A Life Insurance Trust Deed is crucial for individuals seeking to create an estate planning structure that removes life insurance proceeds from their taxable estate. This document establishes an irrevocable trust that becomes the owner and beneficiary of one or more life insurance policies, ensuring that the death benefit passes to beneficiaries outside of the grantor's estate. Common in the United States, it includes specific provisions for trust administration, beneficiary rights, and trustee powers, while incorporating necessary language to comply with IRS regulations and state trust laws.
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1. Parties: Identifies the Grantor, Trustee(s), and Beneficiaries
2. Background: States the purpose of creating the trust and basic intentions
3. Definitions: Defines key terms used throughout the deed including relevant tax and trust terminology
4. Trust Property: Details the life insurance policies held in trust and any other initial trust property
5. Trustee Powers and Duties: Outlines the powers, authorities, and responsibilities granted to trustees
6. Distribution Provisions: Specifies how proceeds should be distributed upon death and any conditions attached
7. Trust Administration: Details the operational aspects of managing the trust
8. Amendment and Revocation: Establishes the irrevocable nature of the trust and any permitted modifications
9. Governing Law: Specifies the state law governing the trust and jurisdictional provisions
1. Crummey Withdrawal Rights: Provisions allowing beneficiaries to withdraw contributions to qualify for annual gift tax exclusion
2. Successor Trustee Provisions: Detailed procedures for appointing and replacing trustees
3. Spendthrift Provisions: Protections against creditor claims on beneficiaries' interests
4. Generation-Skipping Transfer Provisions: Special provisions for trusts intended to benefit multiple generations
5. Tax Reimbursement Provisions: Provisions allowing for reimbursement of taxes paid by the grantor
1. Schedule A - Insurance Policies: Detailed listing of all insurance policies held by the trust
2. Schedule B - Initial Trust Property: Inventory of any additional assets transferred to the trust at formation
3. Schedule C - Beneficiary Information: Comprehensive information about primary and contingent beneficiaries
4. Appendix A - Trustee Acceptance: Formal acceptance document for trustee appointment
5. Appendix B - Crummey Notice Templates: Standard forms for notifying beneficiaries of withdrawal rights
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