U.S. Virgin Islands · Attorney-Style Template
Virgin Islands Irrevocable Life Insurance Trust Template
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(New)
What's Included
Irrevocable Life Insurance Trust template for Virgin Islands residents. Removes life insurance proceeds from taxable estate. Includes Crummey withdrawal powers, trustee powers, premium payment structure, and beneficiary designation coordination. Structured for Virgin Islands law and federal estate tax planning. Instant .docx download.
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 U.S. Virgin Islands attorney for advice specific to your situation.
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