Oconee Estate Planning Blog

What Should I Know about Melanoma?

Melanoma usually presents as asymmetrical or rough-looking moles that aren’t defined by a border. A spot on the skin that continues to grow in size or change is another indication, and a once-monthly body scan is an easy way to keep track of any of these concerning characteristics. However, there are also some more unusual signs that could signal the presence of the skin cancer.

“Melanoma is such a rule breaker,” says Elizabeth Buchbinder, M.D., an oncologist at the Dana-Farber Cancer Institute in Boston and an assistant professor at Harvard Medical School told AARP in the article titled “4 Warning Signs of Melanoma That Are Easy to Miss.” The doctor notes that “little moles can cause big trouble, and new spots can grow and spread quickly, and so knowing what to look out for, it’s super important.” AARP gives us four warning melanoma signs to know about so no spot goes unnoticed.

1. The “Ugly Duckling.” Folks with a lot of moles are at increased risk for melanoma, but don’t start counting your spots or panicking over every mark on your body. Rather, you should pay attention to the moles that stand out — those that are darker than the rest, have changed recently or are more oddly shaped. The doctor calls these “ugly ducklings.”

“If you have a bunch of dark moles, but you have 50 of them, they’re not all melanomas,” Dr. Buchbinder says. “But if you have one mole that really looks different than the others, and it’s kind of that ugly duckling, that’s the one that you really want to get looked at and checked.”

2. “Where the sun don’t shine.” Most melanomas are thought to be caused by ultraviolet (UV) light. However, not all of them come from sun exposure. Melanoma can develop anywhere on the body, including in places where the sun doesn’t shine—the soles of your feet or the palms of the hand. It can also appear as a dark streak under a fingernail or toenail. Although it’s rare, melanoma can also develop on the eye, inside the mouth, or on the scalp.
3. Red, white, and blue hues. This cancer is often depicted as dark-brown moles, but it can actually present in a variety of colors. The cancer may have a blue tint to it, from deeper pigmentation, or it can appear red, the result of an immune response. In addition, melanoma can also look like a rash and take on a pink hue. When the spot doesn’t get better with creams and other treatments that normally treat a rash, go see your doctor. Another sign of a melanoma can be lack of color. Some of these cancerous spots lose their pigmentation completely or partially, leaving a halo of white around a darker spot.
4. Bleeding or Itching Skin Spots. If a mole on your body starts to itch or becomes more painful or tender, go see a doctor. Likewise, if the surface of a mole changes, such as oozing or bleeding, or if it becomes scalier and doesn’t heal on its own.

Preventing Melanoma. You should wear sun-protective clothing and UV-blocking sunglasses, and use plenty of sunscreen to help prevent melanoma. Plus, those on certain blood pressure medications, including diuretics such as hydrochlorothiazide and calcium channel blockers such as nifedipine, for example, need to be extra cautious when spending time outside. However, because not all skin cancers are caused by sun exposure, frequent skin checks are also a critical role in prevention.

Reference: AARP (July 9, 2021) “4 Warning Signs of Melanoma That Are Easy to Miss”

Suggested Key Terms: Senior Health, Melanoma

How Do Taxes Work If I Live in One state and My Spouse Another?

It’s not uncommon for one spouse to retire while the other spouse continues to work. It’s also not uncommon for a couple to own a home in two states (think primary residence and vacation home or cabin). Dick, the retired spouse in our example, stays in their Florida home more frequently than his wife, Jane, because of her job. She’s still in New Jersey. Dick’s now in Florida about half the year. He has a deferred salary he earned while working back in the Garden State, and it will be paid out annually over the next eight years. Dick will be required to pay federal and New Jersey income tax no matter where he lives, and he says he’s okay with paying his fair share. Should Dick become a Florida resident and what happens if Jane stays a New Jersey resident?

NJ Money Help’s recent article entitled “What happens to taxes if I move to Florida and my wife stays in N.J.?” says that the primary reasons why people change their resident state are taxes and retiring from their employment. Based on Dick’s willingness to continue to report his deferred income as a New Jersey source and pay New Jersey taxes, he should have no problem claiming Florida as his domicile if he takes the proper steps.

A domicile is the place you consider to be your permanent home, even if you may have multiple residences. Besides the test of your presence in a state, the other major factors in establishing a change in domicile are demonstrating intent to remain in the new state and to abandon your former domicile. These are more difficult to prove than physical presence. There’s also no one factor that tax authorities consider conclusive.

