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<p class="MsoNormal"><span style="mso-bidi-font-size:11.0pt;mso-bidi-font-family:"Times New Roman";color:#595959">That could work, depending on your clients’ needs. That plan works best where estate tax planning for the survivor is the trust’s only purpose.
I probably recommend disclaimers less than most because they can go wrong in so many ways.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="mso-bidi-font-size:11.0pt;mso-bidi-font-family:"Times New Roman";color:#595959"><o:p> </o:p></span></p>
<div>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Tw Cen MT",sans-serif;mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman";color:#595959;mso-no-proof:yes">John Creahan</span><span style="font-family:"Tw Cen MT",sans-serif;mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman";color:#595959;mso-no-proof:yes"><br>
<a href="mailto:john@cairn-law.com"><span style="color:#595959">john@cairn-law.com</span></a><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:12.0pt"><span style="font-family:"Tw Cen MT",sans-serif;mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman";color:#595959;mso-no-proof:yes">1325 4<sup>th</sup> Ave., Suite 940<br>
Seattle, WA 98101<br>
206-621-5848<br>
<a href="http://www.cairn-law.com/"><span style="color:#595959">www.cairn-law.com</span></a></span><span style="font-family:"Tw Cen MT",sans-serif;mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman";color:#4F6228;mso-no-proof:yes"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman";color:#39471D;mso-no-proof:yes"><img border="0" width="161" height="60" id="_x0000_i1027" src="cid:image003.png@01D054EE.A195E7D0" alt="cid:image001.png@01CE636C.3EB992D0"></span><span style="mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman";color:#595959;mso-no-proof:yes"><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="mso-bidi-font-size:11.0pt;mso-bidi-font-family:"Times New Roman";color:#595959"><o:p> </o:p></span></p>
<div>
<div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;mso-fareast-font-family:"Times New Roman"">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;mso-fareast-font-family:"Times New Roman""> wsbapt-bounces@lists.wsbarppt.com
[mailto:wsbapt-bounces@lists.wsbarppt.com] <b>On Behalf Of </b>Lovie Bernardi<br>
<b>Sent:</b> Monday, March 2, 2015 11:27 AM<br>
<b>To:</b> WSBA Probate & Trust Listserv<br>
<b>Subject:</b> Re: [WSBAPT] Life insurance trust<o:p></o:p></span></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">What about naming the spouse as the primary beneficiary for the life insurance, the credit shelter trust as the secondary beneficiary and the children’s trust
as third beneficiary (there are two young adult children)? If survivor needs the life insurance funds at the death of the first spouse, they could take them outright, but if not, he or she could disclaim to the credit shelter trust. Any problem with that scenario?
I’d like to provide flexibility for the surviving spouse. <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<div>
<div style="border:none;border-top:solid #B5C4DF 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal" style="mso-outline-level:1"><b><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif">
<a href="mailto:wsbapt-bounces@lists.wsbarppt.com"><span class="SpellE">wsbapt-bounces@lists.wsbarppt.com</span></a> [<span class="SpellE"><a href="mailto:wsbapt-bounces@lists.wsbarppt.com">mailto:wsbapt-bounces@lists.wsbarppt.com</a></span>]
<b>On Behalf <span class="GramE">Of</span> </b>John Creahan<br>
<b>Sent:</b> Monday, March 02, 2015 10:59 AM<br>
<b>To:</b> WSBA Probate & Trust Listserv<br>
<b>Subject:</b> Re: [WSBAPT] Life insurance trust<o:p></o:p></span></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="color:#595959">I agree. I don’t see a need for a life insurance trust. A testamentary trust could be used to minimize the survivor’s estate and, if necessary, preserve assets for other beneficiaries.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#595959"><o:p> </o:p></span></p>
<div>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Tw Cen MT",sans-serif;color:#595959">John Creahan</span><span style="font-family:"Tw Cen MT",sans-serif;color:#595959"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:12.0pt"><span style="font-family:"Tw Cen MT",sans-serif;color:#595959">206-621-5848<br>
<a href="http://www.cairn-law.com/"><span style="color:#595959">www.cairn-law.com</span></a></span><span style="font-family:"Tw Cen MT",sans-serif;color:#4F6228"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#595959"><o:p> </o:p></span></p>
</div>
<p class="MsoNormal"><span style="color:#595959"><o:p> </o:p></span></p>
