Crummey Trusts: Irrevocable Life Insurance Trusts, Beneficiary Powers, and Notification Requirements
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will explore the benefits of Crummey trusts, Crummey powers, notification requirements, and possibly the best use of these powers--the irrevocable life insurance trust (ILIT).
Outline
- Crummey trusts
- Notification requirements
- Irrevocable life insurance trusts
- Other Crummey trusts
- IRC Sections 677 and 678
- Gift tax compliance
Benefits
The panel will review these and other vital issues:
- How an estate can benefit from an ILIT
- How to meet Crummey notification requirements
- How Crummey trusts are utilized in estate planning
- What are the most recent challenges to Crummey powers?
Faculty
Michael T. Clear
Partner, Chair Private Client Services Department
Wiggin and Dana
Mr. Clear regularly counsels clients on the far-reaching financial implications of estate planning, estate and trust... | Read More
Mr. Clear regularly counsels clients on the far-reaching financial implications of estate planning, estate and trust administration, probate litigation, and business succession planning. His estate planning practice includes assisting individuals and families in tax-efficient and practical estate and gift planning, including the preparation of wills, revocable living trusts, insurance trusts, and entities to own special family assets such as vacation homes and collections. Mr. Clear’s estate and trust administration practice often dovetails with his probate litigation experience, where he advises clients in will and trust construction cases, contested accountings, fiduciary removal proceedings, payment of unpaid claims, and conservatorship and guardianship matters. Mr. Clear also assists business owners with succession planning by presenting to family groups on business/estate planning matters and by preparing business entities, shareholders’ agreements, buy-sell agreements, and grantor-retained annuity trusts. He often facilitates the sale or purchase of business assets.
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Lawrence M. Lipoff, CPA, TEP, CEBS
Director
CohnReznick
With more than 30 years of experience, Mr. Lipoff specializes in the delivery of domestic and international private... | Read More
With more than 30 years of experience, Mr. Lipoff specializes in the delivery of domestic and international private client services to enable high net worth individuals and families to maximize their new or generational wealth. He provides strategic advice to his clients and their closely-held businesses in the areas of income tax planning and compliance, estate planning and administration services, consultation regarding formation of family trusts and philanthropic structures. He is a frequent lecturer and author of articles published through professional forums on topics that include preparation of 1040/1041 & 706/709 returns, IRA/pension distribution, domestic and international asset protection, business succession, generation-skipping transfers, S corporation and fiduciary taxation including foreign trusts, alternative minimum tax, Chapter 14, family limited partnerships, international estate planning and administration, grantor charitable lead trusts, captive insurance companies, private placement life insurance and carried interest estate planning for private equity and hedge fund principals.
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