Top Estate Planning Tools & Techniques


1. Will

Instrument that allows you to designate how property is to be distributed and who is to care for your minor children in the event of your death.


2. General Durable Power of Attorney

Instrument that allows an agent to manage your property if you become incapacitated.


3. Health Care Power of Attorney

Instrument that allows an agent to make health care decisions for you if you become incapacitated.


4. Living Will

Instrument by which you declare your wishes regarding life sustaining medical treatment.


6. Revocable Living Trust

A trust used to manage your property during your life and after death and to avoid probate.


7. Annual Gift Tax Exclusion

Technique that allows annual gifts of $15,000 (as of 2019) to reduce the size of the taxable estate of the grantor without incurring estate or gift taxes.


8. Irrevocable Life Insurance Trust (ILIT)

A trust used to prevent estate taxes on insurance proceeds received at the death of an insured.


9. Family Limited Partnership

An entity used: 1) to provide asset protection for partnership property from the creditors of a partner, 2) to provide protection for limited partners from creditors, 3) to enable gifts to children while parents maintaining management control, and 4) to reduce the transfer tax value of property.


10. Children's or Grandchildren's Irrevocable Education Trust

A trust used by parents and grandparents to fund the education of a child or grandchild.


11. Charitable Remainder Interest Trust

A trust used to make a charitable contribution to gain a charitable deduction while avoiding capital gains taxes, yet retain an income interest in the gifted property.


If you would like to learn more about any of these estate planning tools and techniques, please call 216.225.9181, Email, or use the contact form to schedule a consultation.