The Optimal Basis Increase Trust (“OBIT”) Legal Document Form & Marketing Package

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Thanks to the Tax Act of 2010, the “permanent” estate tax exemption has taken clients’ focus away from estate tax planning. Instead, higher income tax rates and the new tax on “net investment income” have turned clients’ attention toward reducing potential taxes on their capital gains.

But, capital gains taxes can be significantly reduced through proper estate planning utilizing something known as the Optimal Basis Increase Trust (or “OBIT” for short).  This combines the benefits of the typical A-B or Irrevocable Trust with the ability to gain a basis step-up for trust assets upon the trustmaker’s or beneficiary’s death.

What this means is that estate planning attorneys now have the opportunity to update most new and existing A-B Living Trusts, as well as Irrevocable Trusts using this “OBIT” strategy!

And, we are pleased to have worked closely with Edwin Morrow, J.D., LL.M., MBA, CFP®, RFC® to put together the necessary legal forms and clauses that a practitioner would need to be able to implement this strategy into his or her practice - - and for a reasonable one-time licensing fee!

Click the “Details” tab to see what’s included in this package!

What’s included in The Optimal Basis Increase Trust (“OBIT”) Legal Forms & Clauses Package?

The Optimal Basis Increase Trust (“OBIT”) Legal Forms & Clauses Package comes with a Data CD-ROM containing the following:

  • The Optimal Basis Increase Trust (“OBIT”) Legal Forms & Clauses which includes a 28-page modifiable Microsoft Word document with all of the necessary provisions (see Appendix below) and drafting instructions to implement the OBIT Trust for your clients.  (NOTE: This is NOT a full trust form.  These are clauses to integrate and utilize with your existing Living Trust form)
    • Formula testamentary GPOA with ordering rules, non-adverse party consent
    • Formula testamentary GPOA tracking GST exclusion available
    • Simple formula GPOA without ordering rule
    • Simple formula GPOA without ordering rule, ignoring
    • Any charitable/marital bequest/deduction of powerholder
    • Exercise of testamentary LPOA to trigger Delaware Tax Trap
    • Sample language to retain LPOA in disclaimer funded trust
    • Sample partial release where LPOA retained in disclaimer funded trust
    • Sample lifetime limited power of appointment (incl charities)
    • Sample collateral lifetime limited power of appointment
    • Ordering rule for including various capital gains as part of distribution
    • Proposed statute for opt-in Delaware Tax Trap triggering for broad LPOAs
    • Decanting to trust with narrow GPOA or LPOA to trigger inclusion
    • Notice to beneficiaries of decanting to trust with OA/GPOA
    • Checklist for Existing Irrevocable Trusts for Opportunities to Step Up Basis
  • A 126-Page Technical Training Outline so that you can have what you need to be technically sound and educated on this OBIT Trust strategy.
  • An “OBIT” Marketing Materials including a modifiable one-page flyer summarizing the OBIT Trust strategy, its benefits and why clients should consider this strategy in their overall estate planning. This flyer can be used with clients, prospective clients and professional referral sources.  Plus, we’ve also included a PowerPoint presentation to use with your referral sources, clients and prospective clients to better explain this planning strategy!
  • SPECIAL 2-PART SERIES BONUS: “Everything You Need to Know About Optimal Basis Increase Trusts (or OBITs)” Two(2) 90-Minute Presentations with Speaker, Edwin Morrow, J.D., LL.M., MBA, CFP®, RFC®. You will also get the handout materials and the MP3 audio recordings of both of these unique programs to help kick-start your implementation of the OBIT Trust in your practice and what better way to do that than to learn right from the expert in this area?!

All of the legal document forms come in a modifiable Microsoft Word format for you to be able to easily modify, edit and assemble (or add to your existing word processing software).

NOTE: This is NOT a software program and there are no automated/macro-type functions with our forms.

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