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Frequently Asked Questions

Frequently Asked Questions (FAQs) describe several issues that subscribers might face. Choose a category to browse or search for answers to your questions.

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Drafting Scenarios

How can I create the following: GST exemption amount to continuing exempt descendants separate…

InterActive Legal Support Team Apr 30, 2021

Yes, you can create a plan where the GST exempt amount passes to perpetual trusts, and the non-exempt portion is in trusts that terminate at specified ages. How to do this will depend on whether the grantor/testator is married.

Drafting Scenarios

I have a client whose wife does not have enough assets to fund her exemption amount. He wants to…

InterActive Legal Support Team Apr 29, 2021

If you draft a comprehensive or contemporary revocable trust, this option will appear on the Tax Planning interview screen, in the Other Tax Issues section.

Drafting Scenarios

I have the Essentials practice system, can I draft a credit shelter trust for NY?

InterActive Legal Support Team Apr 29, 2021

Yes, you can create a Will or a Revocable Trust with a credit-shelter trust that is funded with the New York Exemption Amount, if desired.

Legal Content

Where can I find a stand alone disclaimer form for a primary beneficiary to disclaim in a BDIT/678…

InterActive Legal Support Team Apr 29, 2021

We do not have that document separately, however, it can be generated in a Irrevocable Trust, if desired.

Legal Content

I removed an unconditional gift of specific jewelry items and it is still staying in the document.…

InterActive Legal Support Team Apr 29, 2021

You have to actually remove the gift itself (not simply change the number of gifts from 1 to zero).

Drafting Scenarios

Do you have a template for a NY appointed trust to decant an irrevocable trust into the appointed…

InterActive Legal Support Team Apr 29, 2021

The decanting provision (allowing it to happen) is triggered in the interview by the "Trustees can create trusts" option in the document interview. However, the actual act of decanting is separate, and can happen either via a new trust…

Drafting Scenarios

I am seeking a realty trust template. I want to set up a trust for my married clients that will own…

InterActive Legal Support Team Apr 29, 2021

We do not have a trust in any practice system that is specifically designated as a “realty trust,” and we do not have a nominee trust.

Drafting Scenarios

I’m drafting a BDIT. My client’s sister is the settlor of the BDIT and my client is the primary…

InterActive Legal Support Team Apr 28, 2021

BDIT Drafting Options.

Legal Content

Does the provision called “Disclaimer or Renunciation” in the Article termed…

InterActive Legal Support Team Apr 28, 2021

The Disclaimer or Renunciation paragraph is intended to apply to any gift to the grantor of the trust, but only if there is no executor otherwise appointed.

Drafting Scenarios

The client does not want a one pot trust for his three children. He wants 3 separate trust shares,…

InterActive Legal Support Team Apr 28, 2021

If you create our standard "Irrevocable Trust," it is set up with a "Lifetime Trust" during the grantor's lifetime, which is a pot trust that lasts until the grantor dies. Another option would be to instead create three identical trusts,…

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Content Support Notice

InterActive Legal Content Support is designed for drafting questions and explaining options within the program, and we cannot advise on legal matters or best practices.

For substantive questions, we recommend seeking input from other members of the InterActive Legal community by posting your question to our Estate Planning and Elder Law Discussion Forum. That will allow you to obtain other perspectives on the best structure of the plan, and it is possible that others more familiar with your state law will be able to provide additional guidance.

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Frequently Asked Questions

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