Product Description

Recent updates:

• Update: January 2023

  Dear Subscriber:

  Thank you for choosing to stay current in trust drafting practice with this 2023 edition of Drafting Irrevocable Trusts in Massachusetts . Inside, you will find new material on topics such as the following:

  • Federal estate tax (based on different years of death, after applying the applicable credit and deduction for Massachusetts estate taxes paid). See chapter 1 for an updated chart.

  • Cumulative hanging Crummey power. Chapter 1 offers an updated chart showing data applicable up to the year 2047.

  • Distributable net income. See chapter 3 for new discussion of strategies regarding distributable net income, including a note about an alternative theory for including gains from a pass-through entity.

  • Closely-held business interests. See chapter 5 for sample language pertinent to "Powers to Operate a Business Interest Held in an Estate or Trust".

  • Administrative provisions. See chapter 12 for updated language, including expanded powers of the trustee and new notice provisions and Schedule A of a sample Massachusetts inter vivos trust.

  • Foreign trusts. See chapter 13 for a substantive new practice note that advises the reader on the question as to whether, if a trust is administered partly or solely abroad, a U.S. court could still "determine substantially all issues regarding the trust's administration," as required by an established court test.

  • Supplemental needs trusts. See chapter 7 for a revised exhibit that contains model language for a typical supplemental needs trust. The exhibits for chapter 7 also contain new language for a d(4)(A) trust provision.

  We at MCLE trust that you will find this updated material useful in your practice and valuable in keeping your estate planning law library current.

  Cordially,

  Maryanne G. Jensen, Esq., MCLE Director of Publications

Table of Contents

Chapter 1 expand

Estate and Gift Tax Issues Relating to Irrevocable Trusts

Buy Chapter

Vaishali Goyal, Esq., Goulston & Storrs, PC
Kerry L. Spindler, Esq., Goulston & Storrs, PC

Exhibit 1A

- U.S. Estate (and Generation-Skipping Transfer) Tax Return (Form 706) (Rev. August 2019), Page 1 Buy Form

Exhibit 1B

- Massachusetts Estate Tax Return (Form M-706) Buy Form

Exhibit 1C

- U.S. Gift (and Generation-Skipping Transfer) Tax Return (Form 709) (2021) Buy Form

Chapter 2 expand

Generation-Skipping Transfer Tax Problems

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Kimberly E. Cohen, Esq., Choate Hall & Stewart LLP
Magda L. Fleckner, Esq., Goulston & Storrs, PC

Exhibit 2A

- Sample Language Granting Authority to Divide Trusts Buy Form

Chapter 3 expand

Income Taxation of Trusts and Estates

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Jeremiah W. Doyle, IV, Esq., BNY Mellon

Exhibit 3A

- Example of a 2021 Fiduciary Income Tax Return for a Complex Trust Buy Form

Chapter 4 expand

Dispositive Provisions

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Kevin M. Ellis, Esq., Hemenway & Barnes LLP
Kurt F. Somerville, Esq., Hemenway & Barnes LLP

Checklist 4.1

- Determining Conditions Under Which Beneficiaries Should Receive Distributions Buy Form

Chapter 5 expand

Administrative Clauses

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Eric P. Hayes, Esq., Goodwin Procter LLP

Exhibit 5A

- Sample Language for Holding a Closely Held Business Interest Buy Form

Chapter 6 expand

Irrevocable Life Insurance Trusts

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William D. Kirchick, Esq., Nutter McClennen & Fish LLP

Chapter 7 expand

Irrevocable Supplemental Needs Trusts

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Laura Goodman, Esq., Margolis Bloom & D'Agostino
Harry S. Margolis, Esq., Margolis Bloom & D'Agostino
Karen B. Mariscal, Esq., Mariscal Special Needs Law

Exhibit 7A

- Model Third-Party Irrevocable Supplemental Needs Trust Buy Form

Exhibit 7B

- Letter Instructing Trustee of Supplemental Needs Trust to Send Crummey Letter to Beneficiary Buy Form

Exhibit 7C

- Form of Crummey Letter to Beneficiary Buy Form

Exhibit 7D

- Model (d)(4)(A) Trust Buy Form

Chapter 8 expand

Trusts for Minors

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Thomas E. Bator, Esq., Pratt, Bator & Popov LLP
Nathan E. Bress, Esq., Pratt, Bator & Popov LLP
Patricia D. Popov, Esq., Pratt, Bator & Popov LLP

Exhibit 8A

- Minority Trust Buy Form

Chapter 9 expand

GRITs, GRATs, and GRUTs

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A. Silvana Giner, Esq., Choate Hall & Stewart LLP

Exhibit 9A

- Sample GRAT Provisions Buy Form

Chapter 10 expand

Qualified Personal Residence Trusts

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Marc J. Bloostein, Esq., Choate Hall & Stewart LLP

Exhibit 10A

- IRS Model QPRT Buy Form

Exhibit 10B

- Alternative Model QPRT (Dispositive Provisions Only) Buy Form

Chapter 11 expand

Charitable Split-Interest Trusts

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Martin Hall, Esq., Hall & Diana LLC

Exhibit 11A

- Comparison of CRTs and CLTs Buy Form

Chapter 12 expand

Marital Trusts

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Susan C. Milona, Esq., Brown Advisory LLC
Deborah Pechet Quinan, Esq.,
Rachel M. Wassel, Esq., Ruberto, Israel & Weiner, PC

Exhibit 12A

- Sample Massachusetts Inter Vivos QTIP Trust Buy Form

Exhibit 12B

- Revenue Procedure 96-54 Buy Form

Exhibit 12C

- Sample Massachusetts Inter Vivos QDOT Buy Form

Chapter 13 expand

Foreign Trusts

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Danilo Santucci, Esq., Nutter McClennen & Fish LLP

Chapter 14 expand

Irrevocable Trusts Holding S Corporation Stock

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Lisa M. Rico, Esq., Rico, Murphy, Diamond & Bean LLP
Judith A. Saxe, Esq., CIBC Private Wealth Management

Checklist 14.1

- Determining Whether a Trust Qualifies as a Section 1361(c)(2) Shareholder Buy Form

Checklist 14.2

- Determining Whether a Trust Qualifies as a Subchapter S Trust Buy Form

Exhibit 14A

- Sample Dispositive Provisions for a Qualified Subchapter S Trust (QSST) Buy Form

Exhibit 14B

- Flowcharts of Trusts Qualifying as S Corporation Shareholders Buy Form

Exhibit 14C

- Sample S Corporation Savings Provision (Short Version) Buy Form

Exhibit 14D

- Sample S Corporation Savings Provision (Long Version) Buy Form

Exhibit 14E

- Sample General Administrative Provision Buy Form

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Author(s)