| Technology Review March 11, 2009 |
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Brought to you by
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| "Wealth Transfer Planning" software is a state-of-the-art
drafting system for taxable estates |
Kelley Rating (one asterisk = lowest, five
asterisks = highest):
- Ease of navigation, design of interface and learning curve ***
- Instructional documentation and help system *****
- Carries out the goal of the product as advertised *****
- Overall usefulness *****
Wealth Transfer Planning
(InterActive Legal Systems), by Jonathan G. Blattmachr and Michael L.
Graham, is a sophisticated automated drafting system for estate-planning
documents. A state-of-the-art drafting system for taxable estates,
Wealth Transfer Planning (WTP) is continually enhanced with
additional features and documents.
The difficulty associated with this excellent software package is the
high level of sophistication that many of the documents require. It
increases the learning curve for the product and may be beyond the level
of some user’s.
But pluses are many. In fact, David T. Leibell, a partner in the
Stamford, Conn. office of Wiggin Dana LLP, a law firm that uses WTP,
happened—unsolicited—to sing the software’s praises the other day
to one of our editors. “It’s a terrific system. “Everybody should
be using it.” Leibell said. “Why would you self create when this is
out there?”
One of the most striking advantages to WTP is how it centralizes
client information. WTP’s internal database stores client data
and drafting choices; it also organizes client information and
documents. Document production is based on HotDocs (HotDocs Player
software is included with the program). The WTP interface
insulates the user from the mechanics of HotDocs. WTP is
designed for individual and network operation on PCs and operates on
Windows or Citrix networks.
Initially, you enter client data and contact data for the client’s
family and advisors. WTP even includes a facility to search for
client names. You then are presented with a choice of documents to
prepare. The interface displays tiered client documents on the left
side of the screen. The right side of the screen displays a list of
document actions associated with each document. A question list helps
WTP develop planning recommendations for you.
When you select a document, you are presented with a series of questions
(referred to as Interviews) designed to elicit the specific design of
the document. The questions allow you to choose the plan content.
Based on the client information and planning choices that are entered
through the Interview process, WTP assembles the selected
document and displays it in your word processor. You may select Word
(versions through 2007) or WordPerfect (versions 11 through X4). A
special WTP styles toolbar appears in the word processor. You
may edit your document in your word processor and create a two level
table of contents with the click of a mouse.
WTP is based on templates, consisting of rich text format files
with document text and profiles. The templates, through the HotDocs
system, apply the variables and rules that determine which text is
included in the selected document. Profiles are sets of questions that
apply to a selected document.
Recent additions that enhance the functionality of WTP include:
- Document Packages, which allow users to create an entire estate
plan with a single interview;
- a Freeze Document feature, which allows users to keep multiple
iterations of drafts in the system for comparison purposes;
- a custom toolbar for Word 2007; and
- expanded customization
Another element of the document assembly functionality in WTP
includes the automatic inclusion of a qualified domestic trust in the
will if the spouse of a client is a non-citizen. Also, revocable trust
forms and specific tax-planning techniques (for example, unified credit
in a decoupled state) may be selected with the program. WTP
creates mirror-image documents for spouses by duplicating the one
prepared for the first spouse and then rerunning the Interviews for the
second spouse. A Preferences screen allows you to set documents to the
format with which you like to work.
WTP is updated regularly and updates are automatically downloaded
and installed.
Other Offerings From Interactive Legal Systems
The publisher also offers Elder Law & Special Needs Planning
software by Thomas J. Begley, Jr., Andrew H. Hook, Bernard A. Krooks and
Stephen J. Silverberg.
Elder Law & Special Needs Planning addresses estate planning for
elder and special needs clients, special needs planning, powers of
attorney and guardianships, various interfamily transactions, retirement
asset planning, health and long-term planning (including Medicaid
planning), reverse mortgages, and transfers to disabled children.
InterActive Legal Systems also offers Essential Estate Planning
software by Jonathan G. Blattmachr and Michael L. Graham. A basic
estate-planning system for non-taxable estates, Essential Estate
Planning addresses planning for clients with means more modest than
those who require Wealth Transfer Planning.
According to the publisher, Wealth Transfer Planning, Elder Law &
Special Needs Planning, and Essential Estate Planning all
have three layers: (1) a content layer (the templates, Q&As, and other
legal materials); (2) a proprietary SmartContent front-end database
(patent pending); and (3) the HotDocs assembly engine.
Available in both standard and professional versions, these products are
designed to provide assistance in planning and drafting. The
professional versions include unlimited technical and content support,
and free access to all of the Leimberg Information
Services research tools. The InterActive Legal Systems website
includes archives of
articles by the authors.
Competitive Products
There are a number of other will and trust drafting systems available.
Drafting
Wills and Trust Agreements on GhostFill (ThomsonReuters), by
Michael L.M. Jordan, is a software program for the assembly of wills,
revocable trusts and other documents.
WealthDocs
(WealthCounsel) is a software solution for the automated assembly of
estate-planning documents. It includes a series of Practice Systems (or
modules) that automate drafting.
Lawgic (Lawgic Publishing
Company) is a state-specific trusts and estates drafting program
available for California, Florida, Georgia, Maryland and New York. The
system produces wills, disability planning documents and a number of
trusts.
