By Ilana Plotkin Schauer, Partner / Head of Litigation
And Andy Schauer, Partner / Head of Transaction Law & Estate Planning
Building an estate plan is a process of translation: taking the life you’ve built and translating it into a secure legal structure.
At Schauer Law Group, we ensure your legacy—creative, financial, and personal—is protected through a precise, three-part system.
PART 1: GATHERING THE PIECES (THE INFORMATION PHASE)
The foundation of every secure plan is a clear-eyed look at what you own. We provide our clients with the SLG Private Client Inventory to categorize assets into 16 specific classes. For many of our clients with larger estates, 'thinking of everything' becomes approachable when we break it down into manageable segments:
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Tangible and Liquid Assets: Real estate, household valuables, vehicles, and standard banking.
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The Creative Engine: For our creators, we focus specifically on IP and Royalties. This ensures we aren't just protecting 'money,' but the ongoing streams of income generated by your intellectual property.
The Goal: This is a high-level 'financial snapshot' used to identify potential probate traps and tax exposure before they become problems.
PART 2: ARCHITECTING THE INSTRUMENT (THE ASSEMBLY PHASE)
Once the inventory is clear, we design the Trust Instrument. This is the stage where we apply the material terms that govern your legacy.
Revocable vs. Irrevocable Trusts:
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Revocable Living Trust: Offers total flexibility. You can change terms at any time. The primary goal is Probate Avoidance—ensuring your assets pass to heirs privately and immediately.
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Irrevocable Trust: Often used for advanced Estate Tax Mitigation or asset protection. Transfers are generally permanent but offer significant tax shielding.
Key Roles & Provisions:
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The Trustee: Usually you during your life, with carefully selected Successors chosen for their competence in managing your specific asset types (including IP).
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The Beneficiaries: Defining who benefits, exactly how much they receive, and the specific timing of distributions.
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Specialized Provisions: Including 'Boutique' language for the management of royalty streams and licensing rights.
PART 3: THE MECHANICAL TRANSFER (TAKING CONTROL)
A trust only works if it is 'funded.' This is the process of changing ownership titles from your individual name to your Trust. Here is how we handle the mechanics:
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Asset Category |
Transfer Mechanics |
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Real Estate |
We record a Grant Deed officially moving the property into the Trust. |
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Bank Accounts |
We provide a Certification of Trust to your bank; you keep your same checks but the owner is updated. |
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Vehicles |
We often utilize Transfer on Death (TOD) designations to ensure probate avoidance. |
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IP & Royalties |
For creators, we notify PROs or distributors via a Letter of Direction to ensure income flows to the Trust. |
PART 4: THE LIVING INSTRUMENT (MANAGEMENT & TRANSITION)
Your trust is a functional tool used throughout your life. During your life, you maintain full control as Trustee. If you become incapacitated, your Successor Trustee steps in without the need for a court conservatorship.