Part of the modern Estate Planning Forms and Commentary series, this handbook is your guide to drafting irrevocable life insurance trusts.
Author Robert E. Hamilton provides in this handbook 16 forms of irrevocable life insurance trusts, which differ depending on whether the grantor is married or unmarried, whether the trust is to be exempt from the generation-skipping transfer (GST) tax, whether there is a single fund trust for the children, whether the trust has so-called “hanging” powers, and whether the trust owns second-to-die life insurance on the lives of both the grantor and the spouse or only on the life of the grantor. Mr. Hamilton also summarizes and explains the important provisions in the forms that are unique to these trusts, including policies and premiums, lifetime trust, special withdrawal rights, disposition of proceeds, trustee, divorce, and limit on distributions. This handbook is your drafting companion, as all 16 forms can be downloaded and tailored to fit your clients’ individual circumstances.
Chapter 1 — Introduction and Explanation of Common Provisions
Chapter 2 — Insurance Trusts with No Hanging Powers
Chapter 3 — Insurance Trusts with Hanging Powers (No Generation-Skipping Planning)
Chapter 4 — Insurance Trusts with Generation-Skipping Planning