Appendix Form #18
Author | Jerold I. Horn |
Profession | Lawyer |
Pages | 887-902 |
887
[Irrevocable Trust. Code Section 2642(c) trust. This trust is an example of the speci-
men that is described at II.B of Part One of Chapter 13. The donee is a skip person or a
non-skip person and has a Crummey power with respect to each gift to the trust to such
extent as the gift would qualify for an annual exclusion if given outright. A testamentary
general power of appointment vests the trust estate in the gross estate of the donee for
United States estate tax purposes.]
Irrevocable Trust Agreement
Made November 1, 2017.
Article I
Purpose
I, FRANCIS K. WOOLEY, of Peoria, Illinois, transfer to RONALD T. WOOLEY, of
Peoria, Illinois, as Trustee, ten dollars and other consideration. The Trustee agrees
to administer this property, together with any additions and changes, according
to this instrument.
Article II
Disposition of Trust Estate
Section 2.01. Sanford Wooley Trust. The Trustee shall set apart the trust estate, in a
separate trust to be known as the “Sanford Wooley Trust” and to be administered
as provided in this Section.
(A) Distributions. The Trustee shall pay to Sanford Wooley so much or all, if
any, of the trust estate as the Trustee determines to be necessary or advisable
from time to time, considering resources otherwise available, to provide for his
health, education and support in the manner of living to which accustomed.
Additionally, the Trustee shall pay to Sanford Wooley so much or all, if any,
of any balance of the trust estate as the Independent Trustee in its sole and
absolute discretion determines to be advisable from time to time, considering
or not considering resources otherwise available, for any purpose or reason
whatsoever, including the termination of the trust.
(B) Right to Withdraw. Notwithstanding any other provision of this instru-
ment, the Trustee shall pay to Sanford Wooley (the “donee”) so much or
all, if any, of the trust estate as the donee has a right to withdraw according
Appendix Form #18
888 Appendix For m #18
to paragraph (1) and directs in writing before the right lapses according to
paragraph (2).
(1) Whenever any donor makes a contribution to the Trustee, the donee
shall have the right to withdraw so much of the trust estate as has a value
equal to the value of the contribution to such extent as the contribution,
if given outright to the donee and gifts were split to the maximum extent
according to Section 2513(a) of the Code, would be excluded (according
to Section 2503(b) of the Code) from taxable gifts for purposes of deter-
mining United States gift tax. Notwithstanding the preceding portion of
this paragraph (1), the donor by direction delivered to the Trustee before
or with any particular contribution may increase (to such extent as all
rights to withdraw arising because of the contribution do not exceed the
contribution) or decrease or eliminate any right to withdraw that, absent
the direction, would arise because of the contribution.
(2) The right of the donee to withdraw shall lapse only upon the rst
to occur of
(a) The death of the donee; and
(b) To such extent as the right is attributable to a particular con-
tribution, the end of the sixtieth day after the contribution is made.
Notwithstanding the preceding portion of this paragraph (2), the
donor by direction delivered to the Trustee before or with any particu-
lar contribution may increase or decrease what, absent the direction,
would be the duration of any right to withdraw that is attributable to
the contribution.
(3) The Trustee shall notify the donee (and any person described in
the next sentence) about all rights granted to the donee pursuant to this
subsection (B). A person described in subsection (F) of Section 5.03 may
exercise the rights for any legally incapacitated donee.
(C) Secondary Right to Withdraw. The Trustee shall pay to Sanford Wooley
so much or all, if any, of the trust estate as Sanford Wooley directs in writ-
ing at any time and from time to time after attaining thirty-ve years of age.
(D) Termination. Unless sooner terminated by distribution or expenditure
according to the foregoing, the Sanford Wooley Trust shall terminate upon
the death of Sanford Wooley, and the Trustee shall distribute the trust estate
of the Sanford Wooley Trust to such one or more appointees, including the
creditors and the estate and the creditors of the estate of Sanford Wooley, in
such amounts and portions and subject to such trusts, terms and conditions
as Sanford Wooley may appoint by Will specically referring to this power.
To such extent, if any, as the trust estate of the Sanford Wooley Trust is not
To continue reading
Request your trial