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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

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

I. [9.1] In General

II. Standard Revocable Grantor Trust Agreement with Comments

[9.2] Heading and Identification Data

[9.3] Declaration of Trust

[9.4] Article 1: Name of Trustee

[9.5] Article 2: Name of Trust and Date of Creation

[9.6] Article 3: Funding of Trust

[9.7] Article 4: Distribution During Lifetime

[9.8] Article 5: Terms After Death

[9.9] Paragraph 5.1: Debts and Taxes

[9.10] Paragraph 5.2: Tangible Personal Property

[9.11] Paragraph 5.3: Names of Children and Spouse; Adopted Children as Descendants

[9.12] Paragraph 5.4: Division of Trust upon Grantor’s Death

[9.13] Article 6: Special Terms of Both Marital Trust and Credit Shelter Trust

[9.14] Paragraph 6.1: All Income to Spouse

[9.15] Paragraph 6.2: Invasion of Principal for Spouse

[9.16] Paragraph 6.3: Special Power

[9.17] Article 7: Special Terms of Marital Trust

[9.18] Article 8: Disposition of Credit Shelter Trust

[9.19] Article 9: Perpetuities Clause

[9.20] Article 10: Trust Administration

[9.21] Paragraph 10.1: Resignation of Trustee

[9.22] Paragraph 10.2: Successor Trustees

[9.23] Paragraph 10.3: Removal and Replacement of Trustee

[9.24] Paragraph 10.4: No Bond Required of Trustee; Good Faith

[9.25] Paragraph 10.5: Annual Reports

[9.26] Paragraph 10.6: Acts of Prior Trustees

[9.27] Paragraph 10.7: Diversity of Holdings

[9.28] Paragraph 10.8: Income Tax

[9.29] Paragraph 10.9: Small Trust Termination

[9.30] Paragraph 10.10: Spendthrift Provision

[9.31] Paragraph 10.11: Exercise of Power by Will

[9.32] Paragraph 10.12: Spouse’s Power To Require That Marital Trust Property Be Made Productive

[9.33] Paragraph 10.13: Sale of Land to Family Member

[9.34] Paragraph 10.14: Federal or Illinois QTIP Election

[9.35] Paragraph 10.15: In Terrorem Clause

[9.36] Paragraph 10.16: S Corporation Stock

[9.37] Article 11: Trustee Powers

[9.38] Paragraph 11.1: Allocation of Principal and Income

[9.39] Paragraph 11.2: Retention of Property

[9.40] Paragraph 11.3: Investments

[9.41] Paragraph 11.4: Distributions — Facility of Payment

[9.42] Paragraph 11.5: Stocks and Securities

[9.43] Paragraph 11.6: Creation of Corporation, Limited Liability Company, Land Trust, or Partnership

[9.44] Paragraph 11.7: Retention of Grantor’s Business Interest

[9.45] Paragraph 11.8: Voting Trusts and Buy-Sell Agreements

[9.46] Paragraph 11.9: Real Estate

[9.47] Paragraph 11.10: Bidding at Sale of Property

[9.48] Paragraph 11.11: Mineral Leasing

[9.49] Paragraph 11.12: Oil and Gas Business

[9.50] Paragraph 11.13: Farm Management

[9.51] Paragraph 11.14: Farm Manager

[9.52] Paragraph 11.15: Preservation of Farmland or Investment in Common Stocks or Mutual Funds

[9.53] Paragraph 11.16: Buildings

[9.54] Paragraph 11.17: Insurance

[9.55] Paragraph 11.18: Depreciation and Depletion

[9.56] Paragraph 11.19: Residence for Beneficiaries

[9.57] Paragraph 11.20: Borrowing Money and Mortgaging Property

[9.58] Paragraph 11.21: Litigation

[9.59] Paragraph 11.22: Additions to Trust

[9.60] Paragraph 11.23: Employment of Agents and Counsel; Fees and Expenses

[9.61] Paragraph 11.24: Division of Trust Property

[9.62] Paragraph 11.25: Distribution of Undivided Interests

[9.63] Paragraph 11.26: Continuation of Powers; Disclaimer

[9.64] Paragraph 11.27: Dealing with Fiduciaries

[9.65] Paragraph 11.28: Payment of Taxes, Etc.

[9.66] Paragraph 11.29: Special Valuation

[9.67] Paragraph 11.30: Generation-Skipping Transfer Tax

[9.68] Paragraph 11.31: Division into Separate Trusts

[9.69] Paragraph 11.32: Commingling Trusts

[9.70] Paragraph 11.33: Combined Record-Keeping

[9.71] Paragraph 11.34: Trust as Beneficiary of Insurance

[9.72] Paragraph 11.35: Change of Situs of Trust

[9.73] Paragraph 11.36: Certificate of Trust Existence

[9.74] Paragraph 11.37: Continuance of Trusts with §2032A Property

[9.75] Paragraph 11.38: Broad Power

[9.76] Article 12: Order of Death

[9.77] Article 13: Amendment, Revocation, or Termination

[9.78] Article 14: Language on Deeds

[9.79] Article 15: Dealing with Third Persons

[9.80] Article 16: Construction

[9.81] Signature and Acknowledgment

[9.82] Acceptance by Trustee

III. [9.83] Concluding Comments

IV. [9.84] 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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