• Will. A traditional will is used when you have not chosen to do an Irrevocable LivingvTrust. The Testator or the person who is creating the will will designate one or more persons to manage his or her estate upon his death. It will also designate who the assets of the decedent will go to. A “pore over” will is typically used in conjunction with the livingvtrust, to catch any assets that may not have been transferred to the trust, so that they can bevdistributed according to the trust terms.

• Durable Power of Attorney. A Durable Power of Attorney should be created to allow for property management by an individual of your choosing in the event you are incapacitated .

• A Directive to Physicians/Living Will. A legal document that a person uses to make known his or her wishes regarding life prolonging medical treatments.

• Medical Power of Attorney. This allows you to designate another person called an agent to make health care decisions for you should you become unable to make such decisions.

• Health Insurance Portability and Accountability Act Authorization (HIPAA Release). This authorization permits your designated agent to obtain protected medical information about you in order to handle your medical affairs.

• Guardianship. You can designate a person or persons that will serve as your guardian should you become incapacitated or incompetent. Unless you have set up a guardianship provision through an Revocable Living Trust, a designation of guardianship will still require a formal court proceeding for the court to recognize your designee as your guardian in the event you become incapacitated.

Advanced Estate Planning. Large estates may benefit from one or more of the following strategies and associated documents which can be used alone or in conjunction with other;

Irrevocable Life Insurance Trust. There is a common misconception that life insurance proceeds are not subject to federal estate taxes. While the proceeds are free from income tax, they are countable as part of your taxable estate. An Irrevocable Life Insurance Trust (ILIT) is created specifically for the purpose of owning your life insurance policy, which holds the policy outside of your estate and keeps the proceeds from being taxable to your estate.

Qualified Personal Residence Trust. A Qualified Personal Residence Trust (QPRT) allows you to give away your house or vacation home at a discount, freeze its value for estate tax purposes, and still continue to live in it.

Grantor Retained Annuity Trusts (GRAT) is an irrevocable trust to which you contributed assets. You retain the right to receive annuity payments for a specified period of time based on an assumed discount rate determined by the IRS. At the end of the term assets in the trust pass to other beneficiaries.

Intentionally Defective Grantor Trusts. A trust you establish that is excluded from your estate for federal estate tax purposes, yet owned by you for income tax purposes. The sell can be in exchange for a promissory note.

Charitable Planning Documents. Documents associated with charitable planning include Charitable Remainder Trusts (CRATs and CRUTs), Charitable Lead Trusts (CLATs and CLUTs and private foundations).