This handbook is a guide to drafting irrevocable life insurance trusts and includes 16 forms that can be tailored to your clients’ needs.
Authors Robert E. Hamilton and Afton L. Gauron of Hamilton Thies & Lorch LLP provide in this handbook 16 forms of irrevocable life insurance trusts, updated with provisions of the Illinois Trust Code and fully editable to fit your clients’ individual needs. The forms 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, and the authors provide provisions for each of these scenarios. The authors also summarize and explain provisions unique to these trusts, including policies and premiums, lifetime trust, special withdrawal rights, disposition of proceeds, divorce, and limit on distributions.
Authors:
Robert E. Hamilton and Afton L. Gauron, Hamilton Thies & Lorch LLP, Chicago
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
