The Eckert Byrne LLC Spruce Plan
Who Is The Spruce Plan For?
Ideal Spruce Plan clients:
- Have varied assets that total less than the Federal exemption amount, but more than the Massachusetts exemption amount
- Value privacy and seek to reduce estate administration costs for loved ones
- Want loved ones, instead of doctors, to determine their incapacity/disability
- Desire to protect their heirs’ inheritance from creditors and/or divorce by creating ongoing trusts
How Does The Spruce Plan Help You?
Spruce Plan clients benefit by:
- Reducing the Massachusetts estate tax and passing the most money to their loved ones (for married US citizens)
- Determining who will inherit their property, how, and when
- Reducing or eliminating the role of Probate Court at their death, with fully organized assets
- Maintaining privacy by not having their plan made public through the court process
- Providing a seamless transition of assets during periods of incapacity/disability with detailed instructions
- Providing remarriage protections (for married couples)
What Does The Spruce Plan Include?
The Spruce Plan includes:
- Revocable Living Trust (Separate or Joint)
- Certification of Trust
- Pour Over Will
- Health Care Proxy
- Living Will
- HIPAA Authorization
- Power of Attorney
- Basic Disability Trust Provisions
- Letter of Instructions to Health Care Agents & Trustees
- Basic Funding Instructions
- Detailed Asset Summary with Specific Funding Recommendations
- Recommendations for Beneficiary Designations for Retirement Accounts
- (1) Deed, Homestead, & Trustee’s Certificate (recording fees included -additional charges for multiple deeds and out-of-state properties)
- Letters to Update Homeowners Insurance (if applicable)
- Instructions for Successor Trustee
- Personal Property Memorandum
- Common Trust Provisions for Minor Children (if applicable)
- Guardian Appointment for Minor Children (if applicable)
- Letter of Instructions to the Guardians & Trustees of Minor Children (if applicable)
- Location List and Binder
- Notarization and Scanning of Documents
- Electronic Copies of Documents
- Customized Disability Provisions through a Disability Panel
- Customized Ongoing Protective Trusts for Beneficiaries
- MA Credit Shelter Planning for Surviving Spouse (if applicable)
- Remarriage Protections (if applicable)
- Guidance on Achieving your Philanthropic Goals (if applicable)
How The Spruce Plan Process Works
The Spruce Plan will begin with an initial design meeting. This meeting will provide a time for you to discuss and make specific decisions regarding your plan. Eckert Byrne LLC will need a completed PIF, payment, and engagement letter before the initial design meeting can begin. After the design meeting, you will need to review the initial flowchart to confirm any outstanding items before the flowchart review call.
Once you’ve reviewed the flowchart on your own, you will have the opportunity to review your plan flowchart with an attorney. This conversation will take place over the phone and will provide you with a time to have any follow up questions answered. You will confirm any outstanding decisions regarding your flowchart over the call.
Before the estate plan can be drafted, the client will need to approve of the final flowchart. The plan cannot be drafted until approval is received.
The final step in the plan will be a delivery meeting. In this meeting you will review your documents with an attorney, making note of those provisions specific to your plan. You will sign the documents in the presence of two witnesses and a notary public. After the plan is completed, clients are encouraged to continue an ongoing relationship via the firm’s Legal Checkup or Life & Legacy Review programs. Eckert Byrne LLC can also assist with funding your trust if needed.