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Estate tax planning has, for decades, revolved primarily around maximization of the estate and gift tax applicable exclusion amount, with tax reform also focusing primarily on increases to this amount. [...]

The article discusses the trend towards the integration of estate planning and wealth management practices facing financial advisors in the midst of the COVID-19 pandemic. It examines the models that have resulted from the trend, namely the strategist model and the captive attorney model. It tackles the challenges facing advisors in using an attorney in their networks as strategists, and the economic arrangements for a captive attorney.

The article focuses on drafting standards for health and education among trust administration for the purpose of effectively maintaining discretionary distributions of principal and income of a trust in the U.S. Topics discussed include incorporation of the same among trustee or beneficiaries; limitation of the distribution scheme for health and education expenses; and striking a balance between being reactive and forward thinking.