Estate Planning Basics

End of Life Management Toolkit #6 | by Team Passare and Robert L. Shepard

Estate Planning Acronyms

Use this list as a reference for common abbreviations/acronyms used throughout the estate planning process.

CRAT: Charitable Remainder Annuity Trust
CRT: Charitable Remainder Trust
CRUT: Charitable Remainder Unitrust
DPA: Durable Power of Attorney
DPOA: Durable Power of Attorney
FET: Federal Estate Tax
FGT: Federal Gift Tax
GPOA: General Power of Appointment
GRAT: Grantor Retained Annuity Trust
GRT: Grantor Retained Trust
GRUT: Grantor Retained Unitrust
GST: Generation-Skipping Transfer
HIPAA: Health Insurance Portability and Accountability Act of 1996
IDGT: Intentionally Defective Grantor Trust
ILIT: Irrevocable Life Insurance Trust
IRA: Individual Retirement Account
IRD: Income with Respect to a Decedent
POA: Power of Appointment
QDOT: Qualified Domestic Trust
QPRT: Qualified Personal Residence Trust
QTIP: Qualified Terminable Interest Property
SNT: Supplemental Needs Trust (sometimes used interchangeably with Special Needs Trust, but be careful about the differences between these types of trusts!)
SPOA: Special Power of Appointment
TIN: Tax Identification Number
 
Passare

From birth to death, life is a series of passages.  Passare provides an online service that connects people to trusted End of Life Management experts and resources.  With Passare, you can explore, plan and prepare for End of Life Management, simplifying the process while honoring ensuring the specific needs and wishes of you and your family.  Passare gives you control over one of life’s most important passages. 

The Robert L. Shepard Professional Law Corporation

Robert L. Shepard’s practice is focused on preventative law, basic estate planning, designed to avoid probate; family limited partnerships designed to reduce estate taxes; S Corporation formation to protect assets, and creating irrevocable trusts to protect inheritors against creditors. He has helped over 1,000 clients protect their hard-earned assets and ensures that these assets get passed on to the next generation. Having been before every Federal District Court in California, the U. S. Tax Court, and many of the state’s Superior Courts, he has never had a single: trust set aside, business agreement held unenforceable, or entity disallowed by the Internal Revenue Service, or any court. He also as a deep interest in transferring his breadth of knowledge in the classroom as a law professor.

 
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