LLCs are not typically used as estate planning tools, as they do not provide the same tax benefits or asset protection as other estate planning vehicles.

A business succession plan is designed to ensure that the business continues to operate smoothly and successfully after the owner is no longer able to manage it.

FLPs are not typically used as business succession plans, as they are more commonly used for tax planning purposes.

The transfer of a business to a family member is typically subject to capital gains tax, which is calculated as the difference between the sale price of the business and the owner's cost basis in the business.

Joint tenancy is not typically used as an asset protection strategy, as it does not provide the same level of protection as other asset protection vehicles.

Irrevocable trusts are often used to protect assets from creditors, as the assets in the trust are no longer considered to be owned by the grantor.

GSTs are not typically considered to be irrevocable trusts, as they can be modified or terminated by the grantor under certain circumstances.

CRTs are often used to provide a tax-free gift to a charity, as the grantor is allowed to deduct the value of the remainder interest in the trust from their taxable estate.

Lead trusts are not typically considered to be charitable remainder trusts, as they do not provide a stream of income to the grantor.

GSTs are often used to transfer assets to grandchildren or other younger generations without incurring estate tax, as the assets in the trust are not included in the grantor's taxable estate.

Irrevocable life insurance trusts are not typically considered to be generation-skipping trusts, as they are used to provide life insurance proceeds to the grantor's beneficiaries.

Crummey trusts are often used to reduce the grantor's taxable estate by allowing the grantor to make annual gifts to the trust without incurring gift tax.

Marital Crummey trusts are not typically considered to be Crummey trusts, as they are used to provide a stream of income to the grantor's spouse.

Bypass trusts are often used to provide a stream of income to the grantor's spouse for a specified period of time, while also reducing the grantor's taxable estate.

Generation-skipping bypass trusts are not typically considered to be bypass trusts, as they are used to transfer assets to grandchildren or other younger generations without incurring estate tax.