Estate Planning & Drafting - 3 Vol. - Print Version
3 Volumes, Loose-Leaf
The aging population will create a tremendous opportunity for those Estates practitioners who are properly prepared. This set will enable you to take advantage of this opportunity by providing you with two volumes of detailed Estates discussion and analysis and one volume of expertly drafted forms relevant to clients at all asset levels.
AUTHOR: ROBERT J. WEINBERG
3 Volumes, Loose-Leaf
Previous Supplements by: JUSTIN C. ESPOSITO of Ballard Spahr;
Current Supplement by JUSTIN H. BROWN of Ballard Spahr.
Published: 2012 (3rd Edition)
(Previous Editions: 1969 (Aker Edition), 1995 and 2001)
Most recent supplement/update: 2024 Update released: Feb. 2024; $179.00
(Current Subscriber's Price: $169.00)
Library of Congress Number: 95-83231
ISBN: 978-0-9839159-2-8
ALSO AVAILABLE IN CD-ROM FORMAT, SEE 978-0-9839159-2-8CD
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This well-respected set is designed for professionals who provide contemporary estate planning advice to their clients. Included are two volumes (one strictly Federal tax issues and one Pennsylvania issues) of detailed discussion and analysis, and one volume of expertly-drafted forms (also available for download from www.bisel.com) relevant to clients at all asset levels. Subscribers will find ESTATE PLANNING AND DRAFTING to be a comprehensive, yet readable guide through an increasingly important, complicated subject.
HIGHLIGHTS- Discussion and analysis of Pennsylvania Power of Attorney Law
- Discussion of Federal and PA transfer tax rules, including detailed explanations of planning techniques relating to the recent changes to the PA Inheritance Tax, and the Federal Estate, Gift, and Generation-Skipping Taxes.
- Examination of major estate planning issues under PA property law, such as planning for Marital Rights, Abatement, Interpretation and Incapacity Issues.
- Special attention is given to such tax-sensitive subjects as Charitable Giving, Insurance, Business Succession Planning and Valuation Techniques.
- An unsurpassed, integrated drafting system designed specifically for the Pennsylvania practitioner, and containing prototype documents with numerous optional inserts. Sample forms include:
- updated Power of Attorney Form based on new law changes
- all manner of wills including simple, pour-over, and testamentary
- revocable funded trusts
- a multitude of sample irrevocable trusts
- planning, generation-skipping tax, personal residences, subchapter S stock, charitable bequests, planning for the non-citizen spouse, family limited partnerships, charitable remainder and lead trusts, private foundations prenuptial agreements, spendthrift trusts, and many other tools for the informed estate planner's arsenal.
- many other sample forms, including those related to insurance
SUMMARY OF CONTENTS
VOLUME 1
(PENNSYLVANIA ISSUES)Preface
Dedication
Acknowledgement
Index
PART I.
PRINCIPLES OF PENNSYLVANIA
ESTATE PLANNINGChp. 1. THE NATURE OF ESTATE PLANNING 2. ETHICAL ISSUES IN ESTATE PLANNING 3. PLANNING FOR INCAPACITY: GUARDIANSHIPS AND POWERS OF ATTORNEY 4. ANATOMICAL GIFTS 5. PENNSYLVANIA INHERITANCE TAX 6. PENNSYLVANIA REALTY TRANSFER TAX FROM THE ESTATE PLANNER'S PERSPECTIVE 7. PRINCIPLES OF DISTRIBUTION AND INTERPRETATION 8. PENNSYLVANIA UNIFORM TRUST ACT 9. PLANNING FOR MULTI-PARTY ACCOUNTS 10. PLANNING FOR MINOR AND DISABLED BENEFICIARIES 11. PLANNING FOR MARITAL RIGHTS AND MULTIPLE MARRIAGES 12. RESERVED
PART II.
