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Estate Planning Tools
Estate planning attorneys have many tools at their disposal to achieve your estate planning goals. Your personal financial circumstances, lifestyle and wishes will dictate which of them are suitable for you. Here are some of the tools that may be used to create your estate plan:
§ Revocable Living Trust, aka Inter Vivos Trust
§ Credit Shelter Trust, aka Bypass Trust
§ Qualified Terminable Interest Property Trust, aka QTIP Trust
§ Qualified Personal Residence Trust, aka QPRT
§ Irrevocable Life Insurance Trust, aka ILIT
§ Various Charitable Trusts (e.g., CRUT, CRAT, CLUT, CLAT)
§ Various Grantor Retained Income Trusts, aka GRIT (e.g., GRUT, GRAT, QPRT)
§ Generation Skipping Trust, aka GST
§ Family Limited Partnership, aka FLP
§ Will
§ Durable Power of Attorney for Property Management
§ Durable Power of Attorney for Health Care, aka Advance Health Care Directive