<div>
<div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal" style="mso-outline-level:1"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">
<a href="mailto:wsbapt-bounces@lists.wsbarppt.com"><span class="SpellE">wsbapt-bounces@lists.wsbarppt.com</span></a> [<span class="SpellE"><a href="mailto:wsbapt-bounces@lists.wsbarppt.com">mailto:wsbapt-bounces@lists.wsbarppt.com</a></span>]
<b>On Behalf <span class="GramE">Of</span> </b>Heather deVrieze<br>
<b>Sent:</b> Monday, March 2, 2015 8:44 AM<br>
<b>To:</b> WSBA Probate & Trust Listserv<br>
<b>Subject:</b> Re: [WSBAPT] Life insurance trust<o:p></o:p></span></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">It sounds to me like a credit shelter trust would be in order. Can be established in the Will, go into effect in the event of non-simultaneous death, and the
Trust, if spouse should survive can be the beneficiary of the life insurance, plus whatever other assets spouse might disclaim to save taxes on survivor’s death.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Heather<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:16.0pt;font-family:"Vladimir Script";color:#1F497D">Heather S. de Vrieze</span><b><span style="font-size:16.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><br>
</span></b><i><span style="font-size:11.0pt;font-family:"Garamond",serif;color:#1F497D">Attorney-at-Law<o:p></o:p></span></i></p>
<p class="MsoNormal"><i><span style="font-size:11.0pt;font-family:"Garamond",serif;color:#1F497D"><img border="0" width="264" height="147" id="_x0000_i1025" src="cid:image001.jpg@01D054ED.F7C660E0" alt="cid:image001.jpg@01D013C2.30F35160"></span></i><i><span style="font-family:"Garamond",serif;color:#1F497D"><o:p></o:p></span></i></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">3909 California Avenue SW<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">Seattle, WA 98116-3705
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">(206)938-5500
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><a href="mailto:heatherd@westseattlelaw.com"><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">heatherd@westseattlelaw.com</span></a></span><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><a href="http://www.westseattlelaw.com/"><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">www.westseattlelaw.com</span></a></span><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">
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<p class="MsoNormal"><span style="font-size:8.0pt;font-family:"Calibri",sans-serif;color:#A6A6A6">CONFIDENTIAL & PRIVILEGED. This e-mail message may contain legally privileged and/or confidential information. If you have received this e-mail in error, please
notify the sender immediately and delete all copies of this e-mail message and any attachment.</span><span style="font-size:16.0pt;font-family:"Cambria",serif;color:blue"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-outline-level:1"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">
<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a> [<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">mailto:wsbapt-bounces@lists.wsbarppt.com</a>]
<b>On Behalf Of </b>Paul Grant<br>
<b>Sent:</b> Sunday, March 01, 2015 8:51 AM<br>
<b>To:</b> WSBA Probate & Trust Listserv<br>
<b>Subject:</b> Re: [WSBAPT] Life insurance trust<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">If one spouse dies then the insurance proceeds would put more than $2m into the hands of the surviving spouse leaving the surviving spouse with a potential estate tax in WA.<o:p></o:p></p>
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<p class="MsoNormal"><br>
Paul H. Grant - JD, LL.M<br>
<br>
Planning with Purpose, Inc<br>
Lynnwood, WA 98036<br>
425-939-9948<br>
<a href="http://www.planningwithpurposeinc.com" target="_blank">www.planningwithpurposeinc.com</a><br>
<br>
Estate Planning. Business Planning. Wealth Succession.<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">On Sat, Feb 28, 2015 at 1:42 PM, John Creahan <<a href="mailto:john@cairn-law.com" target="_blank">john@cairn-law.com</a>> wrote:<o:p></o:p></p>
<blockquote style="border:none;border-left:solid #CCCCCC 1.0pt;padding:0in 0in 0in 6.0pt;margin-left:4.8pt;margin-top:5.0pt;margin-right:0in;margin-bottom:5.0pt">
