Prepared by Jody A. Cohen Press & William S. Forsberg
An irrevocable trust serves many purposes, including the removal of property from the settlor’s taxable estate and the protection of inherited property from creditors of family members. The purposes served by such trusts are limited only by the imagination and creativity of the planner. As of January 1, 2020, another purpose for an irrevocable trust that owns life insurance is to replace inherited IRA assets lost to income in respect of a decedent (IRD) taxes pursuant to the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 (Pub. L. 116-94, Title V, § 401). The SECURE Act, inter alia, compressed the time period over which certain beneficiaries must take inherited IRA distributions. Life insurance, when properly owned by the trustee of an irrevocable trust, is received estate and income tax-free and can be a replacement for assets lost to IRD taxes.
The Irrevocable Life Insurance Trusts (ILIT) Annotated Document with eFormbook was drafted by experienced attorneys, to provide practitioners with valuable insight about when and how to use this estate planning tool. It includes detailed annotations which outline drafting rational, primary sources of law, and multiple alternate clauses, allowing drafters to create and customize the ILIT to best meet their client’s needs.
The companion eFormbook gives practitioners a head start at drafting by providing the form(s) in an unannotated format that can be downloaded and customized for clients.
Introduction and General Comments
Irrevocable Trust Which May Hold a Single Life Insurance Policy
Irrevocable Trust Which May Hold a Second-to-Die Life Insurance Policy
Crummey Withdrawal Notice Letters
Companion eFormbook
Your annotated manual provides instructions for accessing the eFormbook.
$95
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Annotated Documents are expertly drafted legal forms and documents containing annotations and helpful commentary by expert attorneys. You'll receive drafting rationales and insights from the author, along with practice tips and citations to pertinent authority. Checklists and sample language also may be provided.
Each Annotated Document comes with a companion eFormbook which is accessible through your account on the Minnesota CLE website. The eFormbook contains the unannotated version of the documents included in the manual. Don’t scan or retype the documents found in the annotated manual – save time by simply downloading the documents and fine-tuning them to suit your needs!
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Once I’ve purchased an Annotated Document that includes an eFormbook, how do I access it?
Access the eFormbook through your account on the Minnesota CLE website under My Account > eResources & Publications.
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Will I always have access to my Annotated Document eFormbook?
Yes, you will always have access to the eFormbook. Even if we publish an updated Annotated Document, you will still have access to the eFormbook you purchased originally. If you purchase the updated Annotated Document, you will have access to the most up-to-date eFormbook.
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Can I download the forms in my eFormbook?
Yes, and we recommend that you download all of the forms in your eFormbook so you can use them without Internet access.
