FAQs2019-09-14T15:21:08+00:00
IS FORE! TRUST SOFTWARE GOING AWAY?2022-07-22T20:40:07+00:00

Fore! Trust software will no longer be selling new subscriptions as of August 1, 2022. Fore! Trust however will continue to support and update the existing software for our current active customers.

WHY IS FORE! TRUST SOFTWARE BEING DISCOUNTINUED?2022-07-22T20:39:32+00:00

Fore! Trust software and the legal templates it is built around continues to be actively used by a large number of users but unfortunately it has become increasingly difficult to maintain and market a desktop version.   While we will continue to support the desktop software for some time for existing users, we have shifted our focus to continuing to support and enhance our legal templates for our sister company, ADAPT, who provides a cloud-based version based on the Fore! Trust software.  The cloud-version is a much better platform for us to build on and we will be better positioned in working with ADAPT to deliver the type of functionality requests we have gotten from our customers.

DOES ADAPT HAVE ALL OF THE SAME CONTEN AS FORE! TRUST SOFTWARE?2022-07-22T20:38:40+00:00

Yes!  All of the Fore! legal templates found in our Trusts and Wills product have been available on the ADAPT system for some time and as of August 1, 2022 all of the Irrevocable products content will be available as well.

HOW OFTEN IS THE ADAPT SOLUTIONS UPDATED?2022-07-22T20:37:52+00:00

The ADAPT software is updated on an as needed basis with updates and fixes going out several times a month.   While the frequency may vary for any given period, depending on update needs, ADAPT published 15 releases in the first half of 2022.

WHAT SOURCES ARE USED TO UPDATE THE SOLUTIONS?2022-07-22T20:36:36+00:00

ADAPT regularly monitors various legislative feeds and state bar association sources in determining what needs to be updated.  Equally important ADAPT regularly gets feedback and input from its customers about upcoming changes in law or practice they may impact the product.

WHAT ARE THE MAIN DIFFERENCES/BENEFITS OF ADAPT RELATIVE TO FORE! TRUST?2022-07-22T20:35:22+00:00

There are several key benefits of ADAPT relative to Fore! Trust

  • It’s cloud-based – so you don’t have to worry about updates and getting to run on your computer AND you can access it anywhere from any computer.
  • It’s client-centric – it’s built around a client-database and that means you don’t have to rekey data and its easier to track client engagements and history.
  • It leverages your client’s input – ADAPT has solutions that have customizable client questionnaires you can use in your practice to fully document your client input as well as to further automate the document creation process.

 

You can learn more about ADAPT software at their website – adatpdocs.com. If you want to learn more about the various ADAPT product offering and solutions, you can check out the Products and Pricing page on the site.  It’s located at https://adaptdocs.com/adapt-solutions

WHO IS ADAPT?2022-07-22T20:34:25+00:00

ADAPT is ADA Platform Technology.   It is a Texas, Limited Liability Company headquartered in the Woodlands, Texas.  The executive team running the company has significant experience in delivering software and cloud-based solutions for estate planners and attorneys.   This includes: Dennis Fox (from Fore! Trust software),  Mark Hevrdejs (previously from WealthCounsel, WoltersKluwer, CCH) and Tom Cimino (Turnkey Estate Planning).

WHERE CAN I GO TO LEARN MORE ABOUT ADAPT PLATFORM?2022-07-22T20:33:57+00:00

You can learn more about ADAPT software at their website – adaptdocs.com

If you want to learn more about the various ADAPT product offering and solutions you can check out the Products and Pricing page on the site.  It’s located at https://adaptdocs.com/adapt-solutions

CAN I USE MY FORE! ANSWER FILES WITH ADAPT?2022-07-22T20:32:50+00:00

Yes, to an extent.   You can upload individual files or bulk upload multiple files to your ADAPT application. The ADAPT system will extract all of the client contact information from them (approximately 30 data fields for each client that are used in managing client data on the system) so that you can quickly access client data on the system.  Specific legal and format selections that may have been stored within the answer file cannot be brought forward into the new system, however.

