Wealth Opportunities in Commercial Real Estate: Management, Financing, and Marketing of Investment Properties

Estate Planning Checklist

A checklist of the steps outlined above is as follows:

• Step 1: Hire the right representation, that is, an estate planning attorney, an insurance agent, and a CPA.
• Step 2: Set up wills for both husband and wife.
• Step 3: Create an inter vivos trust (Trust No. 1).
• Step 4: Transfer your real-estate holdings and other assets into Trust No.1.
• Step 5: Create an irrevocable insurance trust (Trust No. 2) to hold the life insurance policy on the primary breadwinner.
• Step 6: Create an irrevocable insurance trust (Trust No. 3) to hold the life insurance policy on the primary breadwinner's spouse.
• Step 7: Set up a sole and separate property account.
• Step 8: Fund Trust No. 2, that is, secure adequate life insurance on the primary breadwinner, which is held by the trust.
• Step 9: Fund Trust No. 3, that is, secure adequate life insurance on the primary breadwinner's spouse, which is held by the trust.
• Step 10: Create an irrevocable insurance trust (Trust No. 4) to hold a second-to-die policy.
• Step 11: Fund Trust No. 4, that is, secure adequate life insurance payable on the death of both husband and wife. This policy is held by the trust.
• Step 12: Consider obtaining life insurance on your children.
• Step 13: Complete “Crummey” letters and have them executed whenever money is deposited into the irrevocable trusts.
• Step 14: Make gifts annually to each child, at least up to the per donee exemption. Monitor your total annual gifting, especially since funding into an irrevocable ...