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The Winter 2013 Enhancement substantially expands the Domestic Asset Protection Trust (DAPT)
MADISON, Wis., March 4, 2013 /PRNewswire/ -- WealthCounsel, a nationwide collaborative organization for attorneys and wealth planning professionals, announced the first of its 2013 semiannual updates to the WealthDocx® estate planning document drafting system.
Among other improvements, the update features a robust expansion of the domestic asset protection trust (DAPT) options in the Irrevocable Trust System to include trusts created under Alaska, Nevada, and South Dakota law. (The WealthCounsel DAPT already allowed users to create a DAPT under Delaware law.) Studies consistently conclude that Alaska, Delaware, Nevada, and South Dakota have the best DAPT laws in the United States. The DAPT revision therefore facilitates greater protection of client families and enables practitioners to distinguish their services from their competitors.
"We are especially excited about the Winter 2013 Enhancement because it clearly demonstrates WealthDocx's prominent position as the most advanced estate planning drafting system on the market," said Editor-in-Chief Jason E. Havens, JD, LLM. "The semiannual update process is driven by user advisory groups comprised of expert practitioners throughout the country, and this Enhancement embodies this collaborative approach," Havens added.
Havens noted that the Winter 2013 Enhancement also features a full style review of the Limited Liability Company (LLC) System to ensure consistency with WealthCounsel's Style Guide, as well as changes to the operating agreement to enhance asset protection objectives. Other modifications include changes to WealthCounsel's flagship document, the Revocable Living Trust (RLT), including a provision to ensure that life insurance proceeds paid to an RLT don't lose their creditor-exempt status. The provision protects insurance death benefits from creditors via the probate estate claims procedure, an issue brought to light by a recent Florida case. Other additions address planning for clients' digital assets.
What sets the WealthDocx drafting system apart from other legal drafting software is the contribution of the collaborative insight and input of the thousands of estate planning attorneys in all 50 states who use the system on a daily basis. Another distinguishing characteristic is the fact that all documents are drafted in crisp, understandable, first-person, active-voice, plain English that makes documents easy to read by clients and their entire team of professional advisors. Havens recently filmed a video explaining the Winter 2013 Enhancements. Click here to view Havens's video.
About The WealthCounsel Companies
The WealthCounsel Companies equip professionals to practice with excellence and improve clients' lives through proper planning. Established in 1997, WealthCounsel® is a membership-based organization of thousands of estate and business planning attorneys and wealth professionals located in all 50 states. WealthCounsel shares ownership in ElderCounsel, is the founder of The Advisors Forum, the publisher of EstatePlanning.com, and the creator of the WealthDocx® Trust and Estate Planning Software system, the nation's leading automated drafting system for trust and estate attorneys. In spring 2013, WealthCounsel will release BusinessDocx™, a robust drafting system for attorneys engaged in business planning.
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