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Subscriber Drafting Webinar: Drafting Irrevocable Life Insurance Trusts in InterActive Legal
January 28, 2022 @ 12:00 pm – 1:00 pm EST
Webinar Description
Every InterActive Legal practice system includes the ability to draft an Irrevocable Life Insurance Trust, or “ILIT.” In this webinar, we will discuss this drafting process, including what document to start with, selecting from the available profiles, answering interview questions. We will cover options designed to facilitate ownership of life insurance by the trustee and to address various potential tax issues. Topics to be covered from a drafting perspective include:
- Differences between the “essential” and “comprehensive” documents
- How the ILIT works during the grantor’s lifetime
- Income tax/grantor trust issues
- What can the trust own?
- What happens at the grantor’s death?
- Planning for unexpected estate inclusion
- Continuing trusts after the grantor’s death, for a surviving spouse and/or others
- Planning for survivorship insurance by using an ILIT with two grantors
We will demonstrate drafting with both the essential ILIT (available in Essential Estate Planning and Elder Law Planning) and the comprehensive ILIT (available in Wealth Transfer Planning only), so this presentation is appropriate for users of all systems. Please join us for a focused training on the unique issues involved in drafting ILITs.
Subscriber Drafting Webinars
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.
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.