The Irrevocable Life Insurance Trust: Forms with Drafting Notes
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This best-selling volume in the Insurance Counselor series guides you through one of the most fundamental aspects of sophisticated estate planning - drafting and setting up an Irrevocable Life Insurance Trust. Now completely updated, this user-friendly primer offers a comprehensive overview of the types of insurance trusts you can draft for your clients, and includes examples of the necessary forms and a memorandum you can use in your practice.
Clear and concise, The Irrevocable Life Insurance Trust will help you protect your clients' estate and assets from taxation. It differentiates between the two types of trusts you may use, identifying the best one that will work for your client. The book contains these sample forms:
- Single Life Policy Trust: Intended to primarily benefit the insured's spouse and children
- Survivorship Policy Trust: Meant to serve as a long term, generation-skipping "dynasty" trust for the benefit of children and future descendants
Accompanying each of the two sample forms are:
- Notes to Drafter Section: Alerts you to special problems associated with planning and drafting
- Clear Outline: Written in layperson's language, this is designed to provide nontechnical guidance to your client regarding the provisions of each sample form
Finally, this primer contains both a sample memorandum to a client who has created an Irrevocable Life Insurance Trust, outlining the procedures which need to be followed by the insured/grantor and by the trustee in order to comply with the requirements of the agreement and federal tax law, and a sample transmittal letter to accompany the memorandum.
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