<div dir="ltr">Gotta stay on my toes!</div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Tue, Nov 9, 2021 at 12:56 PM Diane J. Kiepe <<a href="mailto:DJKiepe@depdslaw.com">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">
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<p class="MsoNormal"><span style="font-size:16pt">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
</span><span style="font-size:16pt;font-family:"Segoe UI Emoji",sans-serif">😉</span><span style="font-size:16pt"><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"><span style="color:rgb(5,99,193)">djkiepe@depdslaw.com</span></a><u></u><u></u></p>
<p class="MsoNormal">509-455-5300<u></u><u></u></p>
<p class="MsoNormal"><span style="font-size:16pt"><u></u> <u></u></span></p>
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<p class="MsoNormal"><b>From:</b> <a href="mailto:wsbapt-bounces@lists.wsbarppt.com" target="_blank">wsbapt-bounces@lists.wsbarppt.com</a> <<a href="mailto:wsbapt-bounces@lists.wsbarppt.com" target="_blank">wsbapt-bounces@lists.wsbarppt.com</a>>
<b>On Behalf Of </b>Laura Latta<br>
<b>Sent:</b> Tuesday, November 9, 2021 12:44 PM<br>
<b>To:</b> WSBA Probate & Trust Listserv <<a href="mailto:wsbapt@lists.wsbarppt.com" target="_blank">wsbapt@lists.wsbarppt.com</a>><br>
<b>Subject:</b> Re: [WSBAPT] ILIT - MARITAL TRUST SAVINGS LANGUAGE<u></u><u></u></p>
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<p class="MsoNormal"><u></u> <u></u></p>
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<p class="MsoNormal">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. ;-)<u></u><u></u></p>
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<p class="MsoNormal"><u></u> <u></u></p>
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<p class="MsoNormal">On Tue, Nov 9, 2021 at 9:22 AM Diane J. Kiepe <<a href="mailto:DJKiepe@depdslaw.com" target="_blank">DJKiepe@depdslaw.com</a>> wrote:<u></u><u></u></p>
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<p class="MsoNormal"><span style="font-size:16pt">Jerimy,</span><u></u><u></u></p>
<p class="MsoNormal"><span style="font-size:16pt"> </span><u></u><u></u></p>
<p class="MsoNormal"><span style="font-size:16pt">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.</span><u></u><u></u></p>
<p class="MsoNormal"><span style="font-size:16pt"> </span><u></u><u></u></p>
<p class="MsoNormal"><i><span style="font-family:"Script MT Bold"">Diane J. Kiepe</span></i><u></u><u></u></p>
<p class="MsoNormal"><i><span style="font-family:"Script MT Bold""> </span></i><u></u><u></u></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"><span style="color:rgb(5,99,193)">djkiepe@depdslaw.com</span></a><u></u><u></u></p>
<p class="MsoNormal">509-455-5300<u></u><u></u></p>
<p class="MsoNormal"><span style="font-size:16pt"> </span><u></u><u></u></p>
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<p class="MsoNormal"><b>From:</b> Jerimy Kirschner <<a href="mailto:jerimy@jkirschnerlaw.com" target="_blank">jerimy@jkirschnerlaw.com</a>>
<br>
<b>Sent:</b> Tuesday, November 9, 2021 7:31 AM<br>
<b>To:</b> WSBA Probate & Trust Listserv <<a href="mailto:wsbapt@lists.wsbarppt.com" target="_blank">wsbapt@lists.wsbarppt.com</a>><br>
<b>Cc:</b> Diane J. Kiepe <<a href="mailto:DJKiepe@depdslaw.com" target="_blank">DJKiepe@depdslaw.com</a>><br>
<b>Subject:</b> Re: [WSBAPT] ILIT - MARITAL TRUST SAVINGS LANGUAGE<u></u><u></u></p>
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<p class="MsoNormal">Wouldn't having the Crummey Beneficiaries sign off constitute a gift which does not qualify for the lapsing 5 by 5 exemption? <u></u><u></u></p>
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<p class="MsoNormal"> <u></u><u></u></p>
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<p class="MsoNormal">On Mon, Nov 8, 2021 at 7:22 PM Laura Latta <<a href="mailto:laura@lauralatta.com" target="_blank">laura@lauralatta.com</a>> wrote:<u></u><u></u></p>
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<p class="MsoNormal">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.<u></u><u></u></p>
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<p class="MsoNormal">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:<u></u><u></u></p>
