- Gives property held in trust outright to beneficiaries at death or trust creator (“Grantor”). Used mainly for probate avoidance.Declination Trust
- Established a marital trust specifically for use by the surviving spouse while allowing the surviving spouse to decline certain assets to a separate trust. Good for medium size estates, especially when Grantor wants to control payout of assets at death.Credit Shelter Trust
- Utilized the United Credit Shelter Exemption at one's death. Used mainly for larger estates for state tax avoidance.Qualified Terminable Interest Property (QTIP) Trust
- Gives surviving spouse limited access to trust assets at death of Grantor and is used to protect assets for children of previous marriages.
- Do Not Resuscitate Order
Power of Attorney for Health Care
- Allows principal to name agent to oversee health care decisions when the principal is incompetent.Financial Power of Attorney
- Allows principal to name agent to oversee financial decisions when the principal is incompetent.Irrevocable Life Insurance Trust (ILIT)
- Irrevocable trusts used to hold life insurance on either an individual or couple at death of one or both, respectively. Used for bigger estates so life insurance proceeds are not considered part of estate for estate tax purposes by IRS.Federal Estate Tax and Gifting information
For 2016, the Estate and Gift Tax Exemption is $5,450,000 per person.
For 2017, the Estate and Gift Tax Exemption is $5,490,000 per person.