about 45 lines] [Category: Lead Article Title: Things to think about Summary: Summer at the beach, barbeques, flying kites and S’mores.What you need to keep the young ones smiling is some good estate planning chatter.Might a disgruntled beneficiary argue that merely administering the trust you have, without addressing the potential for modifying that trust, isn’t sufficient? ■ Aging: Alzheimer's affects 47 percent of those over 85. Addressing the issues of an aging are critical for many.How will the cost and complexity of trust administration change if you as a trustee cannot assume that the governing instrument can be relied upon as the governing instrument? Taxes, while unquestionably an exciting cocktail party topic, are just not as important for many folks as more complex fuzzy personal topics.