00:05
i still see a lot of people passing away
00:09
without a any kind of document
00:12
a will a trust i just got a call today
00:16
from a client of mine that owned several
00:18
restaurants in tahoe
00:20
and one of his partners passed away
00:22
apparently a very wealthy partner and
00:24
had no estate planning
00:26
and so now we’re trying to wade through
00:30
who’s going to handle his estate what
00:32
are we going to do
00:33
with his business interests and that
00:35
sort of thing
00:36
and so i think a big trend today is
00:39
still people don’t get their ducks in
00:41
order
00:42
during covet i probably did almost
00:46
one a day of a call from a physician
00:49
a first responder getting their
00:51
documents in order
00:52
so speaking of rewarding that was nice
00:55
that we could do that
00:57
and the other trend i’m seeing is that
01:00
our documents over the years have become
01:03
more flexible
01:04
and i think it is very very important to
01:07
draft with flexibility
01:09
and make sure that the document that you
01:13
have or the with the client ends up with
01:16
is not something that if something
01:18
changes
01:19
they have to run into court to get the
01:22
answer
01:23
example their trustees all die
01:26
hopefully there’s a provision in place
01:28
to get a successor
01:30
appointed without having to go to court
01:33
so i am
01:34
seeing that lawyers that are experienced
01:37
and have practiced in this
01:39
area for a while are trying to draft
01:42
more flexibility
01:44
into their documents i’m also seeing
01:47
a lot more flexibility with
01:51
when the first spouse passes away
01:53
different options
01:55
on what trust to fund depending if
01:57
you’re minimizing estate tax or
02:00
maximizing income tax planning
02:02
so once again flexibility and then i
02:05
think
02:06
a lot of clients are very concerned
02:08
about their children
02:10
and grandchildren and being financially
02:12
responsible
02:14
so i think we’re seeing a lot later ages
02:16
of distribution now
02:18
than we used to and also seeing a lot
02:22
more trusts that are lifetime trusts for
02:25
children
02:27
and that’s for two purposes one creditor
02:29
protection
02:30
including from a divorce and two
02:33
for estate tax because i think we all
02:37
believe that the current administration
02:41
may really lower a person’s lifetime
02:45
exemption
02:46
hence a lot more people will owe estate
02:48
tax so those are just a few of the
02:51
things that i
02:52
have seen in the last few years in the
02:56
estate planning world