According to a report published by the U.S. Department of Health and Human Services’ Administration on Aging, nearly 17 percent of the population is comprised of Americans ages 65 and over. The number of older Americans drastically increased in just ten years, rising 36 percent from 39.6 million in 2009, to 54.1 million in 2019.

One of the most beneficial tools for estate planning practices is often the most underutilized: the personal information form. The information collected on this intake form sets the stage for a successful initial client meeting and a fruitful and satisfying long-term relationship between attorney and client. A completed form helps attorneys guage clients’ values, concerns and goals which can guide discussion during an initial consultation and yields optimal asset protection planning.

The generation skipping trust tax (GSTT) trips up the plans of clients who wish to leave assets to their grandchildren. The GSTT is the IRS’s way of ensuring such gifts—as well as the grandparent’s estate—do not escape taxation.