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Drafting the Standard Irrevocable Trust in InterActive Legal
January 27, 2023 @ 12:00 pm – 1:00 pm EST
Subscriber Drafting Webinars provide continued training on various aspects of using the InterActive Legal software, usually focusing on drafting particular documents or using certain drafting options. These webinars are free to ILS subscribers. They provide insight and training regarding specific documents and options available within the drafting systems. Subscribers will receive an email outlining the topic of each drafting webinar with instructions for registration.
Each InterActive Legal practice system provides subscribers with the ability to draft at least one type of “irrevocable trust.” All systems contain the standard Irrevocable Trust, which can serve multiple purposes, and will be the primary focus of this drafting webinar. The Irrevocable Trust is the document typically used to create an Irrevocable Life Insurance Trust (“ILIT”) and a Spousal Lifetime Access Trust (“SLAT”). We will review drafting of the Irrevocable Trust, starting from the beginning with selecting from the available pre-answered profiles, and going through all of the interview questions. We will cover how to set up this trust when there is a spouse involved and when there is not, grantor trust options, insurance trust options, “Crummey” powers, and more. The format of this trust will be explained, using flowcharts, to clarify the difference between the Lifetime Trust and the Family Trust, both of which can be created as part of the structure. We’ll also review the Single Beneficiary Irrevocable Trust, available in Wealth Transfer Planning and Elder Law Planning, as well as the joint version of both of these trusts.
The question of how to create the standard Irrevocable Trust for beneficiaries other than descendants will be addressed, and we will also consider some advanced options available only in Wealth Transfer Planning.
This subscriber drafting webinar is appropriate for subscribers of all practice systems.
Continuing Education Credits
InterActive Legal is not an approved Continuing Education (CE) Sponsor. However, several states and regulatory agencies for a variety of professionals that participate on our teleconferences may still receive continuing education credit for their participation. If a participant wishes to receive CE credit for their participation in these teleconferences, they must apply to receive credit on their own and through their individual states and regulatory authorities. It is the responsibility of the participant to file for CE credit and is not guaranteed by the webinar sponsors.
Teresa Bush joined InterActive Legal in 2007 and serves as Director of Education and Support Services.
Ms. Bush has been licensed to practice law since 1991, and focused her practice exclusively on issues of estate and gift tax planning, probate, charitable planning, and estate and trust administration. She began her practice in a small law firm, planning for clients of all levels of wealth. Thereafter, she practiced for a number of years in the Tax Section of Kelly, Hart and Hallman, P.C. in Fort Worth, Texas, and as an estate and gift tax consultant for the Dallas office of Ernst & Young, in both cases focusing on planning for very high net worth clients.
Ms. Bush received her J.D. from the University of Texas School of Law, where she was a research assistant for Professor Stanley M. Johanson. She studied at Edinburgh University and the London School of Economics prior to obtaining a B.A. in Economics and Political Science from Rice University in Houston. While studying abroad, she worked as an intern for a Member of Parliament in the British House of Commons.
Ms. Bush taught legal research and writing as a Teaching Quizmaster in law school, and later taught estate planning extension courses for American College of Financial Services CLU candidates. She has presented several online webinars on estate planning and drafting topics, and is the author or co-author of a variety of estate planning articles.