Universal Irrevocable Life Insurance Trust Template
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What's Included
Comprehensive Universal Irrevocable Life Insurance Trust (ILIT) template valid in all 50 states. Removes life insurance proceeds from the taxable estate under IRC § 2042 and § 2035. Includes grantor and trustee designations, insurance policy identification and assignment provisions, Crummey withdrawal rights with annual notice procedure (Crummey v. Commissioner, 397 F.2d 82), trustee premium payment powers, trust income and principal distribution provisions, successor trustee succession, administrative trustee powers, and notarized execution block. Ideal for estates over the federal exemption or those seeking estate tax reduction. NOTE: Grantor must survive 3 years after transferring an existing policy (IRC § 2035). Instant .docx download.
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 Universal attorney for advice specific to your situation.
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