Spring 2009 - #2. The Green ILIT Bible.

Author:Reviewed by Matthew Getty, Esq.
 
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Vermont Bar Journal

2009.

Spring 2009 - #2.

The Green ILIT Bible

THE VERMONT BAR JOURNAL Volume 35, No. 1 SPRING 2009

BOOK REVIEW

The Green ILIT Bible

An Estate Planning Essential Reviewed by Matthew Getty, Esq.

I refer to this book as the Green ILIT Bible. It is rarely shelved. The binding is nicely broken in. A light coffee stain guilds the leaves. Its pages are adorned with the ever-shifting tools of an associate's trade- red Post-It tabs. Grassi's second edition is a must-have for estate planning attorneys for it is a solid guide for attorneys of all ages and experience. Like all great works, the lessons of the Practical Guide are applicable far beyond its stated subject matter. Do not be put off by the specificity of the title or the minute specialization that it implies. To be sure, Grassi covers all matters concerning life insurance, from his helpful overview of policy types to the specific issues raised by their use in irrevocable trusts. However, this book's coverage of subtle income, gift, estate, and generation skipping tax issues is widely applicable to planning with any irrevocable trust. And because bad things happen to good people, Grassi helpfully includes a chapter on how to fix one of these doohickeys after frail humans mess them up or circumstances change.

Unlike many continuing legal education programs, this book starts at the beginning of a subject and explains it systematically. It is surprisingly readable and easy to understand. It is also packed full of sample language to demonstrate the practical application of its lessons and suggestions, as well as model explanation letters to clients. The sample language and explanation letters are easily accessible on the CD ROM included with the book. Our office frequently finds...

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