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This book provides an outline and analysis of Wills, Trusts, and
Estates, in a convenient format both for class preparation and
studying for exams. It is a clear and concise explanation of legal
concepts and terms, the rationale and inter-relation of various
principles, and provides hints for analysis, strategies for
evaluation, and study tips. Topics covered include intestacy, will
execution formalities and contest, revocation, will contracts, will
substitutes, construction and interpretation, restrictions on
disinheritance, trust creation and operation, fiduciary
administration, powers of appointment, future interests, the Rule
Against Perpetuities, and planning for incapacity. It is
particularly useful in cutting through the fog of future interests,
and making sense of the many ancient doctrines that befuddle
students and inform modern practice. This title also includes
self-testing, review questions, and detailed explanations.
Updated through October 1, 2014, Pennell's revised estate planning
book focuses on everyday planning for "middle-rich" clients, such
as: traditional planning for couples, family trust planning,
portability, life insurance, retirement benefits, charitable
giving, and some information on postmortem planning. It explains
essential tax fundamentals that inform traditional techniques,
without overemphasis on a tax oriented practice. The text contains
over 100 pages of annotated forms illustrating basic planning
documents, including a pour over will, self-trusteed declaration of
trust, and a third party special needs trust.
Updated through August 1, 2020, the third edition of Pennell's
Estate Planning and Drafting focuses on every-day planning for
"middle-rich" clients. For example: Traditional planning for
couples who may not have as much wealth as double the basic
exclusion amount but who anticipate that the exclusion amount may
decline in the future. They must consider whether to qualify 100%
of the estate of the first to die for the marital deduction (and
defer all taxes), or instead to shelter the unified credit of the
first to die in a nonmarital trust. In either case they also need
to decide whether to elect portability for any unused exclusion
amount. A sharper focus on family trust planning for clients with
enough wealth to worry about protecting their beneficiaries (and
wealth) but for whom sophisticated tax-minimization techniques are
not needed. A new brief explanation of Code Chapter 14 illustrates
its application but notes that most middle-rich clients will not
stumble into estate freezing techniques. The coverage of retirement
benefits is updated to reflect the SECURE Act changes to the
required-minimum-distribution rules, and elimination of most
stretch-payout planning. The chapter on charitable giving is
streamlined and simplified in recognition that most middle-rich
clients do not make extensive use of private foundations or
split-interest trusts. Information about postmortem planning and
fiduciary administration stresses state and federal income taxation
and state death taxation in situations that do not trigger federal
wealth transfer taxation. The text explains essential tax
fundamentals that inform traditional techniques (e.g. Crummey
powers), without overemphasis on the tax-oriented practices that
led to their original adoption. There are over 100 pages of
annotated forms illustrating basic planning documents, including a
pour over will, self-trusteed declaration of trust, irrevocable
life insurance trust, family and marital deduction trusts, and a
third-party special needs trust.
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