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Table of Contents

List of Forms by Chapter

Chapter 1 — Overview of Revocable Grantor Trusts

Chapter 2 — Determination of the Taxable Estate

Chapter 3 — Planning for Spouses and Descendants

I. In General

[3.1] Gathering Information

[3.2] Establishing Objectives

II. Marital Deduction Portion of the Estate

[3.3] In General

[3.4] Outright Distribution to Spouse

Life Estate with General Power of Appointment

[3.5] In General

[3.6] Qualifying for Marital Deduction

[3.7] Income Provision

[3.8] Invasion of Principal

[3.9] Power of Appointment

[3.10] Frequency of Use

QTIP Trust

[3.11] In General

[3.12] Qualifying for QTIP Marital Deduction

[3.13] Tax Election

[3.14] Income Provision

[3.15] Invasion of Principal

[3.16] Payment of Taxes

[3.17] Reduction of Principal

[3.18] Distribution upon Death of Spouse

[3.19] Estate Trust

[3.20] Questions for the Planner

III. Nonmarital Portion of the Estate

[3.21] In General

[3.22] Allocation of Property or Distribution with Disclaimer

Trust for Spouse and Descendants

[3.23] In General

[3.24] Trust for Spouse — Payment of All Income

[3.25] Sprinkling-of-Income Provision

[3.26] Accumulation of Income

[3.27] Distribution of Principal

Spouse’s Remarriage

[3.28] In General

[3.29] Conversion of Mandatory Payment of Income to Discretionary Sprinkling Provision

[3.30] Removal of Spouse from Sprinkling Trust

[3.31] Limited Distribution of Principal

[3.32] Trust for Children of Prior Marriage

[3.33] Distribution of Nonmarital Trust

[3.34] Questions for the Planner

IV. Distribution upon Death

[3.35] In General

[3.36] Separate Trusts for Each Child

[3.37] Common Trust Fund Until the Youngest Child Is a Certain Age or Graduates from College

[3.38] Distribution and Distribution Ages for Children

[3.39] Lifetime Trust for Children

Trusts for Support of a Minor or Person with a Disability

[3.40] In General

[3.41] Additional Source Material

[3.42] Form for Discretionary Trust Provision

[3.43] Disaster Provisions

[3.44] Questions for the Planner

V. Tangible Personal Property and the Residence

[3.45] In General

[3.46] Methods of Disposition

[3.47] Second Marriage Considerations

[3.48] Gifts to Minors Who Are Too Young To Take

[3.49] Resolving Disputes over Division of Property

Residence

[3.50] Outright Ownership

[3.51] In Trust

[3.52] Questions for the Planner

VI. Choice and Powers of Trustee

[3.53] Grantor as Trustee

[3.54] Individual vs. Corporate Trustees

Family Members vs. Independent Persons

[3.55] In General

Power To Distribute Principal

[3.56] In General

[3.57] Power To Use Principal or Income To Discharge Legal Obligation To Support

[3.58] Power To Distribute Principal When Trustee Is Income Beneficiary

[3.59] Power To Sprinkle Income Among Beneficiaries, Including Trustee

[3.60] Power of Beneficiary To Remove and Appoint Trustee

[3.61] Nontax Concerns

[3.62] Questions for the Planner

Chapter 4 — Drafting Marital Deduction and Credit Shelter Provisions

Chapter 5 — Tax Aspects of Trust Administration

Chapter 6 — Planning for Incapacity

Chapter 7 — Spousal Elective Rights

Chapter 8 — Funding the Revocable Grantor Trust

Chapter 9 — Standard Revocable Grantor Trust Agreement

Chapter 10 — S Corporations and Illinois Revocable Grantor Trusts

Chapter 11 — Trusts by Citizens or Residents for Noncitizen Spouses (Qualified Domestic Trusts)

Authors

Adam S. Garber
Adam S. Garber
Adam S. Garber is a Partner at Levenfeld Pearlstein, LLC, in Chicago, where he focuses his practice on estate planning. He was named an Illinois Super Lawyer Rising Star in 2017, is a member of the Trust Law Committee of the Chicago Bar Association, and is a Certified Public Accountant. Mr. Garber received his B.S. with honors from the University of Illinois, his J.D. with honors from Chicago-Kent College of Law, and his LL.M. in Taxation with honors from Northwestern University School of Law.

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Revocable Grantor Trusts (ARCHIVED 2019 EDITION)

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