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SEQ CHAPTER \h \r 1TABLE OF CONTENTS (2020)PrefaceUtilization of the Will and Trust FormbookForm ISimple WillForm IIWill with contingent trusts for descendantsForm IIISimple will with residue pouring over to inter vivos trustForm IIIASimple pour-over will for unmarried testatorForm IVWill with residue in family trustForm VWill with QTIP marital deduction trust, family trust and outright distribution to descendantsForm VIWill with QTIP marital deduction trust, family trust and trust for childrenForm VIICodicil to willForm VIIILiving trust agreement with all trust property distributed at settlor's deathForm IXLiving trust agreement with QTIP marital deduction trust, family trust and outright distribution to descendantsForm IXALiving trust agreement with QTIP marital deduction trust, disclaimer trust and outright distributions to descendantsForm XLiving trust agreement with QTIP marital deduction trust, family trust and trust for childrenForm XILiving trust agreement with power of appointment marital trust, separate perpetual trusts for descendantsForm XIIContingent life insurance trustForm XIIIAmendment to revocable trust agreementForm XIVMinors trust agreement qualifying under Section 2503(c)Form XVIrrevocable gift trust with “Crummey” powersForm XVIIrrevocable life insurance trust with “Crummey” powers Form XVIIIrrevocable perpetual life insurance trust for second-to-die policy Form XVIIIQualified Personal Residence TrustForm XIXGrantor retained annuity trustForm XXInter vivos two-life charitable remainder unitrust net income onlyForm XXIInter vivos charitable lead annuity trustForm XXIIIrrevocable perpetuities trustForm XXIIILifetime QTIP trustForm XXIVTrust creating private foundationForm XXVLimited partnership agreementForm XXVALimited Partnership Agreement (Iowa)Form XXVIBuy-sell agreementForm XXVIIStandby conservatorship petitionForm XXVIIIIowa durable general power of attorney for propertyForm XXIXIowa durable power of attorney for health careForm XXXIowa living will declaration (rarely used in estate planning) Form XXXISplit dollar agreementForm XXXIICertification of trustForm XXXIIIDisclaimerForm XXXIVIrrevocable perpetuities trust with division into separate trustsForm XXXVIrrevocable trust for grandchildren qualifying under Section 2642(c)Form XXXVIJoint living trust agreement (small estate)Form XXXVIIIrrevocable health and education exclusion trustForm XXXVIIILiving trust agreement for unmarried settlor, separate perpetual trusts for descendantsForm XXXIXLimited liability company operating agreement (Delaware) Form XLShort-form limited liability company operating agreement (Iowa) Form XLILimited liability company operating agreement (Iowa) Form XLIILimited liability company operating agreement (delaware, including nonvoting) Form XLIIIAction to distribute trust principal in further trust Form XLIVNonjudicial trust settlement agreement Additional Will & Trust Provisions1.Will Provisions1.01Burial and memorial service instruction1.05Testamentary gift of cash1.10Testamentary gift of cash to charity1.15Testamentary gift of home to surviving spouse1.20Testamentary gift of tangible personal property to spouse, otherwise children with children of a deceased child receiving the deceased child's share1.25Gift of tangible personal property excluding farm property1.30Written statement for personal property1.35Anatomical gift provision1.40Exercise of testamentary power to trust created by spouse exercising the power1.45Exercise of testamentary power subject to 179-day limitation1.50Residuary clauses for pour-over to inter vivos contingent life insurance trust1.55Appointment of co-personal representatives1.60Closely-held business power for personal representative1.65Farm power for personal representative1.70Special real estate power for personal representative1.75In terrorem clause for will1.80Mandatory allocation of GST exemption1.8590-day survivorship clause1.90Hubert Election1.95Lottery for tangible personal property1.100Exoneration of personal representative with respect to basis increase provided after 2009 by 2001 Tax Act1.105Bequest of remaining GRAT annuity payments to surviving spouse1.110Personal representative's power regarding stock options1.115Sample outline of will1.120Bequest of airline miles and other rewards programs1.125Bequest of trademark1.130Pourover bequest of personal property to revocable trust1.135Mandatory portability election2.Revocable Trust Provisions2.05Declaration of trust preamble and signature provisions2.10Trust restatement2.11Trust amendment or revocation by settlor's agent2.15Conditional revocable trust2.20Sample outline of revocable trust3.Living Trust Administrative Provisions3.05Administration of residential real estate in living trust3.10Determination of settlor's disability3.15Definition of disability3.20Administration of residential real estate in living trust for spouse and settlor3.25Distribution of tangible personal property3.26Disposition of personal property under trust3.30Deathbed gift authority4.Marital Trust Funding and Administrative Provisions4.05QTIP trust with nonlapsing 5-and-5 power of withdrawal4.10General power of appointment marital trust with time delay language4.15Outright marital gift4.20Pecuniary share family trust formula4.25Funding at federal estate tax values (with 64-19 language)4.30Minimum worth funding clause4.35Qualified Domestic Trust4.40Lifetime Qualified Domestic Trust4.50Allocation of property to take advantage of basis increase provided after 2009 by the 2001 Tax Act4.51Allocation of property if there is no estate tax in effect, 70% of trust property to Marital Trust4.52Allocation of property if there is no estate tax in effect, using federal law in effect on December 31, 20164.55Disclaimer of outright marital gift with disclaimed property passing to family trust4.60Marital trust formula to eliminate only federal estate tax4.65Marital trust formula to eliminate all state estate and inheritance taxes5.Trust Distribution Provisions5.05Mandatory income and discretionary principal to spouse pursuant to an ascertainable standard5.10Distributions to guardian for minor child5.15Mandatory income after age 21 and discretionary principal pursuant to an