Determining Need for Documents

The first step of any proactive estate plan is determining what plan is actually needed and which documents make up that plan. A full review of an individual, their assets and liabilities, their future plans, and their goals is necessary to do so.

Incapacity Documents

These documents are important for all adults to have in place. The two primary documents cover an individual's financial/administrative needs and medical needs. A Durable General Power of Attorney permits another to act as the individual’s agent. The Health Care Proxy (MA) or Durable Power of Attorney for Health Care (RI) names who the individual wants to make medical decisions if the individual is unable to do so. These documents can prevent the need for loved ones to go to court in the event of incapacity (though it is not guaranteed) and provide some guidance to them as to what the individual’s wishes are. All of the incapacity documents work together towards having those wishes followed should the individual lack capacity in the future.

Guardianship & Conservatorship Documents for Minors

Incredibly important documents for every parent of a minor, these documents allows the parent(s) to name who will take care of their minor child(ren) and the child(ren)’s assets should the parent(s) be unable to do so.

Wills

An individual’s Last Will and Testament directs how one’s probate estate is to be administered. The probate estate is the way that one’s assets are ushered from the decedent to the beneficiaries with court supervision. An individual’s Last Will and Testament may include preferences as to how the probate estate is administered, including in some cases options that reduce expenses, and provides for the decedent’s wishes to be followed. Even when one has a trust in place, a Will is important for any assets which pass through probate. Without a Will, any probate property will be administered and pass in accordance with the default laws then in effect.

Trusts

There are many types of trusts, and the appropriate type of trust and specific provisions to include depend upon the individual’s situation and wishes. Assets held in a trust on the date of death do not go through one’s probate estate. If I recommend trust planning for you, I will explain the trust and how it meets your goals so that you can make an informed decision.

Revocable
Revocable trusts are often a part of an estate plan in MA and RI. These trusts can be changed by the individual and often are flexible. There are many different revocable trusts.

Irrevocable
Irrevocable trusts typically are used for more advanced estate planning. There are many different irrevocable trusts, including irrevocable life insurance trusts (ILIT), gifting trusts, charitable trusts (CRT, CRAT, CRUT), intentionally defective grantor trusts (IDGT), and many, many more. Don’t worry that you likely don’t know what many of these terms mean – most do not! If any of these are recommended for you, I will explain what the trust is and why it meets your goals.

Funding of Plan

Landry Law, PLLC always wants to ensure that the plan we help you create is carried out properly, which often means funding the plan. This typically involves retitling assets, listing POD (payable on death)/TOD (transferable on death) beneficiaries, and changing designated beneficiaries.

Nominee Trusts

In Massachusetts, there are special agency relationships known as nominee trusts, often referred to as realty trusts. (However, not every nominee trust is a realty trust, and not every realty trust is a nominee trust. That’s why it’s important to have a knowledgeable attorney read the document itself!) These are not actually trusts but rather agency relationships. If a client has existing nominee trusts or I recommend a new nominee trust (though they are becoming less useful due to a change in the law), I will explain the circumstances to the client.

Special Needs Planning

When there is a special needs individual involved in the planning, there are additional considerations that must be taken into account. Landry Law, PLLC works with individuals leaving assets to someone with special needs; special needs individuals who have received an inheritance and need to establish a first party (d)(4)(A) trust; those receiving a settlement needing to establish a first party (d)(4)(A) trust; and those establishing a third party (d)(4)(C) trust. If you have concerns in this area, I am happy to discuss what options are available to you. It is important for everyone, but especially special needs families and families with disabled members, to have strong planning in place with a great team of advisors to assist. In that regard, I work with others in this community to make sure we are working as a cohesive team to assist the individual and/or family.

International Planning

As the world has become more interconnected, it has become more and more possible and usual for individuals to have planning needs spread across multiple jurisdictions – not only states but also countries. In planning, this may mean that the clients are dual citizens, want to name non-US persons as fiduciaries or beneficiaries, or have assets in multiple jurisdictions (as three of the most common overarching categories of international planning work). In order to have a good cohesive, holistic plan meeting your needs and goals, international planning generally requires a team of advisors covering each relevant jurisdiction. I can work to coordinate that team at a client’s request.

High Net Worth and Ultra High Net Worth Planning

When dealing with HNW and UHNW planning, trusts and other entities are often used to reach goals. Depending upon the circumstances, I work with other advisors and the client to create a cohesive, holistic plan that efficiently achieves the client’s goals.

Charitable Planning

There are many ways to incorporate charitable planning into an estate plan depending upon assets and goals. I review these with clients who wish to leave to charity to determine the appropriate recommendation.

Retirement Planning

Since the SECURE Act, there is less of a need for retirement trusts. However, it remains important to consider your traditional and Roth retirement accounts to create an efficient plan meeting your goals.

Probate Estate Administration

The guiding of assets held in an individual’s name at their death that do not otherwise pass (in trust or by operation of law) is done through the court in what is known as a probate estate. Probate administration, also called estate administration, follows the time and filing required by law. When you are named as the fiduciary (Personal Representative or Executor named under a Last Will and Testament, for example), it is your responsibility to file the Will with the court and handle the administration of the estate, along with the filing of the federal and state estate tax returns, if applicable. This can often be an overwhelming process, but Landry Law, PLLC helps guide you through it step by step.

Trust Administration

Once a trust is established, it is important to administer it properly. With some types of irrevocable trusts, there are regular requirements, such as annual Crummey notices for an ILIT. With others, there is no additional annual maintenance but work must be done promptly following the client’s death. Landry Law, PLLC works with Trustees to assist in trust administration in a variety of ways.