You Can Now Re-Write
Every Single Living Trust You’ve Ever Drafted!
While also providing your clients with one of
the most innovative and unique planning techniques for the Revocable Living Trust!
With the elimination of estate taxes for most people in this country, the inherent need for estate planning has also gone down considerably in the last decade - - at least in the minds of many consumers. However, if you were to ask any client or prospective client what their biggest concern about their estate, many (if not most) will say that they have concerns about what is going to happen to their beneficiaries when they receive their inheritance. They have a number of concerns about their estate being squandered away to their beneficiaries’ circumstances and other third parties.
This is why attorney Philip Kavesh created The Personal Asset TrustSM (or “PAT”) and it’s now available as a simple standalone amendment form for other attorneys to use and virtually rewrite, amend and enhance every single estate plan they offer their clients!
What is So Unique About this Document?
The Personal Asset Trust Form & Training Package is unique because incorporates countless hours of research, drafting, designing and redesigning, perfecting and mastering from Phil Kavesh’s 40+ years of experience into one complete package that makes it easy and simple for any practitioner, regardless of his or her experience or expertise, to implement into his or her own practice. What’s most unique about this package is that it includes Phil’s most recently updated and upgraded PAT form!
So, you’re probably wondering… what is this Personal Asset Trust?
The PAT cleverly incorporates the most cutting-edge trustee, “Trust Protector” and beneficiary powers to accomplish incredible flexibility, while also maximizing the estate tax and asset protection benefits.
It’s basically a simple way to put a protective wrapper around what ordinarily would be an outright distribution from a living trust. In most living trusts, at some point in time, each beneficiary will receive his or her distribution out of the trust and right into his or her own name (with the exception of special situations like where you have a Special Needs Trust for someone obtaining government benefits or a Spendthrift Trust for someone with severe problems handling money). When a beneficiary receives a distribution outright, it’s needlessly exposed to spouses, divorce, lawsuits, creditors, bankruptcy, loss of government benefits and possible second estate tax when the beneficiary dies. With the PAT, the beneficiary receives his or her inheritance with much enhanced protection against all of these threats.
Although we have pioneered the PAT, it is not “new”. It’s an off-shoot of what has worked in asset protection law for well over 100 years. We researched the laws and document forms pertaining to asset protection trusts for over 20 years and spent hundreds of hours and tens of thousands of dollars in fees to some of the nation’s top asset protection attorneys in developing this enhanced PAT form. Essentially, each beneficiary receives an asset protection trust to hold his or her inheritance, that springs out of the living trust document.
We set out to develop something unique. The garden variety, discretionary, generation-skipping trust offers far less asset protection than we desired. On the other hand, full-blown asset protection trusts are often too complicated and expensive to administer. So, we came up with an intermediate form of asset protection trust that is much less restrictive and easier for the beneficiary to use. Most people don’t want to rule from the grave and excessively burden their loved ones with paperwork, administration and expenses. We came up with an asset protection feature with more mass appeal that we could add to every living trust.
The PAT allows for the maximum beneficiary control, while still gaining significant asset protection. The beneficiary may serve as initial sole Trustee, thereby controlling investment of his or her inheritance, as well as how he or she uses it. We built in features that allow the beneficiary to also determine who else can receive the assets both during the beneficiary’s lifetime as well as after death. If you think about it, these are virtually all the same rights as outright ownership, but the key distinction here is that the assets continue to be owned in a trust - - with special features designed to thwart attacks by third-party predators. The beneficiary effectively determines the level of his or her continuing direct involvement in the trust, depending on the level of asset protection he or she requires or desires; through Special Co-Trustee and Trust Protector provisions, the beneficiary can withdraw from some or all direct involvement with the trust, while still retaining a substantial level of indirect control, as well as use and benefit of trust assets.
Think about it, would any client or potential client say no to the following question?: “Would you like to protect your loved ones from losing their inheritance to the claims of spouses, divorce, lawsuits, creditors bankruptcy and the IRS?”
Typically, the discussion of this one added living trust feature alone will convince a client or prospect to do an amendment and restatement of an existing trust or to move forward in setting up a new estate plan - - without even having to get into the other features of the trust! We know this, because Phil’s law firm has been successfully selling the PAT since 2002 and it continues to be the biggest item that sets his firm apart from other estate planners in an over-saturated market (Los Angeles) and helps push people to become client of the law firm.
This feature is now available to other attorneys throughout the country to be able to implement in their own practices to enhance the quality of the estate plans they design for their clients! This package includes the legal document form as an amendment that you can do for virtually every single living trust you ever drafted and we give you all of the tools you will need to do it!
It’s a win-win for everyone involved and it’s the best way to make sure that you are providing the best estate planning available to your clients!
Frequently Asked Questions
What’s Included in the PAT Package?
LEGAL & TECHNICAL TRAINING MODULE
- Married & Single PAT Amendment
- Microsoft Word
- Very little customization/inserts required
- Technical Training
- Discussion of the major technical issues and key legal document provisions
- Walk through of the legal document form, including a review of what improvements and enhancements have been recently added and made
- In-Depth Technical Memorandum from Edwin Morrow, III with 100+ footnotes and citations to back up the enhanced income tax benefits of the PAT
- PAT Beneficiary’s Operating Manual
- Detailed plain-English Manual that will help you (the attorney) and the beneficiaries better understand the PAT, how it works, and how to make sure it is implemented properly when the time comes - - through short chapters with simple executive summaries and action checklists.
- Client Amendment Project Marketing
- Direct mail piece, including cover letter and short more technical memorandum
- Response/Order Form
- Marketing Flyer
- Simple flyer explaining and demonstrating the benefits of the PAT concept
- Can be used as a handout and for one-on-one talking points/discussion
- Marketing Training
- Audio recording where Phil will provide you step-by-step instructions on how to explain, market and sell this unique concept to your prospects, clients and referral sources
- PowerPoint Slides & Script
- A few key PowerPoint slides that can be added to any presentation or used as visual aids in your one-on-on meetings
- Script so that you know exactly what to say for each slide and how to explain the PAT
PAT FOR WEALTH DOCX®
- Married & Single PAT Document
- Designed to be inserted into a merged Wealth Docx® trust
- Instructions for Use
- Instructions on initial setup
- Step-by-step instruction on how to insert PAT document into merged Wealth Docx® trust (estimated approximately 15 minutes)
NOTE: Philip Kavesh, The Ultimate Estate Planner, Inc., and Kavesh, Minor & Otis, Inc. are NOT affiliated with WealthCounsel, LLC. The Personal Asset TrustSM was developed by estate planning attorney, Philip J. Kavesh, and is licensed for use by estate planning attorneys through The Ultimate Estate Planner, Inc. This product was not developed by WealthCounsel, LLC. It was developed and designed by fellow WealthCounsel attorney members with the goal to assist other fellow members to be able to integrate this unique feature into their revocable Living Trust documents assembled through Wealth Docx®. Wealth Docx® is a premier document drafting system available through a membership with WealthCounsel, LLC. For more details, please visit www.wealthcounsel.com.