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Hopefully the following estate planning tidbits will make you the hit at the next campfire.■ FLP discounts: – The IRS is continuing its onslaught against partnership discounts.There are also a host of modifications or precautions you can consider: defer your right to receive any distributions for 10 years (the bankruptcy laws permit a trustee in bankruptcy to set aside transfers to self-settled trusts with 10 years); instead of having yourself listed as a beneficiary let a trusted person acting in a non-fiduciary capacity (i.e., not a trustee or trust protector) have the power to appoint descendants of your grandparents.Thus, you are not a beneficiary when the trust is created, so arguably the trust is not a self-settled trust.Most folks seem to feel that once the documents are signed their good to go. If you meet your wealth manager semi-annually, at least one of those meetings should have your CPA and attorney in attendance.Few plans will have much chance of success without periodic professional involvement.
That means they will be given the right to designate who will receive the assets of the trust. While layers of limitations can be placed on such powers they do bring increased layers of complexity.If decanting makes sense, pay careful attention to the statutory requirements under which the decanting is achieved. Planning for the inevitable of aging is emotionally difficult to face.