EMAIL DETAILS

Hunt-This is a start. A number of items to discuss. Let's pick a time to talk.

Melvyn I. Monzack
Monzack Mersky McLaughlin and Browder, P.A.
1201 North Orange Street
Suite 400
Wilmington, Delaware 19801
Phone: (302) 656-8162
Fax: (302) 656-2769
E-mail: mmonzack@monlaw.com<mailto:mmonzack@monlaw.com>

IRS Circular 230 Notice: Unless otherwise specifically stated, U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication (or in any attachment).


______________________________________________
From: Mary Elizabeth M. Browder
Sent: Monday, October 24, 2011 11:09 AM
To: Melvyn I. Monzack
Subject: FW: Estate Planning Documents for Hunter -

I am attaching draft Revocable Trusts and Pour-over Wills for Hunter and Kathleen.

As drafted the documents provide that the maximum amount that can be transferred to children without estate taxes (the unified credit amount), should be transferred to the unified credit shelter trust. (I needed a name so I used the Biden Buhle Family Trust as one suggestion.) Any amount remaining in excess of the unified credit (which is currently set at $5M) is transferred to a marital trust, which delays any estate taxes until the 2nd death.

Since the children may not have each finished college or graduate school when the trusts are formed, as drafted, separate trusts are not formed for each of the 3 children until the youngest has reached the age of 25. This means there is one bucket of funds for the Trustee to use as he sees fit, for school or otherwise, then after each of the 3 children has finished school, the bucket is divided into 3 equal trusts. This eliminates the potential that 1 of the 3 children has to pay for her own schooling, where the older 2 already had school paid by the parents.

I have the spouses as the first Trustee (for him/herself) while living, then the surviving spouse is Trustee (for the unified credit shelter trust and the marital trust). Beau is named as successor Trustee upon the passing of both spouses.

Mb

IRS Circular 230 Notice: Unless otherwise specifically stated, U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.