flexible technology allows users to develop templates for eight unique client types, including individuals, trusts, ERISA plans, foundations and endowments, charitable trusts, and irrevocable life insurance trusts
Beginning with an overview of the major sections of estate planning practice, the volume covers ethics in estate planning, establishing attorney-client relationships, wills, trusts, transfer taxes, non-taxable gifts, credit shelter trusts, marital deductions, irrevocable life insurance trusts
, elder law, Medicaid, guardianships, estate administration, and will caveats.
They may want to create a business succession plan, credit shelter trusts, GST trusts, special-needs trusts, income-only trusts, incentive trusts, a private family foundation or irrevocable life insurance trusts
One way to do this is to put life insurance policies inside irrevocable life insurance trusts
But for those clients who are familiar with irrevocable life insurance trusts
or dynasty trusts, buying LTCI through an irrevocable trust can provide multiple benefits.
Tell me about irrevocable life insurance trusts
," Ike asks.
For families looking to avoid tax liabilities and estate tax issues (though this tool may be used by families of any income level), Dale suggests considering setting up Irrevocable Life Insurance Trusts
(ILITs, sometimes called Crummey Trusts) that include special needs language.
This article is adapted from his book A Practical Guide to Drafting Irrevocable Life Insurance Trusts
(Second Edition), ALI/ABA (www.
Many situations involving girls to irrevocable life insurance trusts
may meet the procedure's restrictions.
Offshore irrevocable life insurance trusts
are another viable option.
The ALI-ABA has also published A Practical Guide to Drafting Irrevocable Life Insurance Trusts
, a book written to help attorneys draft ILITs that lower their clients' estate taxes.
Consider using an IDIT with irrevocable life insurance trusts
or other irrevocable trusts with high-income beneficiaries.