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A Practical Guide to Estate Planning in Maine

Tested guidance—on topics from marital deduction planning to gift taxes to lifetime asset transfers and life insurance planning

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  • Product Number: 2130449B00
  • Publication Date: 6/4/2019
  • Edition: 1st Edition 2012, with 2017 & 2019 Supplements
  • Copyright: © 2019 MCLE, Inc.
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  • Product Description
  • Table of Contents
  • Editors & Authors
  • Product Description

    Product Description

    Start here when you need authoritative and clear guidance on Maine estate planning topics, both common and complex. The chapters of A Practical Guide to Estate Planning in Maine were selected especially to address issues encountered in planning, drafting and responding to clients' needs. The authors and editors were carefully selected from a spectrum of private practices from Auburn to Waterville and Portland to Norway, to bring you their best practices, caveats, and explanations of some of the most complex concepts in estate planning law in the State of Maine.

    Recent updates:

    • Update: May 2019

      Dear Subscriber:

      Thank you for choosing to update your volume of A Practical Guide to Estate Planning in Maine with this 2019 material. Inside you will find information on such topics as the following:

      • Social Security POMS. In Chapter 13, find a chart titled "Summary of Key Revisions to the Social Security POMS Concerning Windsor and Obergefell Decisions."
      • Maine-Only QTIP. See Chapter 4 for discussion of a Maine-only QTIP trust for the amount exceeding the Maine exclusion, up to the federal exclusion amount as a strategy for tax avoidance and tax deferral in large estates.
      • Maine Estate and Gift Tax. In Chapter 5, read how the Maine legislature fails to conform Maine's estate tax to federal law, retaining the $5.6 million level with a proviso that the amount is to be indexed after 2018.
      • Charitable Giving. Read the discussion in Chapter 7, the substantial increase in the federal and State of Maine credit shelter exemptions, and how it has substantially curtailed the utility of the charitable deduction under the estate and gift taxes.
      • Preserving and Protecting the Family Business. See Chapter 10 for a discussion of the 2019 Maine exemption from Maine estate tax and legislative activity surrounding bills to substantially reduce the Maine exemption amount.

      We at MCLE trust that you will find this supplement to be of use in keeping current with the laws surrounding Maine estate planning, and that this updated material will be valuable in your library and practice.

      Cordially,

      Maryanne G. Jensen, Esq., Director of Publications

    • Update: March 2017

      Dear Subscriber:

      Thank you for choosing to update your volume of A Practical Guide to Estate Planning in Maine with this first supplement to the first edition. Inside you will find information on such topics as the following:

      • Client intake. See chapter 1 for an updated "estate planning questionnaire" that covers the client's details pertinent to your representation.
      • Marital deduction planning. See chapter 4 for updated, practical information on using the marital deduction to your clients advantage.
      • Income tax considerations for irrevocable trusts. See chapter 5 for updated numbers for estate planning with irrevocable trusts.
      • Charitable giving. See chapter 6 for practical notes on using the tax shelter credit for deaths occurring on or after January 1, 2016.
      • IRAs. See chapter 9 for comments regarding the Supreme Court determination in Clark v. Rameker, 134 S. Ct. 2242 (2014), that inherited IRAs are not "retirement funds" within the meaning of Section 522(b)(3)(C) and therefore not exempt.
      • MaineCare and creditor protection trusts. See chapter 11 for a variety of practical notes on estate tax planning issues related to benefits and creditor protection trusts.

      We at MCLE trust that you will find this new material useful in your practice, and valuable in keeping your estate planning law library current.

      Cordially,

      Maryanne G. Jensen, Esq., Director of Publications

  • Table of Contents

    Table of Contents

    expand all
    Chapter 1 expand

    Practical Steps in Handling an Estate Planning Matter

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    Kenleigh A. Nicoletta, Esq., R. M. Davis Private Wealth Management

    Exhibit 1A

    - Sample Estate Planning Questionnaire Buy Form

    Exhibit 1B

    - Sample Correspondence Buy Form

    Exhibit 1C

    - Checklist of Topics to Cover at the Initial Meeting with an Estate Planning Client in Maine Buy Form
    Chapter 2 expand

    Estate, Gift, and Generation-Skipping Transfer Taxes

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    Sarah B. Coburn, Esq., McCandless & Coburn LLC
    Chapter 3 expand

    Fundamental Testamentary and Trust Planning

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    Marianna W. Putnam Liddell, Esq., Pierce Atwood LLP

    Exhibit 3A

    - Sample Simple Will Buy Form

    Exhibit 3B

    - Sample Pour-Over Will Buy Form

    Exhibit 3C

    - Sample Revocable Trust Buy Form

    Exhibit 3D

    - Checklist of Red Flags When Drafting a Maine Estate Plan Buy Form
    Chapter 4 expand

    Marital Deduction Planning and Drafting Techniques

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    Jeffrey W. Jones, Esq., Jones, Kuriloff & Sargent LLC
    Chapter 5 expand

    Lifetime Asset Transfers

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    Bryan M. Dench, Esq.,

    Exhibit 5A

    - Section 2503(c) Trust Buy Form

    Exhibit 5B

    - Sample Crummey Trust Buy Form
    Chapter 6 expand

    Charitable Giving Outright and in Trust

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    Philip C. Hunt, Esq., Perkins Thompson PA

