Estate Planning and Life Insurance
Crafting ILITs for Tax Benefits, Navigating the Transfer for Value Rule and Addressing Beneficiary Designations
Recording of a 90-minute CLE webinar with Q&A
This CLE webinar will prepare estate planning counsel to overcome challenges in drafting effective irrevocable life insurance trusts, offer approaches to navigate the application of the transfer for value rule and exceptions, and review the importance of addressing beneficiary designation issues.
- Overcoming challenges in drafting ILITs
- Pitfalls and planning for them
- How to fix them
- Tax issues
- Gift taxes
- Transfer for value
- Retained interest rules
- Estate and GST taxes
- Trustee duties and liabilities
- Crummey withdrawal power
- Drafting to serve goals of settler and trustee
- Designating Crummey power holders
- Strategies for drafting ILITs
- Flexibility (planning for changes in circumstances)
- Drafting Crummey powers
- Transfer for value rule and exceptions
- Beneficiary designations
The panel will review these and other key questions:
- What are the key provisions in irrevocable life insurance trusts?
- What are the pitfalls when using an ILIT? What steps can be taken to overcome those pitfalls?
- What pitfalls should be avoided in the application of transfer of value rules and its exceptions?
Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.
Diana S.C. Zeydel
She focuses her practice on estate planning for high net worth individuals and families. She assists clients in... | Read More
She focuses her practice on estate planning for high net worth individuals and families. She assists clients in litigated probate and trust matters, and represents clients before the Internal Revenue Service in matters involving complex estate, gift and generation-skipping tax issues. She has particular experience in planning with life insurance and retirement assets.Close
James A. Soressi
Law Office of James A. Soressi
His expertise is as a tax attorney in the practice of estate planning, business planning and estate administration. His... | Read More
His expertise is as a tax attorney in the practice of estate planning, business planning and estate administration. His focus is on creating sophisticated estate plans to minimize income, gift, estate and generation skipping taxes. He has also authored numerous articles in the estate and business planning areas and has lectured extensively on these subjects across the country.Close
Scott K. Tippett
Carruthers & Roth
He focuses on wealth law and provides an integrated approach to estate planning and administration, asset protection... | Read More
He focuses on wealth law and provides an integrated approach to estate planning and administration, asset protection planning, business law, and tax matters. He counsels on a full range of business, tax, asset protection, and estate planning matters including estate and tax planning for high and ultra high net worth individuals. He frequently presents on asset protection planning and tax matters.Close