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WealthDocx® Winter 2013 Enhancment

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Published on Feb 28, 2013

By Jason E. Havens, VP General Counsel, and Editor-in-Chief, The WealthCounsel Companies.

This update did not add any new systems, but instead incorporated improvements to existing systems.

Irrevocable Trust System. The primary focus of this enhancement is the expansion of our domestic asset protection trust (DAPT) options. The WealthDocx® DAPT has thus far been based solely on Delaware law. With the help of our Asset Protection Advisory Group, our Nevada State Forum, and others, we now added Alaska, Nevada, and South Dakota as DAPT options.

We chose these additional jurisdictions based on several factors. First, our members typically utilize one of these jurisdictions to facilitate DAPT-oriented planning. Second, these states represent most of the top-rated DAPT jurisdictions. Third, these three additional states impose relatively few state and local taxes, which make them even more attractive when planning with business entities, certain charitable techniques (particularly those that would generate unrelated business taxable income), and similar planning.

Limited Liability Company System: The limited liability company (LLC) system has undergone a full style review to ensure that its documents are consistent with WealthCounsel's WealthDocx® Style Guide. In addition, we have made changes to the operating agreement that enhance asset protection objectives. We also included changes suggested by the Business Planning Advisory Group as part of its recent Boston meeting.

Insurance and Asset Protection Issue in Revocable Living Trust: A recent Florida case highlighted the situation where creditors could pursue insurance death benefits payable to a revocable living trust via the probate estate claims procedure. To combat this, we inserted a provision designed to protect those insurance proceeds.

Rental Provision for Qualified Personal Residence Trust: An automatic rental provision is now included where the initial term of a qualified personal residence trust ends but the grantor(s) might continue to occupy the residence.

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