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Back to Track 2: Life Insurance

Course 2.3 · 60 minutes

The Irrevocable Life Insurance Trust

Keep a large policy out of your taxable estate with an ILIT, and run it correctly year after year so the IRS respects it.

Who it is for
Families whose estate could exceed the exemption, and owners of large policies.
Runtime
60 minutes · Headliner course

Pre-order: this course is still in development. Your purchase includes its materials as they are published in your portal. No release date is confirmed. Buy 5 or more and every course is 30% off.

See the full trackSee the full curriculum

After payment is confirmed and your access is set up, the files listed below can be downloaded from your portal. Any unpublished materials will be added when ready, at no additional charge.

Files currently available

  • Ilit Administration Manual.
  • Crummey Notice Template.
  • Trustee Duties Checklist.
  • Ilit Funding Flow Diagram.
  • Estate Inclusion Decision Tree.
  • Slide deck.
  • Visual: Roadmap.
  • Visual: Incidents of Ownership.
  • Visual: Ilit Structure.
  • Visual: Crummey Cycle.
  • Visual: Five and Five Hanging Power.
  • Visual: Three Year Rule.
  • Visual: Setup Sequence.
  • Visual: Annual Calendar.
  • Visual: With vs Without Ilit.
  • Visual: Gst Multiplier.
  • Visual: Liquidity at Death.
  • Visual: Decision Tree.
  • Workbook.
  • The narrated lesson. 60 minutes, cued to the deck, with chapter markers by lesson. Added to your portal when published, at no extra cost. This purchase does not guarantee that the narrated lesson is available today.

What the course covers

  • 01Why your policy is in your estate: incidents of ownership6 min
  • 02How an ILIT works: the trustee owns it, the trust collects it, the family gets it8 min
  • 03Annual exclusion gifts and Crummey withdrawal rights8 min
  • 04The three-year rule for existing policies and how a new policy avoids it5 min
  • 05Setting it up: trustee choice, drafting points, the tax identification number, and the bank account7 min
  • 06Running it: premium gifts, notices, gift tax returns, and generation-skipping allocation9 min
  • 07Worked example: a 5 million dollar policy, a 50,000 dollar premium, and three children7 min
  • 08Tricks of the trade: hanging powers, spousal access, and buying business interests at death6 min
  • 09Mistakes and traps: paying premiums yourself, missing notices, and the insured as trustee4 min

How it fits: Requires 2.1 and 3.3. Pairs with 2.5 and 6.5.

The standard every course holds

  • A narrated lesson of 45 to 60 minutes, produced as audio
  • A designed slide deck you download and keep
  • A computational workbook that runs the actual legal tests
  • A toolkit of checklists and protocols
  • A legal authority appendix carrying the two-pass vetting protocol

Written for a diligent reader with no legal education. Professionally narrated using a studio voice model of Brian T. Boyd. The course is recorded instruction, not a live consultation.

Where this course sits

Track 2: Life Insurance

This course is one step in a track built around a single outcome. See the full build order and the other courses that get you there.

Back to this track

Educational material from the private client curriculum of Brian T. Boyd. This is legal education for a general audience, not legal advice, and no attorney-client relationship is created by purchasing, viewing, or using it. Tax outcomes depend on your facts and your state.