New ILIT Book Now Available

The second edition of A Practical Guide to Drafting Irrevocable Life Insurance Trusts by my good friend and Troy, Michigan attorney, Sebastian V. Grassi, Jr., provides a comprehensive and practical guide to designing and drafting ILITs. I had the honor and privilege of being one of the editors of Sebastian's new book.

The book presents ideas and planning strategies for using ILITs to achieve the grantor's wealth transfer objectives with maximum flexibility. Sebastian's book covers the gamut. Starting with the benefits of an ILIT in Chapter 1, Sebastian then covers in subsequent chapters the income, gift, estate and generation skipping transfer tax issues that concern ILITs. In Chapter 10, Sebastian provides a checklist of ILIT drafting issues that is invaluable not only for drafting attorneys, but for any advisor who recommends an ILIT to a client. Chapter 11 covers techniques for making ILITs more adaptable to changes in the tax laws and in the grantor's personal situation.

My personal favorite is Chapter 14, which contains a description of 15 advanced ILIT planning opportunities. There is also a brand new chapter on fixing a "damaged" ILIT that attorneys and advisors will find very useful when they come across an outdated, poorly drafted or improperly administered ILIT. The book also has charts (one of which summarizes the differences between the most commonly used life insurance policies), checklists, numerous examples and sample clauses. There are also sample forms for single and joint life trusts for married couples and a sample trust form for an unmarried person's trust.

Although over 950 pages, Sebastian's book need not be read cover to cover to take advantage of its contents. The book is designed as a desk reference with quick and easy access to virtually every issue that might arise in connection with an ILIT. Moreover, much of the book applies to all irrevocable trusts, not just ILITs. In short, I recommend A Practical Guide to Drafting Irrevocable Life Insurance Trusts to all of our newsletter subscribers. This valuable "how-to" practitioner/advisor-oriented book gives you the information on ILITs that you need to properly advise your clients.

Sebastian V. Grassi, Jr., a nationally recognized expert on estate planning, has penned a book that should be on the desk of every person who advises clients with respect to ILITs. You can purchase Sebastian's book and view its table of contents by visiting www.ali-aba.org/aliaba/BK45 or by calling (800) 253-6397.