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Top 10 Estate and Legacy Planning Techniques


  1. Revocable Living Trust: A device used to avoid probate and provide management of your property, both during life and after death.

  2. Property Power of Attorney: Instrument used to allow an agent you name to manage your property.

  3. Health Care Power of Attorney: Instrument used to allow a person you name to make health care decisions for you should you become incapacitated.

  4. Annual Gift Tax Exclusion: Technique to allow gifts without the imposition of estate or gift taxes and without using lifetime exclusion.

  5. Irrevocable Life Insurance Trust: A trust used to prevent estate taxes on insurance proceeds received at the death of an insured.

  6. Family Limited Partnership: An entity used to:

    1. Provide asset protection for partnership property from the creditors of a partner

    2. Provide protection for limited partners from creditors

    3. Enable gifts to children and parents maintaining management control

    4. Reduce transfer tax value of property.

  7. Children’s or Grandchildren’s Irrevocable Education Trust: A trust used by parents and grandparents for a child’s or grandchild’s education.

  8. Charitable Remainder Interest Trust: A trust whereby donors transfer property to a charitable trust and retain an income stream from the property transferred. The donor receives a charitable contribution income tax deduction, and avoids a capital gains tax on transferred property.

  9. Fractional Interest Gift: Allows a donor to transfer partial interests in real property to donees and obtain fractional interest discounts for estate and gift tax purposes.

  10. Private Foundation: An entity used by higher-wealth families to receive charitable income, gift, or estate tax deduction while allowing the family to retain some control over the assets in the foundation.

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