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Top 10 Estate 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:

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

  • Provide protection for limited partners from creditors

  • Enable gifts to children and parents maintaining management control

  • 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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