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  • Home
  • About Tom
  • Estate Planning
    • Planning Issues with Minor Children
    • How to Plan Your Estate (Intro FAQ)
    • Revocable Living Trust
    • Provisions for Surviving Spouse
    • Planning Issues with Adult Beneficiaries
    • Inheritance Protection Trust
    • Financial POA
    • Health Care POA
    • Asset Protection Planning
  • Scheduling
  • Fees
    • Estate Planning Fees
    • Estate Administration Fees
    • A Personal Note
  • Articles Library
  • Office Info
  • New Client Forms
  • Make a Payment
  • Free PDF Books
  • Recent Law Updates
  • Bouman Law Firm Blog
  • Health Care Directives Registry
  • Legal Disclaimers

The Estate Planning Toolbox

10/30/2023

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In order to be successful as an estate planning lawyer, I must break down complex topics to manageable teaching points.  Here are a couple examples:There are 3 tools in the estate planning toolbox for transferring assets upon death:

1- Beneficiary designation
2- Will
3- Trust

There are no more tools. 

Every estate plan will use a combination of these tools and each has its advantages and disadvantages.  My job is to determine which tool is best suited for each asset, while making sure the client is comfortable using the tool.

There are 3 ways to leave inheritance to a beneficiary:
1- Outright
2- Restrict
3- Protect

The outright approach is simple and everyone understands it. 

The restrictive approach is useful when the inheritance would be subject to an identifiable clear and present danger (spendthrift habits, special needs, susceptibility to undue influence, need to maintain beneficiary’s qualification for government-sponsored health benefits or supplemental income benefits).

The protective approach is useful when there is a desire to protect the inheritance from future threats (lawsuits, divorce, debt collectors). 

I have found these teaching points to be very effective in explaining key concepts in estate planning.


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