Since Jane will remain a New Jersey resident, Dick will have to plan carefully to prove his intentions. Some of the steps might include:

• Transferring voter registration and voting in local elections in the Sunshine State
• Changing the address on personal bank and investment accounts
• Changing his driver’s license, car license, and registration
• Establishing relationships with professionals, such as doctors or accountants, in Florida; and
• Updating his legal documents such as wills, trusts, powers of attorney and living wills with Dick’s Florida address.

While no one thing will make or break Dick’s domicile claim, taxpayers are wise to provide as much evidence as possible to tax authorities. Although income taxes aren’t the primary reason for claiming Florida as his domicile, most taxpayers are motivated to change their domicile to a state with a lower tax or no tax rate like Florida. The state a taxpayer leaves, such as New Jersey, will focus on clear and convincing facts that support Florida as Dick’s new domicile state.

As for tax reporting, when it comes time to file Dick’s tax return, he has the ability to change his domicile to Florida while Jane continues to work in New Jersey and claim New Jersey as her domicile. They can continue to file a joint federal tax return, but Dick would then file separately for New Jersey state purposes.

Reference: NJ Money Help (Aug. 12, 2021) “What happens to taxes if I move to Florida and my wife stays in N.J.?”

Suggested Key Terms: Estate Planning Lawyer, Wills, Power of Attorney, Healthcare Directive, Living Will, HIPAA Waiver, Probate Attorney, Tax Planning

Is Assisted Living or Memory Care a Better Choice?

Forbes’ recent article entitled “Assisted Living vs. Memory Care: Which Is Right for You?” explains that assisted living is a long-term care facility that lets seniors remain independent, while providing help with daily tasks. It often provides a small apartment, housekeeping, community meals and activities.

It’s critical to thoroughly review the support needs and challenges facing the person you’re supporting and to try to look honestly at what’s working and what’s not.

The best candidate for assisted living is a person who needs assistance with their activities of daily living but still has their reasoning skills intact. Residents can enjoy socialization and activities with people their own age. This helps with isolation after spouses and friends are no longer with them.

Assisted living residents frequently require personal care support. However, these seniors are able to communicate their needs. Residents may receive help with taking medicine, bathing, toileting and other activities of daily living, or ADLs.

Memory care facilities are secured facilities that serve the needs of those with some form of dementia. These facilities typically have smaller bedrooms but more available, open and inviting common spaces. Research shows the way memory care facilities are designed can be helpful in easing the stressful transition from home to a long-term care community. This includes softer colors, a lack of clutter and clear signage.

Confusion and memory loss can cause anxiety. That’s why having a predictable routine can help. As dementia progresses, a patient may forget how to do normal activities of daily living, such as brushing their teeth, eating, showering and dressing. Memory care facilities ensure that these needs are met.

A memory care facility typically has a smaller staff-to-patient ratio because an individual suffering from dementia has greater care needs. Staff will frequently undergo additional training in dementia care.

A memory care facility isn’t always a standalone community. Assisted living or skilled nursing homes may have a separate memory care wing where seniors get the same socialization and activities but with 24/7 protection.

If possible, having both options in one facility can be a plus because the person can start in a less restrictive type of setting in assisted living with the option to transition to memory care as needs, abilities and interests are changed by the condition.

Both types of care have some autonomy but help with hygiene and medication management. However, staff in a memory care unit is specifically trained to work with people with cognitive impairments.

Reference: Forbes (Aug. 16, 2021) “Assisted Living vs. Memory Care: Which Is Right for You?”

Suggested Key Terms: Elder Law Attorney, Long-Term Care Planning, Assisted Living, Nursing Home Care, Disability, Elder Care, Caregiving, Dementia, Alzheimer’s Disease

What Exactly Is a Trust?

MSN Money’s recent article entitled “What is a trust?” explains that many people create trusts to minimize issues and costs for their families or to create a legacy of charitable giving. Trusts can be used in conjunction with a last will to instruct where your assets should go after you die. However, trusts offer several great estate planning benefits that you don’t get in a last will, like letting your heirs to see a relatively speedy conclusion to settling your estate.

