Estate Planning and Life Insurance: Crafting Irrevocable Life Insurance Trusts Post-Tax Reform
ILITs for Tax Benefits, Navigating the Transfer for Value Rule and Addressing Beneficiary Designations
Recording of a 90-minute CLE webinar with Q&A
This CLE course will prepare estate planning counsel to overcome challenges in drafting irrevocable life insurance trusts (ILITs), offer approaches to navigate the application of the transfer for value rule and exceptions, and review the importance of addressing beneficiary designation issues.
Outline
- Overcoming challenges in drafting ILITs
- Pitfalls and planning for them
- How to fix them
- Tax issues
- Gift taxes
- Transfer for value
- Retained interest rules
- Estate and GST taxes
- Trustee duties and liabilities
- Crummey withdrawal power
- Drafting to serve goals of settler and trustee
- Designating Crummey power holders
- Notice
- Strategies for drafting ILITs
- Flexibility (planning for changes in circumstances)
- Terminations
- Modifications
- Drafting Crummey powers
- Transfer for value rule and exceptions
- Beneficiary designations
Benefits
The panel will review these and other priority questions:
- What impact does tax reform have on estate planning and crafting ILITs?
- What are the critical provisions in ILITs?
- What are the pitfalls when using an ILIT? What steps can be taken to overcome those pitfalls?
- What are the pitfalls to avoid in the application of the transfer of value rules and its exceptions?
Faculty
James A. Soressi
Atty
Law Office of James A. Soressi
Mr. Soressi's expertise is as a tax attorney in the practice of estate planning, business planning and estate... | Read More
Mr. Soressi's expertise is as a tax attorney in the practice of estate planning, business planning and estate administration. His focus is on creating sophisticated estate plans to minimize income, gift, estate and generation skipping taxes. Mr. Soressi has also authored numerous articles in the estate and business planning areas and has lectured extensively on these subjects across the country.
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Scott K. Tippett
Atty
Hagan Barrett
Mr. Tippett's practice focuses on wealth law, as a comprehensive and integrated approach to domestic and... | Read More
Mr. Tippett's practice focuses on wealth law, as a comprehensive and integrated approach to domestic and international estate planning, asset protection planning, business matters, and tax issues. He is the principal author of The North Carolina Wealth Law Counselor and The Wealth Lawyer, informative blogs dedicated to wealth law, estate planning, and asset protection planning issues.
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Diana S.C. Zeydel
Shareholder
Greenberg Traurig
Ms. Zeydel is the National Chair of the firm’s Trusts and Estates practice, and she focuses on estate, trust and... | Read More
Ms. Zeydel is the National Chair of the firm’s Trusts and Estates practice, and she focuses on estate, trust and tax planning for high net worth individuals and families. Her practice includes planning for U.S. and non-U.S. citizens and residents, and she specializes in sophisticated intra-generational wealth transfer strategies and business succession planning. She assists clients in litigated probate, trust and guardianship matters, and represents clients before the Internal Revenue Service in matters involving complex fiduciary income tax and estate, gift and generation-skipping transfer tax matters.
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