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<p class="MsoNormal" style="mso-margin-top-alt:auto;margin-bottom:6.0pt"><span style="color:#595959">Lovie,</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;margin-bottom:6.0pt"><span style="color:#595959">I may be missing something, but I don’t understand why your clients might need an ILIT from the information you provided. What issue would the ILIT solve?</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;margin-bottom:6.0pt"><span style="color:#595959">Thanks,</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;margin-bottom:6.0pt"><span style="color:#595959">John</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="color:#595959"> </span><o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:14.0pt;font-family:"Tw Cen MT",sans-serif;color:#595959">John Creahan</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;margin-bottom:12.0pt"><span style="font-family:"Tw Cen MT",sans-serif;color:#595959"><a href="tel:206-621-5848" target="_blank">206-621-5848</a><br>
</span><a href="http://www.cairn-law.com/" target="_blank"><span style="font-family:"Tw Cen MT",sans-serif;color:#595959">www.cairn-law.com</span></a><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="color:#595959"> </span><o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="color:#595959"> </span><o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;mso-outline-level:1">
<b>From:</b> <a href="mailto:wsbapt-bounces@lists.wsbarppt.com" target="_blank">wsbapt-bounces@lists.wsbarppt.com</a> [mailto:<a href="mailto:wsbapt-bounces@lists.wsbarppt.com" target="_blank">wsbapt-bounces@lists.wsbarppt.com</a>]
<b>On Behalf Of </b>Lovie Bernardi<br>
<b>Sent:</b> Friday, February 27, 2015 11:29 AM<br>
<b>To:</b> <a href="mailto:wsbapt@lists.wsbarppt.com" target="_blank">wsbapt@lists.wsbarppt.com</a><br>
<b>Subject:</b> [WSBAPT] Life insurance trust<o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">Dear listmates,<o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">Clients are a married couple seeking an estate plan. Their combined gross estate, excluding life insurance, is about $1.5 million in community property. However, husband owns a
$500,000 whole life insurance policy naming the wife and two term policies totaling $1 million, also naming wife. Wife has a $750,000 term policy, naming husband. All policies were paid for with community funds. It occurred to me that a life insurance trust
would be worth looking at to keep these funds from being included in the gross estate of both. Because I have never written a life insurance trust, I’ve spent a couple of days researching the issues and have gleaned the following: (1)In order to avoid both
spouses from having retained an interest in the policy, the policy cannot be deemed to be community property. Therefore, a separate property agreement will be necessary for both the policy and any funds that are used to pay the premiums. (2)Practitioners are
encouraged in the Washington Life Insurance Trust Deskbook to avoid a spouse as a beneficiary of a life insurance trust if at all possible. (3)If the policy or policies are moved to the trust, and the client dies within three years, it will still be counted
in the decedent’s estate. Clients, prior to meeting with me, were considering dropping the two term policies on the husband’s life. They will be meeting soon with their agent.<o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">Has anyone written a life insurance trust? Is the scenario described a situation that calls for one? Are there alternatives that would be better to pursue? Thanks in advance for
your input.<o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:10.0pt;font-family:"Arial",sans-serif">Lovie Bernardi</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:10.0pt;font-family:"Arial",sans-serif">Attorney at Law</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:10.0pt;font-family:"Arial",sans-serif">Seligmann & Flaherty, PLLC</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:10.0pt;font-family:"Arial",sans-serif">216 First AVE S, #450</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:10.0pt;font-family:"Arial",sans-serif">Seattle, WA 98104</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:10.0pt;font-family:"Arial",sans-serif"><a href="tel:%28206%29%20682-2616" target="_blank">(206) 682-2616</a></span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><a href="mailto:joni@sbfirm.com" target="_blank"><span style="font-size:10.0pt;font-family:"Arial",sans-serif">lovie@sbfirm.com</span></a><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><a href="http://sbfirm.com/" target="_blank"><span style="font-size:10.0pt;font-family:"Arial",sans-serif">http://sbfirm.com</span></a><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
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<a href="http://mailman.fsr.com/mailman/listinfo/wsbapt" target="_blank">http://mailman.fsr.com/mailman/listinfo/wsbapt</a><o:p></o:p></p>
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