"How to Use an Irrevocable Life Insurance Trust (ILIT) to Exponentially Enhance the Effectiveness of Your Client's Estate Plan"
Introduces and explains the importance of using an ILIT to protect your clients assets
"How to Use an Irrevocable Life Insurance Trust (ILIT) to Exponentially Enhance the Effectiveness of Your Client's Estate Plan"
Presenter: Francis Burton Doyle, Esq., WealthPLAN
CLE: 1.5 (includes 1.5 legal ethics)
Course Description:
This 90-minute on demand CLE course introduces and explains the importance of using an ILIT to protect your clients assets, including:
Why it so important to understand how to properly use Irrevocable Life Insurance Trusts (ILITS)
How to draft effective Crummey Case Withdrawal Powers so as to utilize the Federal Gift Tax annual exclusion
Why the use of an Irrevocable Life Insurance Trust yields superior results over direct ownership plans
Background:
An Irrevocable Trust is one in which the grantor completely gives up all rights in the property transferred to the trust, and retains no rights to revoke, terminate or modify the trust in any material way. When such a trust holds a life insurance policy, usually on the grantor's life, it is an irrevocable life insurance trust. If Crummey powers are granted to the beneficiaries, it may also be referred to as a "Crummey Trust" after a famous 1968 court case of the same name. Typically, these trusts are used in estate planning to accomplish four primary objectives:
To help meet the liquidity needs of the grantor's estate
To avoid the estate taxation of the death proceeds
To help provide for the income needs of survivors after liquidity costs have been satisfied, and to shelter property from creditors at death.
Tax Aspects of Irrevocable Life Insurance Trusts
The trust corpus, including the life insurance, generally avoid being included in the grantor-insured's gross estate for estate tax purposes if:
The trust is irrevocable
The grantor is not the trustee
The grantor has no incidents of ownership over the insurance policy
The insurance proceeds are only used to purchase estate assets or to make loans to the estate in reasonable, arm's-length transactions, not to pay estate costs in a direct manner; and the insured lives for at least three years after transferring the policy to the trust.
This CLE Legal Training Package includes the following:
A Video Recording (MP4-immediate download) of the Live Course Session
A PDF/immediate download of the PowerPoint slides which were reviewed and discussed in the Live Course Session
A PDF/immediate download of the Comprehensive eStudy Guide course materials and/or forms which also includes the CLE Course Evaluation and CLE Certificate of Attendance
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Your CLE Instructor
Francis Burton Doyle, Esq., Founder of WealthPLAN
Attorney and founder of WealthPLAN, Frank Doyle brings over 30 years of experience in tax, estate planning, probate and trust administration. He is a Member of the State Bar of California and is certified by the California State Bar as a Certified Legal Specialist in Taxation Law and Probate, Estate Planning and Trust Law.
Frank is the co-founder of the Advanced Legal Training Institute and he is a frequent lecturer for the California Continuing Education of the Bar (CEB), National Business Institute (NBI) and Lorman Educational Seminars. He is a Professor of Law at Lincoln University School of Law where he teaches Real Property, Wills and Trusts and is a member of the Academic Standards Committee. In addition, Frank has recently received a Martindale-Hubbell® rating of AV®, which is the highest rating a lawyer can receive.
Mr. Doyle is a Member of the Board of Directors of the Santa Clara County Estate Planning Council and the Executive Board of the Silicon Valley Bar Association. He is the past president, Santa Clara County Estate Planning Council and the past chair of the Planning Committee for the annual Jerry A. Kasner Estate Planning Symposium at Santa Clara University, School of Law. Frank Doyle received his B. A. degree from Santa Clara University, his J. D. degree from the University of San Francisco Law School, and his M. S. in Taxation from Golden Gate University. Prior to founding WealthPLAN, Mr. Doyle was a shareholder at a large San Jose law firm where he specialized in tax and estate planning, trust administration and trust litigation.
CLE Webinar Curriculum
Frequently Asked Questions
Dear CLE Participant
A note from the presenter of the course:
My name is Frank Doyle; I have been working in the estates and trusts area of law for over thirty years…. I am a member of the State Bar of California and certified by the Cal Bar as a specialist in Taxation Law and Probate, Estate Planning and Trust Administration. I am also an educator and I enjoy teaching and sharing the stories of the challenging legal conundrums that I have solved in my estate planning practice over the years. My goal as an educator and professor of law is to provide not only the critical legal analysis required in today's ever-changing legal environment but also the case studies, examples, drafting forms and more to help the participant (you) to understand each topic we cover.
Thank you for choosing Advanced Legal Training Institute as your preferred CLE Provider, we appreciate your business.
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