<div dir="ltr"><div><br></div><div>Wouldn't having the Crummey Beneficiaries sign off constitute a gift which does not qualify for the lapsing 5 by 5 exemption? </div></div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Mon, Nov 8, 2021 at 7:22 PM Laura Latta <<a href="mailto:laura@lauralatta.com">laura@lauralatta.com</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex"><div dir="ltr">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.</div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Mon, Nov 8, 2021 at 5:37 PM Diane J. Kiepe <<a href="mailto:DJKiepe@depdslaw.com" target="_blank">DJKiepe@depdslaw.com</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex">
<div lang="EN-US">
<div>
<p class="MsoNormal"><span style="font-size:16pt">Hello List Folk,<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:16pt"><u></u> <u></u></span></p>
<p class="MsoNormal"><span style="font-size:16pt">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.
<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:16pt"><u></u> <u></u></span></p>
<p class="MsoNormal"><span style="font-size:16pt">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).<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:16pt"><u></u> <u></u></span></p>
<p class="MsoNormal"><span style="font-size:16pt">Thanks in advance for any insights.<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:16pt"><u></u> <u></u></span></p>
<p class="MsoNormal"><i><span style="font-family:"Script MT Bold"">Diane J. Kiepe<u></u><u></u></span></i></p>
<p class="MsoNormal"><i><span style="font-family:"Script MT Bold""><u></u> <u></u></span></i></p>
<p class="MsoNormal">Diane J. Kiepe<u></u><u></u></p>
<p class="MsoNormal">Douglas Eden<u></u><u></u></p>
<p class="MsoNormal">717 W. Sprague Ave.<u></u><u></u></p>
<p class="MsoNormal">Suite 1500<u></u><u></u></p>
<p class="MsoNormal">Spokane, WA 99201<u></u><u></u></p>
<p class="MsoNormal"><a href="mailto:djkiepe@depdslaw.com" target="_blank">djkiepe@depdslaw.com</a><u></u><u></u></p>
<p class="MsoNormal">509-455-5300<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
</div>
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<p class="MsoNormal" style="margin-bottom:0in;line-height:normal;background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:10pt;font-family:Arial,sans-serif">1750 112th Avenue NE, Suite B-215 </span><span style="font-size:12pt;font-family:Arial,sans-serif"></span></p><p class="MsoNormal" style="margin-bottom:0in;line-height:normal;background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:10pt;font-family:Arial,sans-serif">Bellevue, WA
98004 </span><span style="font-size:12pt;font-family:Arial,sans-serif"></span></p><p class="MsoNormal" style="margin-bottom:0in;line-height:normal;background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:10pt;font-family:Arial,sans-serif">Phone: (206) 623-4444 </span></p><p class="MsoNormal" style="margin-bottom:0in;line-height:normal;background-image:initial;background-position:initial;background-repeat:initial">
</p><p class="MsoNormal" style="margin-bottom:0in;line-height:normal;background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:10pt;font-family:Arial,sans-serif">Fax (206)
538-2008 </span><span style="font-size:12pt;font-family:Arial,sans-serif"></span></p>
<p class="MsoNormal" style="margin-bottom:0in;line-height:normal;background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:10pt;font-family:Arial,sans-serif"> </span></p>
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<p class="MsoNormal" style="margin-bottom:0in;line-height:normal;background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:10pt;font-family:Arial,sans-serif">5550 Painted Mirage Rd., Suite 320
</span></p>
<p class="MsoNormal" style="margin-bottom:0in;line-height:normal;background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:10pt;font-family:Arial,sans-serif">Las Vegas, NV 89149
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<p class="MsoNormal" style="margin-bottom:0in;line-height:normal;background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:10pt;font-family:Arial,sans-serif">Phone: (702) 563-4444
</span></p>
<p class="MsoNormal" style="margin-bottom:0in;line-height:normal;background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:10pt;font-family:Arial,sans-serif">Fax (702) 563-4445 </span></p></div><div><br></div></div></div></div></div></div><div><div dir="ltr"><div dir="ltr"><div dir="ltr"><div dir="ltr"><div style="color:rgb(0,0,0);font-family:Tahoma;font-size:13px"><font size="2">Notice: This fax or email is from a law firm, Jerimy Kirschner & Associates ("JKA"), and is intended solely for the use and review of the individual(s) to whom it is addressed. If you have received this fax or email in error, please notify the sender immediately and destroy the fax and/or delete the email from your computer. </font></div><div style="color:rgb(0,0,0);font-family:Tahoma;font-size:13px"><font size="2"><br></font></div><div style="color:rgb(0,0,0);font-family:Tahoma;font-size:13px"><font size="2">If you are not an existing client of </font><span style="font-size:small">JKA</span><font size="2">, it is not the intent of this fax or email to make you a client unless it contains a specific written statement to that effect and do not disclose anything to </font><span style="font-size:small">JKA</span><font size="2"> in reply that you expect it to hold in confidence.</font></div><div style="color:rgb(0,0,0);font-family:Tahoma;font-size:13px"><font size="2"><br></font></div><div style="color:rgb(0,0,0);font-family:Tahoma;font-size:13px"><b style="color:rgb(34,34,34);font-family:Arial,Helvetica,sans-serif;font-size:small">IRS Circular 230 Disclaimer</b><span style="color:rgb(34,34,34);font-family:Arial,Helvetica,sans-serif;font-size:small">: Any tax advice provided in this communication (including attachments) is not intended or written to be used, and it cannot be used, by the recipient or any other taxpayer (i) for the purpose of avoiding penalties that may be imposed on the recipient or any other taxpayer, or (ii) in promoting, marketing or recommending to another party a partnership or other entity, investment plan, arrangement or other transaction. </span><br style="color:rgb(34,34,34);font-family:Arial,Helvetica,sans-serif;font-size:small"></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>