ascertainable standard for a child5.20Broad distribution power pursuant to nonascertainable standard5.25Incentive trust for descendant5.30Advancement provisions5.35Division into separate trusts for children when youngest child is age 255.40Separate GST exempt and nonexempt trusts for children5.45Discretionary income and principal to disabled beneficiary to protect against claims of governmental agency5.50Factors for trustee consideration (long form)5.55Mandatory distribution at two ages5.60Alternative incentive trust provisions5.65Distributions using the unitrust approach5.70Mandatory unitrust amount and discretionary principal to child pursuant to an ascertainable standard5.75Distributions using the “greater of income and unitrust approach”5.80Definition of “best interests” to take advantage of carryover basis5.81Definition of “best interests” to include general tax planning5.85Make-up provision for GRAT or GRIT distributions - outright distribution5.90Make-up provision for GRAT or GRIT distributions - separate trusts for children5.95Dispositive provisions of a testamentary charitable lead annuity trust5.100Creation of private foundation with retirement benefits5.105CPI adjustment clause5.110Pets' trust provision5.115Spouse as sole beneficiary of Family Trust unless disabled5.120Minimum distribution to beneficiary5.125Guardian permitted to live in residence6.Power of Appointment Clauses6.05Special power of appointment among descendants and spouses of descendants (Marital Trust)6.10Broad special power of appointment for spouse (Family Trust)6.11Lifetime power of appointment allowing appointment to new trust for beneficiary6.15Special power of appointment among child's descendants or in trust for child's spouse6.20Special power of appointment with equal shares to family line (Family Trust). Spouse cannot reduce share of any family line6.25Limitation on exercise of special power of appointment so that spouse cannot jeopardize future distributions to parents6.30Limitation on exercise of special power of appointment so that spouse cannot eliminate a descendant as a beneficiary of a certain percentage6.35Special power of appointment among child's descendants or in trust for child's spouse or life partner7.Contingent Disposition Provisions7.05Gift over to intestate heirs of decedent and decedent's spouse7.10Charitable gift over8.Tax Clauses8.05Tax clause for will when inter vivos trust primarily responsible for the payment of taxes and expenses8.10Tax clause for trust when trust primarily responsible for the payment of taxes and expenses8.15Tax clause for will containing specific waiver of right of recovery under IRC §?2207B8.20Tax clause for will apportioning taxes and expenses to beneficiaries9.Trustee Administration Provisions and Powers9.05Appointment of co-trustees9.10One commission for identical trusts9.15Trustee remover9.20Trustee remover with a standard9.25Closely-held business power for a trustee9.30Farm power for a trustee9.35Special real estate power for a trustee9.40Oil and gas power9.45Speculative investments power9.50S corporation powers9.51529 account power9.55Short form environmental power for trustee9.60Power to transfer situs of trust9.65Trustee power to allocate receipts between income and principal9.70Authorization for trustee to retain stock of closely held business despite size and lack of yield9.75Authorization for trustee to retain stock of a family corporation when family considerations outweigh financial considerations9.80General approval of transactions that constitute a technical conflict of interest9.85Authorization to retain affiliated entity for brokerage services9.90Approval of commercial lending relationship between corporate trustee and closely held business despite possible conflict of interest9.95Direction on allocation of income from Individual Retirement Accounts to protect the Marital Trust9.100Investment counselor provisions9.105Trustee's ability to refuse to comply with beneficiary's exercise of power of withdrawal9.110Uniform Statutory Rule Against Perpetuities provision9.115Alternative spendthrift clause9.120Protection of professional adviser's compensation when acting as fiduciary9.125Allocation of S corporation stock to separate trust9.130In terrorem clause for trust9.135Definition of “spouse”9.140Definition of “family enterprise”9.150Clause to address possible elimination of the estate tax9.155Authorization to invest in personal use assets9.160Trustee powers to guarantee debts of a beneficiary9.165Total return portfolio authority9.170Power to handle literary property in a trust9.175Assisting beneficiary with a business9.180Mandatory mediation9.185Decanting power9.190Prohibiting trust decanting10.Irrevocable Trust Provisions and Alternate Forms10.05Section 2503(c) minor's trust with “Crummey” powers of withdrawal after age 2110.10“Crummey” power of withdrawal limited to $5,00010.15Hanging power of withdrawal10.20Alternative exoneration provision for trustees of irrevocable life insurance trusts10.25Trustee reliance on third parties in purchase of insurance10.30Insurance advisor language10.35Grantor retained income trust for remote family members and non-family members10.40Commutation power for trustee of grantor retained income trust10.45GRAT annuity term for shorter of fixed period and death of settlor10.50GRAT with revocable, contingent spousal annuity interest10.55Dispositive provisions for grantor retained unitrust10.60Two-life provision for charitable remainder annuity trust10.65Charitable remainder annuity trust with one non-charitable beneficiary10.70Charitable remainder unitrust with one non-charitable beneficiary10.75Testamentary charitable remainder unitrust10.80Charitable lead unitrust10.85Sample engagement letter between client and estate planning attorney10.90Trust protector clauses10.95Crummey Power Trust for Spouse10.100“FLIP” charitable remainder unitrust with closely-held stock10.105Charitable remainder trust distributions made after close of taxable year10.110Charitable remainder trust with unmarketable assets10.115Form of Crummey withdrawal notice10.120Provision to opt out of automatic allocation of GST to indirect skips10.125Grantor trust provisions ................
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