New York · Attorney-Style Template
New York Irrevocable Life Insurance Trust Template
Fill-in-the-Blank · State-Specific · Instant Download
(New)
What's Included
Attorney-drafted New York Irrevocable Life Insurance Trust (ILIT). Removes life insurance proceeds from taxable estate. Includes Crummey withdrawal rights, trustee powers, and structured distribution provisions for beneficiaries.
Irrevocable trust declaration
IRC § 2042 (no incidents of ownership) compliance
Crummey withdrawal powers (annual gift tax exclusion)
Crummey notice procedure & template
Insurance policy ownership & beneficiary designation
Premium contribution structure
Spendthrift provisions
Generation-skipping tax (GST) planning
3-year IRC § 2035 compliance language
Successor Trustee provisions
Marital trust optional sub-trust
Notary acknowledgment block
Who This Is For
- Individuals with taxable estates (above the federal exemption)
- Owners of large life insurance policies
- High earners with significant insurance needs
- Families needing tax-free liquidity at death
NOT Appropriate For
- Anyone with a non-taxable estate (likely unnecessary)
- People unwilling to relinquish all incidents of ownership
- Insureds without a clear premium funding strategy
Legal Disclaimer
This template is for informational purposes only and does not constitute legal advice. No attorney-client relationship is formed by purchase. Consult a licensed New York attorney for advice specific to your situation.
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