Trust
Plus (ThomsonReuters) produces basic wills and trusts, both
revocable and irrevocable. Included, among other documents, are
state-specific powers of attorney and living wills.
What’s It All About?
Wealth Transfer Planning produces comprehensive wills and
revocable trusts (including pour over wills, disclaimer wills, joint
revocable trusts with complex generation-skipping tax planning, and a
four trust will addressing state estate tax planning with a trust for
the excess federal qualified terminable interest property) with the
typical range of marital deduction and credit trust variations.
State-specific language is included for all states and the District of
Columbia. Identifying the client’s state of legal residence (for
wills) or the state of governing law (for trusts) directs WTP as
to which state-specific language to use.
Wealth Transfer Planning includes client engagement letters, fee
agreements and intake questionnaires, from which it generates a letter
that lists and summarizes the planning documents prepared. It allows
the import
of contact records from Microsoft Outlook and integrates with
Time Matters software.
In addition to forms for qualified personal residence trusts (QPRTs),
grantor retained annuity trusts (including walton-style GRATs), grantor
retained unitrusts, various defective grantor trusts, living qualified
terminable interest property trusts, split purchase trusts, charitable
split interest trusts (including net income with makeup charitable
remainder unitrusts), charitable trusts, irrevocable life insurance
trusts, Section 2503(c) trusts for minors, community property
agreements, and marital agreements, Wealth Transfer Planning has
added forms for:
- Extra Crummey trusts (described in “New
WTP Form: Extra Crummey Trust: It May Be the Best Annual Exclusion
Vehicle Around” by Jonathan G. Blattmachr and Michael L. Graham
and “Planning
Options for UTMA Accounts and Other Transfers to Minors” by
Stephanie E. Heilborn and Jonathan G. BlattMachr);
- supercharged credit shelter trusts for dealing with unequal spousal
estates (described in “Supercharged
Credit Shelter Trust” by Jonathan G. Blattmachr and Diana S. C.
Zeydel and “The
Supercharged Credit Shelter Trust Super Idea for Married Couples Is Now
on WTP” by Mitchell M. Gans, Jonathan G. Blattmachr and Diana S.C.
Zeydel);
- multiple options to fully utilize exemptions of both spouses
regardless of order of deaths;
- testamentary special needs trusts for all, or specified,
beneficiaries;
- joint irrevocable trusts;
- single beneficiary trusts
- Louisiana compliance and state-specific documents;
- pre-residuary cash gifts in trust;
- installment sales to grantor trusts (see Jonathan G. Blattmachr and
Michael L. Graham’s “Gift
Tax Safety Nets for Installment Sales to Grantor Trusts”);
- charitable remainder trusts with a “term of years” option;
and
- powers of attorney, living wills and health care directives for a
variety of states (including Alaska, Arizona, Connecticut, Florida,
Indiana, Kansas, Maryland, Minnesota, Missouri, New Jersey, New York,
North Carolina, Pennsylvania, Rhode Island, Texas, Virginia, and
Washington).
The available forms are described in detail in Wealth
Transfer Planning V. 4.0 Update – Release Notes.
WTP also delivers strategic planning memoranda discussing estate
and tax-planning strategies for a variety of planning devices and
situations, including:
What About Help and Support?
Support options for WTP include email, telephone or live online
service, which includes chat and online control of your system, if
granted. Support is free for 30 days after purchase and is fee-based
thereafter. For the standard plan, support plans can be paid based on a
per-incident basis or through a yearly support plan. Support is
included in the professional plan.
Help for WTP includes a tutorial and online support. Basic
training, formatting and planning and drafting classes are available.
A Resources Library is available on the publisher’s website. The
publisher also provides WTP and Elder Law & Special Needs
Planning discussion forums.
Where Do You Get This Software?
Wealth Transfer Planning and other InterActive Legal Systems
products are available from
Interactive Legal Systems
100 Highland Park Village, Suite 200
Dallas, Texas 75205
Phone 888-315-0872
Fax 410-472-0609
Website: www.ilsdocs.com
Pricing: A matrix with the complete pricing system (based on the
product and number of users) for all the Interactive Legal System
products is available at www.ilsdocs.com/products/pricing.php
Trusts & Estates magazine is pleased to present the monthly
Technology Review by Donald H. Kelley—a respected connoisseur
of the software and Internet resources wealth management advisors use to
further their practices.
Kelley is a lawyer living in Highlands Ranch, Colo. and is of counsel to
the law firm of Kelley, Scritsmier & Byrne, P.C. of North Platte, Neb.
He is the co-author of the Intuitive Estate Planner Software,
(Thomson – West 2004). He has served on the governing boards of the
American Bar Association Real Property Probate and Trust Section and the
American College of Tax Counsel. He is a past regent and past chair of
the Committee on Technology in the Practice of the American College of
Trust and Estate Counsel.
Trusts & Estates has asked Kelley to provide his unvarnished opinions
on the tech resources available in the practice today. His columns are
edited for readability only. Send feedback and suggestions for articles
directly to him at dhkelley@qwestoffice.net.
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