[WSBAPT] ILIT - MARITAL TRUST SAVINGS LANGUAGE

Tue Nov 9 13:12:57 PST 2021

Gotta stay on my toes!

On Tue, Nov 9, 2021 at 12:56 PM Diane J. Kiepe <DJKiepe at depdslaw.com> wrote:

> Laura – you’re awesome!  Thanks though for clarifying because it is one of
> those things that I remember asking a partner about when I first started –
> well actually I asked who kept track of how much lapsed each year – I think
> he just laughed at me and said that bridge would be crossed if it was ever
> needed 😉
>
>
>
> *Diane J. Kiepe*
>
>
>
> Diane J. Kiepe
>
> Douglas Eden
>
> 717 W. Sprague Ave.
>
> Suite 1500
>
> Spokane, WA  99201
>
> djkiepe at depdslaw.com
>
> 509-455-5300
>
>
>
> *From:* wsbapt-bounces at lists.wsbarppt.com <
> wsbapt-bounces at lists.wsbarppt.com> *On Behalf Of *Laura Latta
> *Sent:* Tuesday, November 9, 2021 12:44 PM
> *To:* WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
> *Subject:* Re: [WSBAPT] ILIT - MARITAL TRUST SAVINGS LANGUAGE
>
>
>
> To clarify my response: I agree with Jeremy and Diane about the
> declination. I have the beneficiaries acknowledge receipt of the crummy
> letter - not specifically declining to exercise the power. The point of the
> crummy letter is, of course, simply to show that the beneficiary knew of
> the right of withdrawal (i.e. it was not illusory). I should know better
> than to fire off a quick response after 7pm. ;-)
>
>
>
> On Tue, Nov 9, 2021 at 9:22 AM Diane J. Kiepe <DJKiepe at depdslaw.com>
> wrote:
>
> Jerimy,
>
>
>
> That is exactly why I don’t have them sign off and just let them lapse
> naturally under the terms of the trust because that is my understanding and
> to me that particular issue is so confusing I don’t want to risk having the
> trust terms trumped by a full waiver.   I was curious what others were
> doing though as I’m drafting 2 end of year ILITs.
>
>
>
> *Diane J. Kiepe*
>
>
>
> Diane J. Kiepe
>
> Douglas Eden
>
> 717 W. Sprague Ave.
>
> Suite 1500
>
> Spokane, WA  99201
>
> djkiepe at depdslaw.com
>
> 509-455-5300
>
>
>
> *From:* Jerimy Kirschner <jerimy at jkirschnerlaw.com>
> *Sent:* Tuesday, November 9, 2021 7:31 AM
> *To:* WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
> *Cc:* Diane J. Kiepe <DJKiepe at depdslaw.com>
> *Subject:* Re: [WSBAPT] ILIT - MARITAL TRUST SAVINGS LANGUAGE
>
>
>
>
>
> 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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> --
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> *Laura Latta Law Office of Laura Latta PLLC*
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>
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>
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> *Laura Latta Law Office of Laura Latta PLLC*
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> she/her
>
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>
> www.LauraLatta.com
>
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>
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-- 

*Laura LattaLaw Office of Laura Latta PLLC*

she/her

Phone (206) 841-2344

www.LauraLatta.com

PO Box 82356

Kenmore, WA 98028

*NOTICE:  This communication may contain privileged or other confidential
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