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Irrevocable Life Insurance Trust For Children/Grandchildren (No Surviving Spouse Of Insured) (27 Pages)

$ 59.00
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This is an irrevocable trust created by a grantor and funded (primarily or exclusively) by life insurance policies. The trust will be the owner and beneficiary of the life insurance policies. The intent of this trust is to remove life insurance policies from the grantor’s taxable estate if the grantor lives three years after transferring the policies to the trust – unless the trust owns the policies from their inception, in which case there is no issue with the three year look-back rule. This trust is for the benefit of the grantor’s children. The trust contains Crummey powers (Article 7 A) to enable the grantor’s payment of the life insurance premiums to qualify for the present interest gift tax exclusion. Article 7 C contains the major dispositive provisions, i.e. the trust is divided into separate shares for the grantor’s children to be received outright at age 35. If a child has not yet attained age 35, the child’s share is held in trust until that time, with payments of income and principal within the discretion of the trustee. Of course, the age can be varied, or removed if desired. Note also the provisions of Article 7 C 4, which address S corporation ownership and provide a qualifying trust arrangement, should such an arrangement become necessary.



Steven G. Siegel is president of The Siegel Group, which provides consulting services to attorneys, accountants, business owners, family offices and financial planners. Based in Morristown, New Jersey, the Group provides services throughout the United States. Mr. Siegel is the author of many books, including: The Grantor Trust Answer Book (2012 and 2013 CCH); CPA’s Guide to Financial and Estate Planning (AICPA 2012); and Federal Fiduciary Income Taxation (Foxmoor 2012). In conjunction with numerous tax planning lectures he has delivered for the National Law Foundation, Mr. Siegel has prepared extensive lecture materials on the following subjects: Planning for An Aging Population; Business Entities: Start to Finish; Preparing the Audit-Proof Federal Estate Tax Return; Business Acquisitions: Representing Buyers and Sellers in the Sale of a Business; Dynasty Trusts; Planning with Intentionally-Defective Grantor Trusts, Introduction to Estate Planning; Intermediate-Sized Estate Planning; Social Security, Medicare and Medicaid: Explanation and Planning Strategies; Subchapter S Corporations: Using Trusts as Shareholders; Divorce and Separation: Important Tax Planning Issues; The Portability Election; Generation-Skipping Transfer Tax: A Comprehensive Review; and many other titles. Mr. Siegel has delivered hundreds of lectures to thousands of attendees in live venues and via webinars throughout the United States on tax, business and estate planning topics on behalf of numerous organizations, including The Heckerling Institute on Tax Planning, CCH, National Law Foundation, AICPA, Western CPE, the National Society of Accountants, the National Tax Institute, Cohn-Reznick, Professional Education Systems, Inc., Foxmoor Education, many State Accounting Societies and Estate Planning Councils as well as on behalf of private companies. He is presently serving as an adjunct professor of law in the Graduate Tax Program (LLM) of the University of Alabama, and has served as an adjunct professor of law at Seton Hall and Rutgers University law schools. Mr. Siegel holds a bachelor’s degree from Georgetown University (magna cum laude, phi beta kappa), a juris doctor from Harvard Law School and an LLM in taxation from New York University Law School.

You may also be interested in the following form(s) and/or downloadable books:

Irrevocable Life Insurance Trusts: Practical Planning And Drafting (85-Page Book)

Irrevocable Life Insurance Trusts: Practical Planning And Drafting (85-Page Book)
$ 39.00



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