DOES THE REVOCABLE TRUST WORK AS A “NFA TRUST”?2019-09-14T15:28:34+00:00

A revocable living trust will not be valid “gun trust” under the National Firearms Act; however, our software gives you the option to prepare a “stand-alone” NFA Gun Trust.

WHAT IS THE PURPOSE OF THE IRA BENEFICIARY TRUST?2019-09-14T15:29:08+00:00

Naming a trust as the designated beneficiary of a client’s IRA has several very important advantages over directly naming the beneficiaries. First, the beneficiary may be a minor, not prudent with money, have marital or creditor issues, or may be disabled. Second, if the beneficiary dies before distribution, the contingent beneficiaries may not be correct. Third, the beneficiary may intentionally or unintentionally withdraw the IRA. However, naming the client’s revocable living trust as the beneficiary, even with the appropriate “conduit-trust” language, may create issues with the operative age for the “stretch-out” of the required minimum distributions. In 2005, the IRS issued Private Letter Ruling 200537044 (the “PLR”) that approved a new type of revocable trust created solely to be the beneficiary of an IRA account. As a result of this PLR, it is now possible for your clients to create a stand-alone trust which provides maximum protection and flexibility.

This IRA Beneficiary Trust® insures that your client’s beneficiaries (those who will receive the IRA’s after the client’s death) “stretch-out” their taxable, required minimum IRA distributions over a much longer period of time; with this trust, the age of each beneficiary becomes the operative age for that beneficiary’s required minimum distribution. And, if they do it right, the IRAs can continue to compound for many years income-tax free – – and may literally grow to be worth millions of dollars! This type of trust is also called an IRA trust, a standalone IRA trust, an IRA stretch trust or an IRA protection trust.

If children and grandchildren who inherit IRA funds keep the funds in the IRA for their lifetime and only take the required minimum distributions each year (the “stretch-out”), the amount of wealth that can be retained in the family is very significant. For example, with a $100,000 IRA account and an annualized 8% return: for a 35 year old beneficiary, the total benefit is $1,228,630 and for a 10 year old beneficiary, the total benefit is $5,363,512!

This benefit is obtained only if the beneficiary retains the inherited funds inside the IRA account; if the child (for example) is named as the beneficiary and terminates the IRA account, the benefit is lost. The IRA Beneficiary Trust® can insure the stretch-out and can provide the maximum benefit. Even without the normal thought process of a younger beneficiary of “getting everything now”, a beneficiary may not be aware of the tax rules or of the distribution choices, and may allow the IRA to be terminated.

Further, even if the beneficiary retains the IRA account, the account may be reached by creditors or be required to be “spent-down” for governmental entitlements. One of the big advantages to the IRA Beneficiary Trust® is the option to give a “Trust Protector” the right to elect out of a straight “conduit-trust” (i.e., where the MRD must be paid to the beneficiary on an annual basis) to a fully discretionary “accumulation trust” (i.e., where the trustee can hold the beneficiary’s MRD inside the trust). This election must be made, if at all, by September 30 of the year following the client’s death. Making this election may result in a shorter “stretch-out” because the age of the oldest “possible beneficiary” must be used (the Trust Protector is also given the power to limit such possible beneficiaries to minimize this issue); however, having this option to elect between the different forms of trusts provides the flexibility to consider all factors known at the time of death and up to the election deadline (e.g., creditor problems, disability, etc.) which may greatly out-weigh the potential increase in the income tax costs.

WHAT IS YOUR PRIVACY POLICY?2019-09-14T15:32:55+00:00

All requested contact information is strictly for internal use. We take your privacy very seriously; any information you provide us will never be given, sold or transferred to any other company, organization or entity. If, at anytime, you receive an e-mail from us and you do not wish to receive any e-mails in the future, simply reply to the e-mail with the word “Remove” in the subject or the body of the message and you will be immediately removed from our database. All personal information is transmitted to our SSL secure server utilizing latest and most secure encryption technology. Your privacy is guaranteed!

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