Working with an experienced estate planning attorney, you can create a trust to minimize taxes, protect assets and spare your family from going through the lengthy probate process to divide up your assets after you pass away. A trust can also let you control to whom your assets will be disbursed, as well as how the money will be paid out. That’s a major point if the beneficiary is a child or a family member who doesn’t have the ability to handle money wisely. You can name a trustee to execute your wishes stated in the trust document. When you draft a trust, you can:

• Say where your assets go and when your beneficiaries have access to them
• Save your beneficiaries from paying estate taxes and court fees
• Shield your assets from your beneficiaries’ creditors or from loss through divorce settlements
• Instruct where your remaining assets should go if a beneficiary dies, which can be helpful in a family that includes second marriages and stepchildren; and
• Avoid a long probate court process.

One of the most common trusts is called a living or revocable trust, which lets you put assets in a trust while you’re alive. The control of the trust is transferred after you die to beneficiaries that you named. You might want to ask an experienced estate planning attorney about creating a living trust for several reasons, such as:

• If you’d like someone else to take on the management responsibilities for some or all of your property
• If you have a business and want to be certain that it operates smoothly with no interruption of income flow, if you die or become disabled
• If you want to shield assets from the incompetency or incapacity of yourself or your beneficiaries; or
• If you want to decrease the chances that your will may be contested.

A living trust can be a smart move for those with even relatively modest estates. The downside is that while a revocable trust will usually keep your assets out of probate if you were to die, there still will be estate taxes if you hit the threshold.

By contrast, an irrevocable trust can’t be changed once it’s been created. You also relinquish control of the assets you put into the trust. However, an irrevocable trust has a key advantage in that it can protect beneficiaries from probate and estate taxes.

In addition, there are many types of specialty trusts you can create. Each is structured to accomplish different goals. Ask an experienced estate planning attorney about these.

Reference: MSN Money (July 9, 2021) “What is a trust?”

Suggested Key Terms: Estate Planning Lawyer, Probate Court, Inheritance, Asset Protection, Will Contest, Trustee, Revocable Living Trust, Irrevocable Trust, Probate Attorney, Estate Tax

Do I Need Witnesses for a Power of Attorney?

A power of attorney (POA) is a legal document that gives an individual (known as “the agent” or “attorney-in-fact”) the authority to act on behalf of another person (called “the principal”).

The agent can have broad legal authority or limited authority to make decisions about the principal’s property, finances, or medical care. A POA is frequently used in the event of a principal’s illness or disability, or when the principal can’t be present to sign necessary documents for financial transactions.

The types of powers of attorney include:

• Conventional, also known as a limited power of attorney;
• Durable, which lasts for a lifetime unless you cancel it;
• Springing, which only comes into play for specific events; and
• Medical, also known as a durable power of attorney for healthcare.

Each state has its own specific requirements for powers of attorney.

For example, nj.com’s recent article entitled What makes a power of attorney legal in N.J.?” says that, under New Jersey State § 46:2B-8.9, a power of attorney must be in writing, duly signed and acknowledged, and notarized. The acknowledgement may be taken by an authorized individual in the state of New Jersey or in any other state or foreign jurisdiction. In the Garden State, there’s no witness requirement for a power of attorney.

Also, New York’s power of attorney statute requires two witnesses.

Many financial institutions examine the POA for witnesses and will question a document without a witness.

So if the validity of a POA is called in question, a witness would be needed to swear that he or she saw the maker of the POA execute the instrument as their own act, therefore.

So even if witnesses aren’t required, it’s wise to have a witness on the power of attorney.

Regardless, do not go it alone. Engage the services of an experienced estate planning attorney admitted to practice law in your state.

Reference: nj.com (Aug. 2, 2021) : What makes a power of attorney legal in N.J.?”

Suggested Key Terms: Elder Law Attorney, Estate Planning, Power of Attorney

What are My Best Estate Planning Moves?

Tickertape’s recent article “5 Estate Planning Tips That Aren’t Just for the Wealthy” explains that a common misconception is that estate planning isn’t necessary if your estate assets amount to less than the 2021 federal estate tax exemption of $11.7 million per individual.

But most of us can benefit from estate planning. This can help protect your assets for your heirs. Estate planning includes creating a last will or revocable living trust, making certain that you have the right beneficiaries, and creating a health care directive. Creating a solid estate plan can decrease the odds that your family will have to deal with a problematic probate and reduce the amount of money because of unneeded taxes.

