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.

Income tax rates play an increasingly important role in estate planning strategy as the federal estate tax exemption rises. In the late 1990s, the estate tax exemption applied to many more people than it does today. Today, it applies to only 0.2 percent of estates.