[WSBAPT] ILIT - MARITAL TRUST SAVINGS LANGUAGE

[Jerimy Kirschner]

Wouldn't having the Crummey Beneficiaries sign off constitute a gift which
does not qualify for the lapsing 5 by 5 exemption?

On Mon, Nov 8, 2021 at 7:22 PM Laura Latta <laura at lauralatta.com> wrote:

> Yes to both questions. Though I don't trustee any ILITs. I do advise that
> the trustees get the beneficiaries to sign off. I don't think it's required
> to qualify for the gift exclusion, but it's a good practice in my opinion.
>
> On Mon, Nov 8, 2021 at 5:37 PM Diane J. Kiepe <DJKiepe at depdslaw.com>
> wrote:
>
>> Hello List Folk,
>>
>>
>>
>> I am curious of how many of you out there draft ILITs with Marital Trust
>> Deduction Saving clause such that if any portion of life insurance proceeds
>> are pulled back into one’s estate that portion is set aside in a qtip type
>> trust.  One example where this may happen is if a life insurance policy is
>> put into trust and the transferor fails to survive the requisite 3 year
>> period related to the transfers of life insurance policies.
>>
>>
>>
>> While we are at it, can I ask anyone inclined to answer if you  have your
>> crummey beneficiaries sign off that they are not exercising their demand
>> rights?  I tend to not do this and just allow the time to pass as provided
>> for in the crummey notice (and of course my document has hanging crummey
>> language).
>>
>>
>>
>> Thanks in advance for any insights.
>>
>>
>>
>> *Diane J. Kiepe*
>>
>>
>>
>> Diane J. Kiepe
>>
>> Douglas Eden
>>
>> 717 W. Sprague Ave.
>>
>> Suite 1500
>>
>> Spokane, WA  99201
>>
>> djkiepe at depdslaw.com
>>
>> 509-455-5300
>>
>>
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>
>
>
> --
>
>
> *Laura LattaLaw Office of Laura Latta PLLC*
>
> she/her
>
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>
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>
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Jerimy Kirschner, Esq.
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