DRAFTING PENNSYLVANIA ESTATE
PLANNING DOCUMENTS13. THE WILL—DEFINITION AND EXECUTION 14. FUNDED REVOCABLE TRUSTS 15. WILLS AND TRUSTS—ADMINISTRATIVE PROVISIONS 16. OPERATIVE PROVISIONS IN TESTAMENTARY DOCUMENTS 17. THE TAX CLAUSE 18. POWERS OF APPOINTMENT 19. RESERVED 20. RESERVED VOLUME 2
(FEDERAL TAX ISSUES)
PART III. FEDERAL WEALTH TRANSFER TAXES21. FEDERAL ESTATE TAX 22. FEDERAL GIFT TAX 23. FEDERAL GENERATION-SKIPPING TRANSFER TAX 24. RESERVED 25. RESERVED
PART IV.
FEDERAL TAX ISSUES26. VALUATION ISSUES 27. SPECIAL VALUATION RULES: GRITS, GRATS, GRUTS, AND QPRTS 28. THE FAMILY LIMITED PARTNERSHIP 29. MARITAL DEDUCTION PLANNING 30. CHARITABLE ESTATE PLANNING 31. INSURANCE PLANNING 32. BUSINESS SUCCESSION PLANNING 33. DISCLAIMERS 34. RETIREMENT PLANS AND DEFERRED INCOME ASSETS 35. FOREIGN TRUSTS 36. RESERVED 37. RESERVED
Volume 3
FORMS(159 Forms as of 2016 Update)
(All forms revised in 2008 unless otherwise noted.)
A. CLIENT LETTERSFORM A01. Fee and Engagement Letter (Revised 2012) FORM A02. Letter to Family Client re Business Conflicts of Interest FORM A03. Estate Planning Data Worksheet (Revised 2012) FORM A04. Letter Concluding Estate Planning Representation FORM A05. Estate Planning Letter—Pour Over/Rev Trust/Irrevocable Insurance Trust—Marital/Residuary Plan (Revised 2012) FORM A06. Document Checklist FORM A07. Annual Gift Tax Return Letter (New 2012)
B. POWERS OF ATTORNEY, MEDICAL DOCUMENTSFORM B01. Health Care Power of Attorney And Living Will (Revised 2012) FORM B02. General Power of Attorney (Revised 2015 and 2016)
C. BASIC WILL AND TRUST FORMSFORM C01. Codicil Form FORM C02. Non-Trust Will - Outright to Spouse - Then to Children with Substitution of Issue FORM C03. Contingent Testamentary Trust - Residue Outright to Spouse, Contingent Trust for Minor Children (Revised 2012) FORM C04. Pour-Over Will to Testator's Revocable Trust FORM C05. Outright to Spouse, Then Pour-Over Will to Spouse's Revocable Trust FORM C06. Will—Testamentary Trust Shell—Use For Simple Will To Spouse With Contingent Trust For Minor Children, Disclaimer Will; Marital Deduction Formula Testamentary Trusts and GSTT Testamentary Trusts (Revised 2012) FORM C07. Funded or Unfunded Revocable Trust - Use for Marital Deduction Formula Trusts and GSTT Trusts (Revised 2012) FORM C08. Shell for Trust Amendment FORM C09. Signature by Mark FORM C10. Revocable Agreement of Trust with Marital/Residuary GST Alternatives (Revised 2009) FORM C11. Revocable Agreement of Trust with Marital/Residuary Non GST Alternatives (Revised 2009) FORM C12. Will with Marital/Residuary GST Alternatives (Revised 2009) FORM C12A. Will—Short Form GST Plan with Perpetuities Trusts with Insert for Nonexempt Paid at Ages (Revised 2009) FORM C13. Will with Marital/Residuary Non GST Alternatives (Revised 2009) FORM C13A. Will-Marital/Residuary Plan with Payouts to Children at Ages and GST Division (Revised 2009) FORM C14. Disclaimer Will (Revised 2009)
D. INSERTSFORM D01. Marital/Residuary Division of Principal by Fractional Share - Insert FORM D01A. Marital Residuary Division - Greater of Minimum Tax Marital or Marital Deduction Equal to One Half of Adjusted Gross Estate FORM D02. Outright to Spouse/Contingent Trust for Minor Children (Revised 2012) FORM D03. Formula Pecuniary Division into Marital and Residuary Shares - With Lesser of Pecuniary Amount or Formula - Includes Rev. Proc. 64-19 Language FORM D04. Fractional Share Division into General Power Marital/QTIP/Residuary Trust FORM D05. General Power Marital Trust - Payable to Residuary Trust at Spouse's Death FORM D06. QTIP Trust - Payable to Residuary Trust at Spouse's Death FORM D07. Residuary Trust/Current Income to Spouse with Power of Invasion for Spouse and Descendants/Separate Trusts for Children until Age 35/Remote Descendants Trust until Age 30 FORM D08. Residuary Trust/Current Income to Spouse with Power of Invasion for Spouse and Descendants/Spray for Children