Estate Planning Documents

Overview of Estate Planning  Documents & Techniques

Development and implementation of estate plans from both an estate and income tax perspective, including the use of the following estate planning techniques and documentation:

  • Wills. For more on the benefits of a will read Estate Planning: 5 Not So Easy Pieces.
  • Trusts: Revocable Living Trusts, Pour-over Trusts
  • Marital deduction trusts, qualified terminable interest property (QTIP) trusts
  • Unified credit trusts. For a brief overview of issues concerning the unified credit explore Estate Planning: 5 Not So Easy Pieces.
  • Irrevocable life insurance trusts
  • Generation skipping transfer (GST) tax trusts or dynasty trusts
  • Qualified domestic trusts (QDOTs) for non-citizen spouses. For insight into this specialized trust review Non Citizen Spouse & The Qualified Domestic Trust.
  • Durable powers of attorney and advance medical directives (“living wills”)
  • Special needs trusts for families with children, dependents or other family members with physical and mental disabilities or addiction or emotional problems. Special needs trusts offer a unique mechanism to protect and provide for such family members suffering from various disabilities or functional limitations.
  • Gift Giving Planning. Gift giving as part of a comprehensive estate plan allows for maximum utilization of the annual donee exclusion, spousal joinder, minority interest and lack of marketability discounts to save estate, gift and income taxes. For more on gift giving read Gift Giving: A Way To Save Estate, Gift and Income Taxes. To see how this type of program can be implemented and its tax benefits explore Gifting Shares of Stock In A Bad Economy and Family Limited Partnerships. For the tax implications for gifts to Section 529 Plans review Section 529 Plans: Gift Tax Rules. For a warning about how the IRS is looking at the failure to report gifts of real estate see IRS Checking Real Estate Transfers For Unreported Gifts.
  • Family Limited Partnerships. Planning and drafting of family limited partnerships to preserve family assets and values. Use of such partnerships can allow the transition of wealth and the management of such wealth to younger generations. In addition, employing certain related gift giving strategies can minimize gift and estate taxes. Various tax minimization techniques such as minority interest, lack of marketability, blockage discounts and other discounts are used when structuring these transactions. For more details explore the article entitled Family Limited Partnerships. For the planning and operational aspects involved once these entities are formed, review Family Limited Partnerships: Failures & Mistakes That Can Doom a Family Limited Partnership.
  • Charitable Trusts. Implementing charitable giving while maximizing tax benefits through the use of charitable remainder uni-trusts, charitable remainder annuity trusts, charitable lead trusts. These trusts are often employed to coordinate clients’ charitable goals with their overall income, gift, estate and charitable tax planning needs. For an article that explores these considerations please read Charitable Lead Trusts.
  • Using trusts as beneficiaries for retirement plans or IRAs. For a discussion of the tax requirements for utilizing trusts as beneficiaries read Trust As Beneficiary of Retirement Plans.

When elderly parents are involved, a discussion about estate planning and the related financial implications is essential. This can be a sensitive and emotionally charged area. For some ideas on this topic go to Estate Planning For Elderly Parents.

For a discussion of the importance of an integrated estate plan and the many factors involved in developing a comprehensive estate plan see the still relevant article entitled Michael Jackson and Farrah Fawcett: An Estate Plan Wake Up Call.

For more on some common estate planning mistakes please explore Estate Planning: 5 Not So Easy Pieces.

For life cycle events that can trigger estate planning or redrafting of wills, trusts and other estate documentation look over ESTATE PLANNING: HOT BUTTONS.

For the reasons for the review of your current life insurance policies read Life Insurance Review.

For more details concerning our estate planning services click the following hypertext practice area Estate Planning: Wills, Trusts & Other Related Estate Planning Documentation and then look for this discussion in the table of contents on that page.

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Philadelphia, PA 19102

Telephone: 215-735-2336

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From their offices in Philadelphia, PA, the law firm of Steven J. Fromm & Associates, P.C. provides a full range of estate planning, probate and estate administration, tax, business and corporate legal services to clients throughout eastern Pennsylvania and the Delaware Valley, the Lehigh Valley Area, the Five-County Area, Bucks County, Delaware County, Montgomery County, Chester County, Philadelphia County, Berks County, Lehigh County, Lancaster County, York County, Harrisburg, Norristown, Doylestown, Media, West Chester, Allentown, Lancaster, and Reading.