5 Irrevocable Trusts (85 Pages)
Click "Learn More" above for more information about our 5 Irrevocable Trusts. Alternatively, each Irrevocable Trust may be purchased individually.
All 5 Irrevocable Trusts are included. Here is the complete list with corresponding individual Irrevocable Trust pricing. To read a longer description, click the name of the Irrevocable Trust below.
Irrevocable Lifetime Trust For A Beneficiary (15 Pages)
This is a Form of an irrevocable trust. It is intended to continue for the lifetime of the Beneficiary. At the death of the Beneficiary, the remaining trust property passes outright to the descendants of the Beneficiary, unless they are minors or legally incompetent, in which case the provision of paragraph 4 apply.
Irrevocable Lifetime Trust With Limited Power Of Attorney And Crummey Power (15 Pages)
This is a Form of an irrevocable trust. It is intended to continue for the lifetime of the Beneficiary. At the death of the Beneficiary, the Beneficiary is given a limited power of appointment to appoint the property as the Beneficiary wishes without requiring inclusion of the appointed property in the estate of the Beneficiary (a limited power of appointment). In default of the Beneficiary’s exercise of this power, the remaining trust property passes outright to the descendants of the Benefi
Irrevocable Trust For Child Or Grandchild Under IRC Sec. 2503(c) (24 Pages)
This is an irrevocable trust designed to be used by a grantor to make gifts to minor children or grandchildren.
This trust is designed to benefit multiple children or grandchildren. Each beneficiary will have a separate share in this trust. The trust is specifically designed to meet all of the requirements of Code Section 2503(c) which allows the gifts to the trust to be eligible for the grantor’s present interest gift tax exclusion, despite the fact that income and principal may be held in the trust until the beneficiary has attained age 21.
Irrevocable Trust For Multiple Children Or Grandchildren With Crummey Powers (16 Pages)
This is an irrevocable trust created by a grantor for the benefit of multiple minor beneficiaries. It is suitable to be used for the benefit of children or grandchildren. This version speaks to grandchildren, but children can be readily substituted without other modifications. Notably, this trust contains a Crummey right of withdrawal which is designed to give the beneficiaries a present interest in the trust which, in turn, allows the grantor to claim the present interest gift tax exclusion for gifts made to the trust. Unlike a Code Section 2503(c) trust, this Trust does not require that the trust property be distributed to the beneficiaries at age 21. The presence of the Crummey power makes a required distribution at age 21 unnecessary.
Minor's Trust With Crummey Powers (15 Pages)
This is an irrevocable trust created by a grantor for the benefit of a minor beneficiary. It is suitable to be used for the benefit of a child or a grandchild. Notably, this trust contains a Crummey right of withdrawal which is designed to give the beneficiary a present interest in the trust which, in turn, allows the grantor to claim the present interest gift tax exclusion for gifts made to the trust. Unlike a Code Section 2503(c) trust, this Trust does not require that the trust property be distributed to the beneficiary at age 21. The presence of the Crummey power makes a required distribution at age 21 unnecessary.
Steven G. Siegel is president of The Siegel Group, which provides consulting services to attorneys, accountants, business owners, family offices and financial planners. Based in Morristown, New Jersey, the Group provides services throughout the United States.
Mr. Siegel is the author of many books, including: The Grantor Trust Answer Book (2012 and 2013 CCH); CPA’s Guide to Financial and Estate Planning (AICPA 2012); and Federal Fiduciary Income Taxation (Foxmoor 2012).
In conjunction with numerous tax planning lectures he has delivered for the National Law Foundation, Mr. Siegel has prepared extensive lecture materials on the following subjects: Planning for An Aging Population; Business Entities: Start to Finish; Preparing the Audit-Proof Federal Estate Tax Return; Business Acquisitions: Representing Buyers and Sellers in the Sale of a Business; Dynasty Trusts; Planning with Intentionally-Defective Grantor Trusts, Introduction to Estate Planning; Intermediate-Sized Estate Planning; Social Security, Medicare and Medicaid: Explanation and Planning Strategies; Subchapter S Corporations: Using Trusts as Shareholders; Divorce and Separation: Important Tax Planning Issues; The Portability Election; Generation-Skipping Transfer Tax: A Comprehensive Review; and many other titles.
Mr. Siegel has delivered hundreds of lectures to thousands of attendees in live venues and via webinars throughout the United States on tax, business and estate planning topics on behalf of numerous organizations, including The Heckerling Institute on Tax Planning, CCH, National Law Foundation, AICPA, Western CPE, the National Society of Accountants, the National Tax Institute, Cohn-Reznick, Professional Education Systems, Inc., Foxmoor Education, many State Accounting Societies and Estate Planning Councils as well as on behalf of private companies.
He is presently serving as an adjunct professor of law in the Graduate Tax Program (LLM) of the University of Alabama, and has served as an adjunct professor of law at Seton Hall and Rutgers University law schools.
Mr. Siegel holds a bachelor’s degree from Georgetown University (magna cum laude, phi beta kappa), a juris doctor from Harvard Law School and an LLM in taxation from New York University Law School.