Create a Will. A last will is one way to let people know how you want your assets taken care of after you die. Plus, a last will should include information about who should act as guardians for minor children and care for any pets. Talk to an estate planning attorney about the specific laws for probate to make sure you do it correctly.

Name Your Beneficiaries. Review your beneficiary designations and make sure they’re up to date. When there’s a major life change, you should look at your beneficiary designations (e.g., life insurance and retirement funds), update your last will, and make sure everything matches. This includes charities as well as individuals. There are estate planning strategies designed to help you pass your assets on, but none of these will help if you don’t have your beneficiaries properly designated and assets aligned with your estate plan.

Ask Your Attorney About a Trust. A fully funded revocable living trust can be great tool to pass your assets on while potentially helping your heirs avoid probate. There are many different types of trusts that can be used to provide a variety of benefits. Much depends on your situation, so work with an experienced estate planning attorney.

Power of Attorney. Estate planning also includes documents in the event you become incapacitated. Signing a power of attorney allows an agent to make decisions on your behalf if you’re incapacitated. Find a person you trust to handle these decisions and have an estate planning attorney prepare the legal documents to ensure that everything is correct.

Think About Giving Now. You don’t need to wait until you’re gone to provide resources to your family. In 2021, you can give up to $15,000 to each recipient without paying the gift tax. If you’re married, each spouse can give $15,000. When you give to charity now, instead of waiting until you pass, you may claim a tax deduction, whether you donate directly, give stock, or set up a donor-advised fund. This allows you to benefit now—along with your beneficiaries.

Reference: Tickertape (June 25, 2021) “5 Estate Planning Tips That Aren’t Just for the Wealthy”

Suggested Key Terms: Estate Planning Lawyer, Wills, Intestacy, Probate Court, Inheritance, Capacity, Guardianship, Trusts, Revocable Living Trust, Irrevocable Trust, Power of Attorney, Healthcare Directive, Living Will, Gift Tax, Probate Attorney, Estate Tax, Beneficiary Designations, Life Insurance, Donor-Advised Fund

What Upgrades Can I Make to ‘Age in Place’?

With our aging population, we need more solutions to help seniors live well. That’s where universal design comes in: it’s a concept that tries to make products and structures usable by everyone, regardless of age, ability, or other factors.

Money Talks News’s  article entitled “8 Essential Home Features for Aging in Place” says that aging in place requires homes that accommodate our needs as we age. The article sets out a list of eight design features buyers focused on accessibility are looking for based on survey data from the National Association of Home Builders’ 2021 “What Home Buyers Really Want” report.

8. Lower countertops. The kitchen is the center of most homes, and it’s an important part of universal design. Countertops that are three inches lower than the standard height of 36 inches lets seniors and those with limited mobility to fully participate in meal prep. You can round all countertop edges and corners because fewer 90-degree angles may reduce bumping and bruising and minimize injury in the event of a fall.
9. Lower kitchen cabinets. According to Aging in Place, upper kitchen cabinets that are three inches lower than standard height lessens the tendency to overreach and potentially lose balance. Lower cabinets that feature pull-out shelves, “lazy Susan” corner cabinets and easy-pull handles offer additional convenience for seniors and those who rely on a wheelchair or mobility scooter.
10. Bathroom aids. For seniors, using the bathroom safely can a challenge. Aging-in-place design recommends these features to make bathrooms more practical and convenient:

• A walk-in tub or a shower with non-slip seating
• An adjustable or hand-held showerhead
• A comfort-height toilet
• Ground-fault interrupter (GFI) outlets that reduce the risk of shock; and
• Grab bars near the toilet and shower.

5. A Stepless entrance. To age in place safely, AgingCare recommends that a home’s main entrance not have steps and should have a threshold height of no more than a half an inch. Here are a couple of ways that an entryway without steps can make life better for seniors:

• It facilitates smooth entrance/exit by wheelchair, scooters, or walker
• It decreases the risk of falls, particularly in snowy or icy conditions; and
• It makes it easier to get deliveries and enter the home carrying groceries.

