Clayton Election | Estate Planning Essentials | WealthCounsel

Learn More About Estate Planning Essentials Today! https://www.wealthcounsel.com/epe A Clayton Election is made after the death of the first spouse by an independent personal representative, typically due nine months after the date of death. If extended, the personal representative would have 15 months after the decedent spouse’s death to determine the best allocation of assets between the bypass and the Qualified Terminable Interest Property (QTIP) trust. Any of the deceased spouse’s assets which are not allocated to the QTIP trust are allocated to a bypass trust. By deferring the decision of how to allocate assets until the first spouse dies, the personal representative has the ability to assess the value of the total marital estate and the needs of the beneficiaries at that time. Want to know more? Just check out the video. We break down the full meaning of a Clayton Election, while discussing ways it can be implemented and other considerations to take into account when dealing with a Clayton Election. Please like, comment, and subscribe! For more information, check out https://www.wealthcounsel.com/resourc... Follow us on social media!   / wealthcounsel     / wealthcounsel   WealthCounsel, LLC has been helping estate and business planning attorneys practice excellence for over 20 years. Membership benefits include superior estate and business planning drafting software with Wealth Docx® and Business Docx®, a vibrant community of thousands of attorneys, and thoughtful analysis on breaking news.​ Subscribe to the WealthCounsel Quarterly: https://www.wealthcounsel.com/get-mag... See How WealthCounsel Can Move Your Practice Forward: https://www.wealthcounsel.com/ Connect With Us: Facebook   / wealthcounsel   LinkedIn http://linkd.in/wealthcounsel Twitter   / wealthcounsel   Google + https://plus.google.com/u/2/110019845... #estateplanning #estateplanning101 #wealthcounsel