until Age 22/Separate Trusts for Children until Age 35/Remote Descendants Trust until Specified Age FORM D09. GST Fractional Share Division/Exempt QTIP/Nonexempt QTIP/Nonexempt Gen Power Marital/Exempt Residuary Trust with Separate Trusts for Descendants Per Stirpes until Termination of Perpetuities Period/Nonexempt Residuary Trust until Age 35 with Contingent General Power of Appointment FORM D10. Insert - Marital Cutback to One-Half of Adjusted Gross Estate FORM D11. Income Allocation - Use if Credit Shelter Portion is Payable to Someone Other Than Spouse in Order to Ensure the Marital Trust Meets the "All of the Income" Requirement FORM D12. Power of Appointment 1. Creation (a) General Power of Appointment (b) Limited Power of Appointment (i) Limited to descendants with spousal life income interest with expansion to broadest possible power if no descendants survive donee of power (ii ) Broadest possible limited power of appointment (c) Contingent General Power of Appointment 2. Exercise FORM D13. Devise of Real Property FORM D14. Direction to Pay Debts and Expenses FORM D15. Disclaimer - Marital Deduction/Credit Shelter Trust FORM D16. Options 1. Grant of option at death to purchase closely-held stock; successive optionees 2. Option to buy residence real estate at lesser of appraised valuation or stated figure 3. Option to purchase lot; right given to both or either of two persons; price payable to third FORM D17. Alternative Tax Clauses for Wills/Revocable Trusts (Revised 2012) 1. Standard tax clause 2. Broad tax clause for simple will or single testamentary trust 3. Each legatee and each nonprobate recipient bears own share of death taxes 4. Broad tax clause for surviving spouse which excludes tax on QTIP property 5. Broad tax clause excluding 15% excess accumulation tax on qualified employee benefit plan 6. Each legatee and each recipient of nonprobate property pay own death taxes (alternative) 7. Death taxes on probate assets payable from residue; taxes on nonprobate assets payable by recipients of nonprobate property (alternative) FORM D18. Tax Clause for GST Plan (Revised 2012) FORM D19. Tax Clause for Pour Over Will FORM D20. Standards for Discretionary Distributions for Purposes of Insulating Principal as an Available Resource FORM D21. Perpetuities Saving Clauses (Revised 2012) FORM D22. In Terrorem Clause - Per PEF Code §2521 FORM D23. Individual Trustee Compensation (Revised 2012) FORM D24. Insert - Advancements Hotchpot 1. At death of testator under Residuary Clause in Will 2. At death of spouse under trust 3. Deduction of specified amount 4. Deduction of advancements recorded in book 5. Advancements not to be considered FORM D25. Cost of Living Adjustment FORM D26. Intestate Provisions FORM D27. Insert Appointing Business Executor with Exclusive Authority to Wind Down Business FORM D28. Pending Marriage 1. Bequest conditioned on subsequent marriage; 2. Introductory clause for will the effectiveness of which is conditioned on pending marriage. FORM D29. Fractional Share of Net Estate but Not to Exceed Dollar Amount FORM D30. Education Provisions. 1. In trust for grandchild's college education with GST provisions - GST Exemption Available: 2. In spray trust for son and grandchild with potential for distributions to fund college education with GST provisions - No GST Exemption available: 3. Completion of education. 4. To help defray cost of education. 