■ Basis: Estate planning has taken on a new focus on the search for basis, i.e., maximizing the assets included in your estate (or others you select) so that the tax basis on which gain or loss is increased on death to the fair value of those assets (i.e., capital gains are eliminated).
That means they will be given the right to designate who will receive the assets of the trust. While layers of limitations can be placed on such powers they do bring increased layers of complexity.
Most folks seem to feel that once the documents are signed their good to go. If you meet your wealth manager semi-annually, at least one of those meetings should have your CPA and attorney in attendance.
Few plans will have much chance of success without periodic professional involvement.
Example: You have a highly appreciated stock portfolio worth M.
You might choose to retain those stocks in your estate so that on death the significant appreciate is eliminated by a basis step up.