The Eckert Byrne LLC Willow Plan
Who Is The Willow Plan For?
Ideal Willow Plan clients:
- Have varied assets and may have an estate that exceeds the Federal exemption amount
- May have large life insurance policies or retirement account balances that they would like to plan for
- May have charitable goals
- Desire to protect their heirs’ inheritance from creditors and/or divorce by creating ongoing trusts
- May want to include remarriage protections
- Want loved ones, instead of doctors, to determine their incapacity/disability
- Value privacy and seek to avoid probate & reduce estate administration costs for loved ones
How Does The Willow Plan Help You?
Willow Plan clients benefit by:
- Reducing the Federal and Massachusetts estate tax to pass the most money to their loved ones (for married US citizens)
- Strategically incorporating one advanced planning tool (irrevocable life insurance trust, standalone retirement trust, or intentionally defective grantor trust).
- Determining who will inherit their property, how, and when
- Reducing or eliminating the role of the 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 Willow Plan Include?
The Willow Plan includes:
- Revocable Living Trust (Separate or Joint)
- Certification of Trust
- Pour Over Will
- Health Care Proxy
- Living Will
- HIPAA Authorization
- Power of Attorney
- Notarization and Scanning of Documents
- Electronic Copies of Documents
- Personal Property Memorandum
- Location List and Binder
- Instructions for Successor Trustee
- Letter of Instructions to Health Care Agents & Trustees
- Basic Disability Trust Provisions
- Customized Disability Provisions through a Disability Panel
- Written Opinion of Incapacity and Restoration
- Detailed Asset Table
- (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)
- Specific Funding Recommendations for all disclosed assets on Asset Table
- Recommendations for Beneficiary Designations for Retirement Accounts
- Common (Single) Trust Provisions for Minor Children (if applicable)
- Temporary Guardian Appointment for Minor Children (if applicable)
- Letter of Instructions to the Guardians & Trustees of Minor Children (if applicable)
- Customized Ongoing Protective Trusts for Beneficiaries
- Federal & MA Estate Tax Planning for Surviving Spouse (if applicable)
- Remarriage Protections (if applicable)
- Guidance on Achieving your Philanthropic Goals (if applicable)
- The creation and incorporation of up to one advanced-planning tool (Irrevocable Life Insurance Trust (ILIT), Standalone Retirement Trust (SRT), and/or Intentionally Defective Grantor Trust (IDGT))
How The Willow Plan Works
The first step in the Willow process is a design meeting with one of our attorneys. This meeting will allow you to discuss specific decisions regarding your plan. Before the design meeting, the client will need to complete the PIF and provide payment. The client will also need to provide all of the documents requested in the PIF, including bank statements, deeds, etc.
After the first design meeting, you will need to review the initial flowchart to confirm any outstanding items prior to the second design meeting. The second design meeting will be a continued discussion of plan specifics and client decisions, and will include a preliminary review of your asset table. The next step is to schedule a flowchart review call with an attorney to confirm any outstanding design or flowchart changes. Your attorney will also review your finalized asset table on the call to ensure there are no missing assets.
Following the flowchart review call, any outstanding changes will be completed. The client will need to approve the revised flowchart via email, or send EBLLC an initialed flowchart, before moving on to schedule the delivery meeting.
The next step in the process is the delivery meeting. During this meeting, the attorney will review the drafted estate plan with the client. The client will then sign the documents before a notary and witnesses. After the estate plan has been completed, clients are encouraged to continue an ongoing relationship via the firm’s Legal Checkup or Annual Maintenance programs.