    Exhibit 6A

    - IRS Revenue Procedures Issuing Sample CRT Forms Buy Form
    Chapter 7 expand

    Life Insurance and Estate Planning

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    Lauren B. Weliver, Esq., Lanman Rayne

    Exhibit 7A

    - Unilateral Buyout Agreement Buy Form

    Exhibit 7B

    - Split-Dollar Insurance Agreement Buy Form

    Exhibit 7C

    - Crummey Instructions and Notice Buy Form
    Chapter 8 expand

    Advance Medical Directives: Living Wills, Durable Powers of Attorney, and Other Health Care Directives

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    Danielle Hansen, Esq., Epstein & O'Donovan LLP
    Miles C. Hunt, Esq., Epstein & O'Donovan LLP

    Exhibit 8A

    - Sample Advance Health-Care Directive (Maine Hospital Association) Buy Form
    Chapter 9 expand

    Estate Planning for Retirement Benefits

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    Hon. Stephen D. Nelson,

    Exhibit 9A

    - Uniform Lifetime Table and IRA Required Minimum Distribution Worksheet Buy Form

    Exhibit 9B

    - Sample Basic Beneficiary Designation Buy Form

    Exhibit 9C

    - Single Life Table Buy Form

    Exhibit 9D

    - Distribution Period Buy Form
    Chapter 10 expand

    Basic Strategies to Preserve and Protect the Family Business

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    Timothy P. Benoit, Esq., Perkins Thompson PA
    Chapter 11 expand

    MaineCare and Creditor Protection Trusts

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    Patricia A. Nelson-Reade, Esq., Nelson-Reade Law Office, PC
    Chapter 12 expand

    Marital Agreements

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    Abigail King Diggins, Esq., LeBlanc & Young, PA

    Exhibit 12A

    - Premarital Agreement Buy Form

    Exhibit 12B

    - Postnuptial Agreement Buy Form

    Exhibit 12C

    - Joint Declaration Buy Form

    Exhibit 12D

    - Affidavits Buy Form

    Exhibit 12E

    - Checklist for Testing the Enforceability of a Maine Premarital Agreement Buy Form
    Chapter 13 expand

    Estate Planning for Nontraditional Families

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    Kate L. Geoffroy, Esq., Nelson-Reade Law Office, PC

    Exhibit 13A

    - Summary of Key Revisions to the Social Security POMS Concerning Windsor and Obergefell Decisions Buy Form
    Chapter 14 expand

    Planning for Incapacity

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    Miles C. Hunt, Esq., Epstein & O'Donovan LLP
    Tracy M. Nale, Esq., Nale and Nale Law Offices

    Exhibit 14A

    - Language Defining Incapacity Buy Form

    Exhibit 14B

    - Durable General Power of Attorney Buy Form

    Exhibit 14C

    - Sample Revocation of Durable Power of Attorney Buy Form

    Exhibit 14D

    - Additional Resources Buy Form
    Chapter 15 expand

    Estate Planning for Same-Sex Couples: Selected Issues

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    Emily White, Esq., Preti Flaherty Beliveau & Pachios LLP
    Chapter 16 expand

    Postmortem Estate Planning

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    Philip C. Hunt, Esq., Perkins Thompson PA

    Exhibit 16A

    - Checklist for Disclaimers Buy Form

    Exhibit 16B

    - Disclaimer of Survivorship Interest in Joint Property and of Powers as Beneficiary and Trustee of Trust Buy Form

    Exhibit 16C

    - Disclaimer of an Interest in Real Estate Buy Form
  • Editors & Authors

    Editor(s)

    Philip C. Hunt, Esq., Perkins Thompson PA, Portland

    Author(s)

    Timothy P. Benoit, Esq., Perkins Thompson PA, Portland
    Sarah B. Coburn, Esq., McCandless & Coburn LLC, Portland
    Bryan M. Dench, Esq.,
    Abigail King Diggins, Esq., LeBlanc & Young, PA, Portland
    Kate L. Geoffroy, Esq., Nelson-Reade Law Office, PC, Portland
    Danielle Hansen, Esq., Epstein & O'Donovan LLP, Portland
    Miles C. Hunt, Esq., Epstein & O'Donovan LLP, Portland
    Philip C. Hunt, Esq., Perkins Thompson PA, Portland
    Jeffrey W. Jones, Esq., Jones, Kuriloff & Sargent LLC, Ellsworth
    Marianna W. Putnam Liddell, Esq., Pierce Atwood LLP, Portland
    Tracy M. Nale, Esq., Nale and Nale Law Offices, Waterville
    Hon. Stephen D. Nelson, Houlton
    Patricia A. Nelson-Reade, Esq., Nelson-Reade Law Office, PC, Portland
    Kenleigh A. Nicoletta, Esq., R. M. Davis Private Wealth Management, Portland
    Lauren B. Weliver, Esq., Lanman Rayne, Portland
    Emily White, Esq., Preti Flaherty Beliveau & Pachios LLP, Portland
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