5. Stated sum per year for each year of college remaining. FORM D31. Stated Sum to Each Grandchild and to Issue of Deceased Grandchildren With Living Grandchildren Named. FORM D32. Tangible Personal Property Clauses - Alternatives Including Selection by Rotation or Private Auction Among Children and Grandchildren. FORM D33. Direction to Trustee to Pay Expenses of Maintaining Residence Real Estate for Use by Beneficiary. FORM D34. Forgiveness of Note Owed Testator. FORM D35. Power to Disclaim. FORM D36. Authorizing Fiduciary to Delegate Investment Duties (or Other Duties) to Another and to Provide the Agent's Fees be Charged or not Charged Against Fiduciary's Commission. Two Alternatives. FORM D37. Power to Act as or Appoint Ancillary Executor. FORM D38. Carve Out of GST Exempt Trust from Residue FORM D39. Definition of Child and Descendants, Exclusion or Inclusion of Adopteds and Persons Born Out of Wedlock. (Revised 2012) FORM D40. Annuities (Revised 2012) 1. Single life annuity from income and principal; Fixed principal; Fixed annual payment; Surplus income to repay principal; No apportionment. 2. Single life annuity from income only; Principal among fixed at death; Fixed monthly payment; No apportionment; Accumulation reserve from surplus income. 3. Joint and survivor life annuities - Payment clause only. 4. Joint and several life annuities 5. Variable annuity payment 6. Direction to purchase commercial annuity 7. Interim provision until annuity established FORM D41. Outright Charitable Bequests (Revised 2012) 1. Outright to university 2. Bequest of securities to charity to hold in trust with income for specific purpose 3. Devise of real estate to charity subject to right of named person to occupy at stated rental 4. Entire estate to university for limited scholarships 5. Residue to trustee to use income for limited stated purpose 6. Alternative gift to community foundation 7. Percentage of residue in varying amounts to number of charities 8. Charitable bequest in satisfaction of lifetime pledge. FORM D42. Form Language for Legacies (Either at Death or at Termination of Prior Trust Term) to Individuals - Special Circumstances: 1. Equal shares for children of present marriage and of prior marriage of each spouse; share of deceased child to child's issue or spouse except for spouse of one child. 2. Class gift at testator's death. 3. To descendants, per stirpes, at death of life beneficiary with gift over. 4. To persons who attain age twenty-five; substitution for deceased child; gift over. 5. To issue when youngest child attains age twenty-five; termination of trust. 6. Class gift to delineated persons. 7. Stated sum to each member of named class and similar amount to those born thereafter prior to death. 8. Stated sums to each of a class with substitution of issue. 9. General bequest of stated percentages of estate. 10. Additional bequests if adjusted gross estate exceeds stated amount. 11. Payable as soon after death as possible. 12. Payable only if legatee survives so as to make anti-lapse statute inapplicable. 13. To two persons jointly or to the survivor. 14. Substitutionary gift. 15. Thirty-day survival; substitutionary gift; Anti-lapse statute inapplicable. 16. To series of persons. 17. All lapsed shares to residue. 18. One share to residue and others to the estates of deceased beneficiaries. 19. Three shares with different provisions for each share. FORM D43. Personal appearance of lost legatee. FORM D44. Bequests to employees. 1. Bequest to those remaining in testator's employ. 2. Pecuniary bequest to named employee if employed at death. 3. Amount of pecuniary bequest determined by years of service until testator's death. FORM D45. Life Style Issues (Revised 2012) 1. Bequest conditioned on cessation of drinking, smoking and gambling. 2. Distributions based on gainful earnings. 3. Withholding of distributions from trust based on lifestyle issues with optional QSST savings provision. FORM D46. Distribution From Principal of Trust at Time of Marriage. (Revised 2012) FORM D47. Legacies with Identified Sources 1. Stated sum to be paid out of bank account. 2. Stated sums to be paid from proceeds of sale of property - Excess proceeds to residue. 3. Demonstrative bequest of securities. 4. General bequest of securities. 5. Automobile. 6. Automobile with legatee having right to choose. 7. U.S. bonds to equal inter vivos gifts to others. FORM D48. Avoiding Duplicate Gifts. 