4. Non slip floors. According to the CDC, more than 35 million older adults fell at least once in 2018, and 32,000 died from fall-related injuries. To help, non-slip surfaces like low-pile carpet, cork and slip-resistant vinyl can minimize the risk.
5. Wide hallways. Wide hallways (defined as at least four feet wide) let seniors access every space in their home with a walker, wheelchair, or scooter, or with the assistance of a home health aide.
6. Wide doorways. A standard doorway can be as narrow as 24 inches, which is a tight fit for seniors who rely on wheelchairs, scooters, or walkers. Seniors like wide doorways, defined as at least three feet wide. According to the ADA, doorways should have at least 32 inches of clear width. To help with an easy transition from room to room, thresholds should be as flush to the floor as possible.
7. Full bath on main level. Not just convenient, it’s a critical safety feature for seniors. Besides eliminating the need to go up and down stairs several times a day, main floor bathrooms also allow the elderly to (i) respond to incontinence issues more quickly; (ii) practice regular self-care; and (iii) access a private space when required.

Reference: Money Talks News (Aug. 5, 2021) “8 Essential Home Features for Aging in Place”

Suggested Key Terms: Disability, Elder Care, Aging in Place

Checklist for Estate Plan’s Success

We know why estate planning for your assets, family and legacy falls through the cracks. It’s not the thing a new parent wants to think about while cuddling a newborn, or a grandparent wants to think about as they prepare for a family get-together. However, this is an important thing to take care of, advises a recent article from Kiplinger titled “2021 Estate Planning Checkup: Is Your Estate Plan Up to Date?

Every four years, or every time a trigger event occurs—birth, death, marriage, divorce, relocation—the estate plan needs to be reviewed. Reviewing an estate plan is a relatively straightforward matter and neglecting it could lead to undoing strategic tax plans and unnecessary costs.

Moving to a new state? Estate laws are different from state to state, so what works in one state may not be considered valid in another. You’ll also want to update your address, and make sure that family and advisors know where your last will can be found in your new home.

Changes in the law. The last five years have seen an inordinate number of changes to laws that impact retirement accounts and taxes. One big example is the SECURE Act, which eliminated the Stretch IRA, requiring heirs to empty inherited IRA accounts in ten years, instead of over their lifetimes. A strategy that worked great a few years ago no longer works. However, there are other means of protecting your heirs and retirement accounts.

Do you have a Power of Attorney? A POA gives a person you authorize the ability to manage your financial, business, personal and legal affairs, if you become incapacitated. If the POA is old, a bank or investment company may balk at allowing your representative to act on your behalf. If you have one, make sure it’s up to date and the person you named is still the person you want. If you need to make a change, it’s very important that you put it in writing and notify the proper parties.

Health Care Power of Attorney needs to be updated as well. Marriage does not automatically authorize your spouse to speak with doctors, obtain medical records or make medical decisions on your behalf. If you have strong opinions about what procedures you do and do not want, the Health Care POA can document your wishes.

Last Will and Testament is Essential. Your last will needs regular review throughout your lifetime. Has the person you named as an executor four years ago remained in your life, or moved to another state? A last will also names an executor for your property and a guardian for minor children. It also needs to have trust provisions to pay for your children’s upbringing and to protect their inheritance.

Speaking of Trusts. If your estate plan includes trusts, review trustee and successor appointments to be sure they are still appropriate. You should also check on estate and inheritance taxes to ensure that the estate will be able to cover these costs. If you have an irrevocable trust, confirm that the trustee is still ready and able to carry out the duties, including administration, management and tax returns.

Gifting in the Estate Plan. Laws concerning charitable giving also change, so be sure your gifting strategies are still appropriate for your estate. An estate plan review is also a good time to review the organizations you wish to support.

Reference: Kiplinger (July 28, 2021) “2021 Estate Planning Checkup: Is Your Estate Plan Up to Date?

Suggested Key Terms: Relocation, SECURE Act, Stretch IRA, Guardian, Executor, Power of Attorney, Health Care Directive, Trusts, Trustee, Estate Planning Attorney, Successor, Charitable Giving, Last Will and Testament, Inheritance Taxes

What’s a QTIP Trust?

A QTIP trust (qualified terminable interest property trust) lets a grantor provide assets in a “safe spot” for a surviving spouse but still control what happens to those assets once that surviving spouse passes away. A QTIP trust can offer financial reassurance if you’re concerned about what would happen to your spouse after you’re gone.

