“New ILIT-Based relationships
are now growing our business”
- Financial Service Executive
are now growing our business”
- Financial Service Executive
Adjusting For Longer ILIT Trusteeships
By Randall W. Peck and Charles Ruddy
With grantors living longer, the trustee’s tenure has also increased. It’s worth taking a look at the responsibilities of the trustee today and how stricter compliance and administrative needs have led some trustees to reevaluate how they carry out their responsibilities.
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The Turner Decision:
Continue Doing Crummey Letters
The August 30, 2011 ruling in Estate of Turner v. [IRS] Commissioner has little impact on the requirement to maintain compliant Crummey-powered ILITs.
Two legal points in the Turner decision are of particular significance; what constitutes “notice” and whether “indirect” gifts could be excluded from gift taxes without a Crummey notice to the beneficiary.
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