1. Avoiding duplicate gifts where bequests contain thirty-day provision; payment primarily from estate of survivor. 2. Avoiding duplicate gifts where bequests are conditioned on survivorship; payment one-half from each estate. FORM D49. Inherited Assets, Past or Future, or Traceable Proceeds to Testator's Issue. FORM D50. Trust for Perpetual Care of Burial Lot with Gift of Excess Income to Church. FORM D51. Legal Life Estate 1. Legal life estate in real property with sale on death or non-use; Without security; Payment of carrying charges; insurance; repairs. 2. Legal life estate in furnishings. FORM D52. Precatory Words 1. Bequest of cash-precatory words as to use for another. 2. Bequest of cash-precatory words as to use by legatee for self. 3. Bequest of personal property-precatory letter of instructions. 4. Precatory language as to gift over of personal property. 5. Bequest of cash to spouse with precatory instructions as to further gifts to individuals and charity as contained in a letter. FORM D53. Reason for No Gift under Will 1. Spouse waived inheritance by marital agreement. 2. Beneficiary already otherwise provided for. 3. Beneficiary will be provided for by others. 4. Testator already provided for beneficiary. 5. All relatives excluded. 6. Exclusion from definition of children and descendants. FORM D54. Debts and Funeral and Administration Expenses (Revised 2012) 1. Payment of debts and funeral expenses. 2. Including gravemarker and last illness. 3. With directions as to burial. 4. Wife's direction to reimburse husband. 5. Business debts. 6. Waiver of statute of limitations. 7. Provision re specific gifts of assets subject to indebtedness. FORM D55. S Stock provisions 1. Authority to hold S stock and to make the S election 2. Authority to elect to be an electing small business trust 3. Power to divide a single trust into QSST and non-QSST FORM D56. Testamentary Trust For Vacation Home FORM D56A. Vacation Residence Outright With Put and Call and Transfer Restrictions (New 2012) FORM D57. Definition of Adjusted Gross Estate FORM D58. Power of Invasion of Principal 1. Power to sprinkle principal among descendants where trust divides when youngest child attains age 22. 2. Power to sprinkle principal to spouse and descendants. FORM D59. Appraisal of Estate Property Allocated Non-Pro Rata FORM D60. Power to Act as Ancillary Personal Representative FORM D61. Exclusive Business Authority FORM D62. Definition of Incapacity FORM D63. Appointment of Person to Direct Trustee Under PAUTA § 7778 FORM D64. Appointment of Person to Receive Notice FORM D65. Trust for Animals per PAUTA § 7738 FORM D66. Definition of Living Together on a Continuous Basis (New 2012)
E. SPECIAL TRUSTS AND ASSOCIATED DOCUMENTSFORM E01. Irrevocable Insurance Trust - With GST Exempt and GST Nonexempt Alternative Dispositions (Revised 2009) FORM E01A. Alternative Crummey Withdrawal Provisions FORM E02. Notice Letter for Right to Withdraw Addition to Trust FORM E02A. Memo Explaining Crummey Administration FORM E03. Split Dollar Corporate Resolution - Trustee Ownership with Collateral Assignment FORM E04. Non-Equity Split Dollar Agreement - Collateral Assignment Method - Single Life FORM E04A. Non-Equity Split Dollar Agreement - Collateral Assignment Method - Joint Lives FORM E04B. Non-Equity Private Split Dollar Agreement - Collateral Assignment Method FORM E05. Collateral Assignment - Single Life - Under Split Dollar Agreement FORM E05A. Collateral Assignment - Joint Lives - Under Split Dollar Agreement FORM E05B. Collateral Assignment - Private - Under Split Dollar Agreement FORM E06. Section 2503(c) Minor's Trust FORM E07. Testamentary Qualified Domestic Trust (Revised 2009) FORM E08. Qualified Personal Residence Trust - Payable at End of Term to Then - Living Descendants, Per Stirpes FORM E09. Grantor Retained Annuity Trust FORM E09A. Walton Type GRAT FORM E09B. Walton GRAT with GST Nonexempt Trust