Yahoo Finance’s recent article entitled “How Does a QTIP Trust Work?” explains that a qualified terminable interest property trust allows one spouse to provide income for another. This type of trust can also be used to pass on assets to other beneficiaries, including children. A QTIP trust is a type of irrevocable trust, so once you transfer assets to the trust, that transfer typically can’t be reversed.

With a QTIP trust, your spouse is considered to be a lifetime beneficiary: he or she can draw on trust income for life. Those who receive the assets held in the trust once the surviving spouse passes away are called remainder beneficiaries. These may be children from a previous relationship. A surviving spouse primarily benefits from a QTIP trust because of the income he or she can get from it. The surviving spouse would have limited or no access to the underlying assets in the trust but would still benefit from any income it generates.

As far as tax benefits, a QTIP trust lets the assets qualify for the marital deduction, so any assets in the trust are excluded from your estate for tax purposes once you pass away. When the surviving spouse dies, the QTIP trust is dissolved, and the assets are transferred to the remainder beneficiaries. Then the assets held in the trust would be included in the surviving spouse’s estate for tax purposes. It’s a very attractive feature because you can use the trust to manage estate taxes for a surviving spouse. Any tax obligation owing when the surviving spouse passes away would be passed on to the remainder beneficiaries.

A QTIP might be a good option if your current marriage isn’t your first, and you have children from a previous relationship. With this trust, your current spouse won’t be financially stranded if something happens to you. Plus, you can ensure that your kids from the previous relationship inherit your assets held in the QTIP. Also, a QTIP trust might be the answer if you’re concerned about what your current spouse might do with your assets if inherited outright. This trust can ensure that your spouse is not able to use your assets in a way that goes against your wishes after you’re gone.

QTIP trusts can be wise when you’re married and have children from a previous marriage. Ask an experienced estate planning attorney about the benefits of creating a QTIP trust and how it might work in your specific situation.

Reference: Yahoo Finance (July 30, 2021) “How Does a QTIP Trust Work?”

Suggested Key Terms: Estate Planning Lawyer, Asset Protection, Probate Attorney, QTIP Trust (Qualified Terminable Interest Property Trust), Remainder Beneficiary

What are Responsibilities of Trustees and Executors?

Being a fiduciary requires putting the interest of the beneficiary over your own interests, no matter what. The person in charge of managing a trust, the trustee, has a fiduciary duty to the beneficiary, which is described by the terms of the trust. This is explained in a recent article titled “Estate Planning: Executors, executrix and personal representatives” from nwitimes.com.

Understanding the responsibilities of the trust requires a review of the trust documents, which can be long and complicated. An estate planning attorney will be able to review documents and explain the directions if the trust is a particularly complex one.

If the trust is a basic revocable living trust used to avoid having assets in the estate go through probate, duties are likely to be similar to those of a personal representative, also known as the executor. This is the person in charge of carrying out the directions in a last will.

A simple explanation of executor responsibilities is gathering the assets, filing tax returns, and paying creditors. The executor files for an EIN number, which functions like a Social Security number for the estate. The executor opens an estate bank account to hold assets that are not transferred directly to named beneficiaries. And the executor files the last tax returns for the decedent for the last year in which he or she was living, and an estate tax return. There’s more to it, but those are the basic tasks.

A person tasked with administering a trust for the benefit of another person must give great attention to detail. The instructions and terms of the trust must be followed to the letter, with no room for interpretation. Thinking you know what someone else wanted, despite what was written in the trust, is asking for trouble.

If there are investment duties involved, which is common when a trust contains significant assets managed in an investment portfolio, it will be best to work with a professional advisor. Investment duties may be subject to the Prudent Investor Act, or they may include the name of a specific advisor who was managing the accounts before the person died.

If there is room for any discretion whatsoever in the trust, be careful to document every decision. If the trust says you can distribute principal based on the needs of the beneficiary, document why you did or did not make the distribution. Don’t just hand over funds because the beneficiary asked for them. Make decisions based on sound reasoning and document your reasons.

Being asked to serve as a trustee reflects trust. It is also a serious responsibility, and one to be performed with great care.

Reference: nwitimes.com (July 18, 2021) “Estate Planning: Executors, executrix and personal representatives”

Suggested Key Terms: Personal Representative, Executor, Trustee, Investment Portfolio, Estate Planning Attorney, Principal, Beneficiary, Tax Returns, Fiduciary, EIN, Prudent Investor Act, Distribution