Pennsylvania Estate Planning, Wills and Trusts Library: Forms and Practice Manual

Patti S. Spencer, Esq., has been practicing law for more than 40 years and continues to focus her practice on estate planning, probate trusts, taxation, and closely-held business issues. Ms. Spencer works as a consultant to other attorneys and financial professionals in estate planning, trusts, and taxation matters as well as giving expert witness testimony.

Before founding Spencer Law Firm LLC in 1996, she managed a regional band's Personal Trust Department made up of 1,500 accounts and $400 million in assets. She was accountable for trust department budgets, profitability, regulatory compliance, trust real estate, personnel issues, and estate-related legal matters. Now, her firm serves clients both locally in the Central Pennsylvania area and nationally.

Ms. Spencer taught Estate and Gift Taxation, Trusts and Estates, and Estate Planning at Boston University School of Law for eight years. She recently taught Federal Income Taxation at Franklin Marshall College. She is the author of two books on estate matters, a weekly newspaper column, "Taxing Matters," numerous articles on estate planning topics, and is a frequent lecturer at continuing education programs for CPAs and lawyers.

Ms. Spencer is a member of both the Pennsylvania and Massachusetts Bars, a fellow of the American College of Trusts and Estate Counsel and was named a Pennsylvania Super Lawyer. She earned her BA from Dickinson College (summa cum laude) and her JD and LLM in Taxation from Boston University School of Law.

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SUMMARY TABLE OF CONTENTS

Part I - Estate Planning: A Practice-Oriented Approach
Chapter 1: How To Use This Book
Chapter 2: Estate Planning: Essential Objectives

Part II - Simple Wills: For Married Couples With Combined Estates Not Exceeding Lifetime Exemption (Federal Applicable Exclusion Amount — i.e., $10,000,000)
Chapter 3: Simple Wills For Married Couples With Adult Children
Chapter 4: Simple Wills For Married Couples with Minor Children

Part III - Tax Planning Wills with Credit Shelter/Bypass Trusts In Combination With Marital Bequest (Outright or QTIP Trust): For Married Couples With Combined Estates Exceeding Lifetime Exemption (Applicable Exclusion Amount)
Chapter 5: Strategic Planning with Credit Shelter/Bypass Trusts
Chapter 6: Tax Planning Wills With Credit Shelter/Bypass Trusts In Combination With Marital Bequest (Outright or QTIP Trust) — For Married Couples With Combined Estates Exceeding Lifetime Exemption of $5,490,000
Chapter 7: Strategic Tax Planning with Marital/QTIP Trusts ("A" Share) In Combination With Bypass Trust ("B" Share): The "A-B" Trust Structure
Chapter 8: Tax Planning Wills with QTIP and Bypass Trusts: For Married Couples With Combined Estates Exceeding Lifetime Exemption (Pecuniary Formula)
Chapter 9: Tax Planning Wills with Marital ("A") and Credit Shelter ("B") Shares: Use of Pecuniary Credit Shelter And Residuary Marital Bequests (Reverse Pecuniary Formula)

Part IV - "Flexible" Tax Planning Wills with Disclaimer Trusts: Married Couples with Combined Estates Approaching Or Expected To Exceed Lifetime Exemption Or Who Desire A Flexible Approach
Chapter 10: Strategic Planning with "Flexible" Disclaimer Trusts
Chapter 11: Tax Planning Wills With Disclaimer Trusts

Part V - Generation-Skipping Transfer ("GST") Tax Planning With Generation-Skipping Trusts — For Large Estates
Chapter 12: Strategic Planning With Generation-Skipping Trusts
Chapter 13: Tax Planning Wills With Generation-Skipping Trusts

Part VI - Wills For Unmarried Individuals (Single, Widowed, Divorced)
Chapter 14: Wills For Unmarried Individuals (Single, Widowed, Divorced)

Part VII - Revocable (Living) Trusts And Pour-Over Wills
Chapter 15: Strategic Planning With Revocable Trusts As Primary Testamentary Instrument
Chapter 16: Revocable Trusts And Pour-Over Wills For Unmarried Individuals
Chapter 17: Revocable Trusts And Pour-Over Wills For Married Couples Without Tax Planning (Combined Estates Not Exceeding Lifetime Exemption)
Chapter 18: Revocable Trusts And Pour-Over Wills With Credit Shelter/Bypass Trusts — For Married Couples With Combined Estates Exceeding Lifetime Exemption
Chapter 19: Revocable Trusts And Pour-Over Wills With Marital/QTIP Trust In Combination With Credit Shelter/Bypass Trust: The "A-B" Trust Structure (Combined Estates Exceed Lifetime Exemption)
Chapter 20: Revocable Trust And Pour-Over Will For Married Couple With Disclaimer Trust Option Upon Death of Settlor
Chapter 21: Revocable Trust For Married Settlors With Generation-Skipping Trusts

Part VIII - Strategic Estate Planning with Irrevocable Trusts
Chapter 22: Irrevocable Life Insurance Trusts (ILITs)
Chapter 23: Trusts For Minors
Chapter 24: Trusts For Subchapter S Stock
Chapter 25: Retained Interest Trusts: QPRTs and GRATs
Chapter 26: Special Needs Trusts

Part IX - Alternative Drafting Forms
Chapter 27: Alternative Drafting Forms

Part X - Summaries of Select Estate Planning Practice Areas and Strategies
Chapter 28: Select Estate Planning Summaries: Pennsylvania and Federal Law
Chapter 29: Selected Planning Strategies And Techniques

Part XI - Powers of Attorney
Chapter 30: Durable Powers of Attorney For Financial Matters
Chapter 31: Health Care Powers of Attorney and Advance Directives

Part XII - Charitable Gift Planning
Chapter 32: Charitable Gift Planning

Part XIII - Agreements Between Spouses
Chapter 33: Prenuptial Agreements
Chapter 34: Estate Planning for Retirement Benefits
Chapter 35: Trusts for Giving
Chapter 36: Digital Assets
Chapter 37: Assisted Reproductive Technology and Other Parent Identification Issues

Part XIV - Appendices

Part XV - Indices