Generations Executive is designed for clients with taxable estates, irrevocable trusts, and/or multiple businesses. Such estate plans require additional review and care. Generations Executive clients are provided the following services:
Annual Estate Review with Planning Advisors. Complex estate plans with estate tax funding formulas should be reviewed annually, not only by you and your estate planning attorney, but also with your advisors. We will schedule and coordinate an annual meeting for you and, as necessary, your advisory team, including your accountant, financial advisor(s), business advisor(s), and appropriate successor Trustees and agents.
Trust Restatements and Amendments to Ancillary Plan Documents. We will amend your living trust, Will, health care documents, power of attorney, and related estate planning documents drafted by Foley & Pearson at any time at no charge. This service includes changes to estate tax funding clauses or distributions to associated estate tax planning sub-trusts.
Titling Assistance and Discounted Fee for Deed Preparation. We offer counseling regarding proper titling and funding of assets when contacted prior to the acquisition, sale, or change in disposition of trust property, life insurance, annuities, retirement accounts, business interests, or investment accounts. This service does not include document preparation. You are asked to provide Foley & Pearson with confirmation of “funding” of assets as they are acquired or sold. Deeds will be prepared on a flat fee basis, at a cost of $250 per deed, plus recording costs. Deeds are prepared based on the legal description provided by you, and we make no warranty or assurance as to title.
Asset Tracking. Foley & Pearson maintains a spreadsheet of your assets. Schedules of Assets are updated as information is provided by clients. Trust funding reviews and funding audits are performed by Foley & Pearson every third year. If you would like a review sooner, please contact us. You may provide us with updated information as changes occur in your asset situation. Please be advised that while we will advise you regarding beneficiary designations, the preparation and submission of any required forms is your responsibility.
Annual Plan Review. On an annual basis, a Foley & Pearson attorney can meet with you to review your estate planning documents and ensure that your plan best aligns with your goals and any changes in the law. You can also choose to meet with the Generations paralegal to update your asset information. Please be advised that it is your responsibility to schedule this review.
Telephone Consultations and Bank Letters. We are available by appointment for consultations with you, your CPA, financial advisor or broker, to answer questions regarding titling, plan maintenance, and plan operation. We will also provide attorney opinion letters about the terms of your trust to banks and other financial institutions as necessary to refinance real estate held in a trust.
Continuing Education. We will notify you of future estate planning workshops for you, your family, and your successor Trustees regarding basic planning, advanced planning, plan maintenance, and post-mortem administration.
Periodic Newsletter. You will receive our regular newsletter with articles and information about estate and business planning, changes in the law, new ideas, Foley & Pearson news, and other topics of interest.
Powers of Attorney for Adult Children. For your adult children who are still in school, single, and under the age of 26, we will prepare a Power of Attorney, an Advance Health Care Directive and a HIPAA Authorization. Please note that you and your children will be required to sign a waiver of conflict of interest in order for us to prepare these legal documents.
Fixed Fee Post-Mortem Administration. Foley & Pearson will represent and assist your successor Trustees with the administration of your trust at your death at a fixed fee based upon your estate values. The fixed fees for post-mortem administration of estates are as follows:
|Size of the Estate[i]||Guaranteed Fees|
|0 – $500,000||$10,000|
|$.5 Million – $5 Million||$10,000 plus ½ of 1% of the estate over $500,000|
|$5 Million +||$22,500 plus ⅓ of 1% of the estate over $5,000,000|
These fees are guaranteed for all reasonable post-mortem administration costs, expenses, and reasonable legal services for the distribution of trust assets in-kind. The following services and costs are not included for the fees shown:
- Preparation of Federal and State estate, gift, and income tax returns.
- Probate Court proceedings, petitions to construe Will, petitions to receive allowances, petitions, and hearings related to claims of creditors or heirs or devisees, and/or formal hearings to approve final accountings.
- Accounting fees or property appraisal fees.
- Services associated with litigation by creditors or by anyone who files suit to contest terms of the estate plan, or beneficiary objections to the post-mortem administration.
- Legal expenses associated with winding up a business, selling a business, or selling real estate.
This agreement does not obligate your successor Trustees and personal representatives to use our services for post-mortem administration or probate of your plan, but we are obligated to provide these services for the fees shown if you are participating in our Generations Maintenance Program at the time of death.
Post-Mortem Administration at Discounted Rates. Besides being eligible for the post-mortem administration of the revocable trust at the flat fee schedule, your successor Trustees will have the option for Foley & Pearson to instead represent them at a discounted hourly rate. Our standard hourly rate will be discounted by 10%.
Client Document Portal. You will have secure web-based access to electronic copies of your estate planning documents through our document portal.
Incapacity Trust Administration at Discounted Rates. We will assist clients and their successor Trustees with the implementation of Trustee succession upon the incapacity of a Trustmaker or a current Trustee of a revocable trust. Our standard hourly rates will be discounted by 10%. This includes preparation of the Certifications of Incapacity; Affidavits or Certifications of Successor Trustees; termination and nomination of successor Trustees; and instructions for the removal of resigning Trustees and the addition of successor Trustees as signers on existing accounts.
Trust Protector Services. An attorney at Foley & Pearson will serve as Trust Protector for clients enrolled in Generations Executive for an additional annual fee of $750 per trust. Any Trust Protector services will be performed by the attorney at a discounted hourly rate. Our standard hourly rate will be discounted by 10%.
Irrevocable Trust Services. Foley & Pearson will provide asset tracking of your irrevocable trust assets and prepare the exercise of powers of appointment contained in your irrevocable trust. Advising on the terms of your irrevocable trust prepared by Foley & Pearson will be performed at a discounted hourly rate. Our standard hourly rate will be discounted by 10%.
Irrevocable Trust Administration at Discounted Rates. Foley & Pearson will represent the successor Trustee(s) of your irrevocable trust at a discounted hourly rate. Our standard hourly rate will be discounted by 10%.
Corporate Maintenance for LLCs and Corporations at Discounted Rates. For clients with multiple corporations and/or LLCs as part of their planning, Generations Executive service includes participation in our annual Corporate Maintenance Plan at a discounted rate of $350 per business entity.
709 Gift Tax Return Review. The preparation, allocation of generation skipping exemption, and filing of 709 gift tax returns is an integral part of irrevocable trust planning. We will review the gift tax return prepared by your accountant. The return must be provided by your accountant to our office two weeks prior to any filing deadline.
[i]The size of the estate shall be equal to the fair market value of all assets that are subject to administration, transfer and/or retitling due to the death of the decedent, including life insurance, retirement plans, jointly-titled assets, irrevocable trust transfers or any other non-probate transfers.