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<p class="MsoNormal"><span style="font-size:16pt">Hello List Folk,</span><u></u><u></u></p>
<p class="MsoNormal"><span style="font-size:16pt"> </span><u></u><u></u></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. </span><u></u><u></u></p>
<p class="MsoNormal"><span style="font-size:16pt"> </span><u></u><u></u></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).</span><u></u><u></u></p>
<p class="MsoNormal"><span style="font-size:16pt"> </span><u></u><u></u></p>
<p class="MsoNormal"><span style="font-size:16pt">Thanks in advance for any insights.</span><u></u><u></u></p>
<p class="MsoNormal"><span style="font-size:16pt"> </span><u></u><u></u></p>
<p class="MsoNormal"><i><span style="font-family:"Script MT Bold"">Diane J. Kiepe</span></i><u></u><u></u></p>
<p class="MsoNormal"><i><span style="font-family:"Script MT Bold""> </span></i><u></u><u></u></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>
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<b><span style="color:rgb(69,129,142)">Laura Latta<br>
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<p class="MsoNormal">Jerimy Kirschner, Esq.<u></u><u></u></p>
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<p class="MsoNormal">Managing Partner<u></u><u></u></p>
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<p class="MsoNormal">Jerimy Kirschner & Associates PLLC<u></u><u></u></p>
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<b><span style="font-size:10pt;font-family:Arial,sans-serif">WASHINGTON</span></b><u></u><u></u></p>
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<span style="font-size:10pt;font-family:Arial,sans-serif">1750 112th Avenue NE, Suite B-215 </span><u></u><u></u></p>
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<span style="font-size:10pt;font-family:Arial,sans-serif">Bellevue, WA 98004 </span><u></u><u></u></p>
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<span style="font-size:10.5pt;font-family:Helvetica,sans-serif;color:rgb(102,102,102)">Kenmore, WA 98028</span><u></u><u></u></p>
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<a href="http://mailman.fsr.com/mailman/listinfo/wsbapt" rel="noreferrer" target="_blank">http://mailman.fsr.com/mailman/listinfo/wsbapt</a></blockquote></div><br clear="all"><div><br></div>-- <br><div dir="ltr" class="gmail_signature"><div dir="ltr"><div><div dir="ltr"><p class="MsoNormal" style="background-image:initial;background-position:initial;background-repeat:initial"><font color="#45818e"><b>Laura Latta<br>Law Office of Laura Latta PLLC</b><u></u><u></u></font></p><p class="MsoNormal" style="background-image:initial;background-position:initial;background-repeat:initial"><font color="#666666">she/her</font></p><p style="margin:0in 0in 0.0001pt;line-height:13.15pt;background-image:initial;background-position:initial;background-repeat:initial"><span style="color:rgb(102,102,102)">Phone (206) 841-2344</span><br></p><p class="MsoNormal" style="background-image:initial;background-position:initial;background-repeat:initial"><font color="#666666"><a href="http://www.LauraLatta.com" target="_blank">www.LauraLatta.com</a></font></p><p style="margin:0in 0in 0.0001pt;line-height:13.15pt;background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:10.5pt;font-family:Helvetica,sans-serif"><font color="#666666">PO Box 82356</font></span></p><p class="MsoNormal" style="background-image:initial;background-position:initial;background-repeat:initial"></p><p style="margin:0in 0in 0.0001pt;line-height:13.15pt;background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:10.5pt;font-family:Helvetica,sans-serif"><font color="#666666">Kenmore, WA 98028</font></span></p><p class="MsoNormal"><font color="#134f5c"><u></u> </font><u></u></p><p class="MsoNormal"><b><font color="#444444">NOTICE: This communication may contain privileged or other confidential information. If you have received it in error, please advise the sender by replying to this email and immediately delete the message and any attachments without copying it or disclosing its contents to others.</font></b></p></div></div></div></div>