Generation-Skipping Traps In Multi-Generational Life Insurance Trusts
- ILITs and the GST Tax: How Do We Fund Premiums in 2010? Warshaw, Melvin A. // Trusts & Estates;Nov2010, Vol. 149 Issue 11, p41
The article discusses how to fund premiums for trustees of irrevocable life insurance trusts (ILITs) and people exempted from generation-skipping transfer (GST) tax in 2011. The GST tax applies to direct and indirect transfers made during the life, or as a result of the death, of a transferor...
- What if grandma's uninsurable? Towers, Russell E. // Life Insurance Selling;Aug2013, Vol. 88 Issue 8, p26
The article presents a case study of a 85-year-old grandmother who is uninsurable and who owned a $10 million real estate property and three million dollars of state and/or federal estate taxes. To restore her lost asset value to her three grandchildren, it is suggested to develop a...
- WHAT IS A CRUMMEY TRUST? // National Underwriter / Life & Health Financial Services;Feb2012, Vol. 116 Issue 2, p54
The article discusses the nature of a Crummey Trust as a life insurance trust in the U.S.
- Irrevocable Life Insurance Trusts. Sobczak, Carol A.; Robbins, Lawrence A. // Franchising World;Sep/Oct96, Vol. 28 Issue 5, p46
Discusses various aspects of irrevocable life insurance trust. How the trust works; Tax savings; Disadvantages; Persons who can act as trustees.
- Irrevocable Trusts and Life Insurance: They Stand the Test of Time, Part II. Duff, Richard W. // Journal of Financial Planning;Aug1999, Vol. 12 Issue 7, p34
Part II. Provides information on irrevocable life insurance trusts (ILIT). Benefits of ILIT; Details on the creative legal drafting for the beneficiaries; Importance of planning and ILIT-owned policy on wealth preservation.
- The Survivorship Spousal ILIT. Jones, Lawrence T. // Advisor Today;Feb2000, Vol. 95 Issue 2, p42
Describes an estate planning tool called irrevocable life insurance trust (ILIT). Reason for the popularity of a Survivorship ILIT; How to design and create a Survivorship Spousal ILIT; Goals that can be accomplished by a properly drafted Survivorship Spousal ILIT.
- Avoiding Generation-Skipping Transfer Tax Traps. Goldberg, William J.; Watson, Mark T. // Journal of Financial Planning;Oct96, Vol. 9 Issue 5, p22
The article discusses pitfalls of Generation-Skipping Transfer Tax (GSTT). There are numerous planning difficulties involving GSTT. It is one of the most complicated and difficult-to-master areas of the tax law. Two provisions of GSTT that are commonly misunderstood are the exclusion for...
- Crummey Trusts. Blau, Joel M.; Paprocki, Ronald J. // AUANews;Aug2007, Vol. 12 Issue 8, p12
The article offers information on the Crummey Trusts in the U.S. According to the author, asset protection remains a major concern for physicians. Many of them are looking at them as a creditor shielded gifting strategy for their children. A Crummey Trust refers to an irrevocable trust into...
- Letter Ruling Permits Crummey Powers. Wagner, William J. // National Underwriter / Life & Health Financial Services;6/7/99, Vol. 103 Issue 23, p37
Features a letter ruling that would permit annual exclusions for contributions to trusts using Crummey withdrawal powers. Conditions made under this ruling; Explanation on the trusts created by the grantor; Contribution to the trust of each child or custodian.