Extended to Death of Last Skip-Person FORM E10. Joint Lives Irrevocable Insurance Trust FORM E11. Inter-Vivos Generation Skipping Exempt Trust FORM E12. (Reserved) FORM E13. GST/QDOT Revocable Trust FORM E14. Defective Grantor Trust, Spray for Spouse and Descendants Until Death of Last of Grantor and Spouse to Die, Then Separate Perpetuities Trusts FORM E15. Inter-Vivos Irrevocable Total Return Trust for Descendants FORM E16. Separate Direct Skip Trusts for Grandchildren FORM E17. QSST Election Form FORM E18. ESBT Election Statement FORM E19. Irrevocable Trust Created by Minor at End of UGMA Custodianship FORM E20. Certification of Trust to Receive Qualified Plan Funds FORM E21. The [A] and [B] Residence Trust for Second Marriage FORM E22. Inter-Vivos QTIP for Incapacitated Spouse FORM E23. Notice of Revocable Trust after Settlor's Incapacity under PAUTA § 7780.3(b) FORM E24. Notice of Revocable Trust after Settlor's Death under PAUTA § 7780.3(c) FORM E25. Notice of Irrevocable Trust after Settlor's Incapacity under PAUTA § 7780.3(d) FORM E26. Notice of Irrevocable Trust after Settlor's Death under PAUTA § 7780.3(e) FORM E27. Notice to New Beneficiary of Irrevocable Trust under PAUTA § 7780.3(f) FORM E28. Notice of Change of Trustee of Irrevocable Trust under PAUTA § 7780.3(g) FORM E29. Non-Judicial Modification of Trust Agreement Under PAUTA Section 7740.1(a) (New 2012)
F. CHARITABLE GIVINGFORM F01A. Rev Proc 2007-46—Sample Testamentary Charitable Lead Annuity Trust FORM F01B. Rev Proc 2007-45—Sample Inter Vivos Grantor Charitable Lead Annuity Trust FORM F01C. Sample Inter Vivos Nongrantor Charitable Lead Annuity Trust Plus Annotations in Rev Proc 2007-45 FORM F01D. Rev Proc 2008-46—Sample Testamentary Charitable Lead Unitrust (New 2009) FORM F01E. Rev Proc 2008-45—Sample Inter Vivos Grantor Charitable Lead Unitrust (New 2009) FORM F01F. Rev Proc 2008-45—Sample Inter Vivos Nongrantor Charitable Lead Unitrust (New 2009) FORM F02. Sample Inter Vivos Charitable Remainder Unitrust: One Measuring Life FORM F03. Sample Testamentary Charitable Remainder Unitrust: One Measuring Life FORM F04. Sample Inter Vivos Charitable Remainder Unitrust: Two Measuring Lives, Concurrent and Consecutive Interest FORM F05. Sample Inter Vivos Charitable Remainder Unitrust: Two Measuring Lives, Consecutive Interests FORM F05A. Sample Inter Vivos Charitable Remainder Unitrust: Term of Years FORM F06. Insert — Sample Testamentary Charitable Remainder Unitrust: Two Measuring Lives, Consecutive Interests FORM F06A. Insert — Testamentary Charitable Remainder Unitrust: Term of Years FORM F07. Sample Inter Vivos Charitable Remainder Annuity Trust: One Life FORM F08. Insert — Sample Testamentary Charitable Remainder Annuity Trust: One Life FORM F09. Sample Inter Vivos Charitable Remainder Annuity Trust: Two Lives, Concurrent and Consecutive Interests FORM F10. Insert — Sample Testamentary Charitable Remainder Annuity Trust: Two Lives, Concurrent and Consecutive Interests FORM F11. Sample Inter Vivos Charitable Remainder Annuity Trust: Two Lives, Consecutive Interests FORM F11A. Waiver of Spouse's Elective Share in Charitable Remainder Trust FORM F12. Private Foundation (Trust Format) FORM F13. Private Foundation (Corporate): Articles of Incorporation FORM F14. Private Foundation (Corporate): By-Laws FORM F15. Private Foundation (Corporate): Unanimous Consent in Lieu of First Meeting of Board FORM F16. Private Foundation (Corporate): Consent of Incorporator (Revised 2012) FORM F17. Private Foundation Letter To Client Upon Receiving Exempt Status (New 2012)
G. SPECIALIZED AGREEMENTSFORM G01. Private Annuity Agreement FORM G02. Family Limited Partnership with Transfer Restrictions (Revised 2011) FORM G03. Shareholders' Agreement - Flexible Cross Purchase/Redemption FORM G04. Pre-Nuptial Agreement - Complete Waiver of Rights FORM G05. Pre-Nuptial Agreement - Negotiated Payments on Marriage, Death and Divorce