The optional language on required distributions from retirement plans for which the Marital Trust is a beneficiary has been modified to conform with Revenue Ruling 2000-2 (Jan. 18, 2000), which nullified Revenue Ruling 89-89. Under the new ruling, the excess of the IRA income over the required minimum distribution must only be subject to the surviving spouse's right to demand distribution (rather than actually distributed to the trustees). Question 332
You can now draft an irrevocable life insurance trust using Florida Wills & Trusts. Select “Trusts” at the main menu and then select “Irrevocable Life Insurance Trust.” See the “How To” topic “Draft an Irrevocable Life Insurance Trust” for a discussion of how to share data when drafting an ILIT and a revocable trust or stand-alone Will for the same client. Questions 3, 98, 99, 109, 132-147, 493, 602, 611, 620, 684-699.
Two versions of a Crummey Notice (“simple” and “complex”) and an Acknowledgment of Withdrawal Rights have been added. Select “Ancillary Documents” at the main menu and then select “Crummey Notices.” Questions 5, 7, 987-1009.
In response to your requests, when drafting a revocable trust with the grantor as the sole trustee and no trusts created on the grantor’s death, the questions and document language covering trustees on the grantor’s disability now apply to trustees on the grantor’s death as well. For existing answer sets, you will automatically get this new language if you send your trust to your word processor after installing this update. Questions 587-593.
In response to your requests, we have added new “How To” topics titled “Save Client Answer Files” and “Name Trustees.” In addition, we have added a discussion of Dynasty Trusts to the existing topic “Create Various Trusts on Death” and we have added a list of those questions pre-answered or overwritten for Simple/Disclaimer Wills to the “How To” topic titled “Create Simple Documents.” To view any “How To” topic, select “How To” on the opening menu, select a topic, and click the QHelp button. Press Enter with the topic selected to send that topic to your word processor. Question 10.
The program will now give you a pop-up warning if you try to change any answers which are required for a Simple or Disclaimer Will (see QHelp for Question 2 for a list of those questions pre-answered or overwritten for Simple/Disclaimer Wills). In addition, the program will now allow you to add articles on “Substance Abuse” and “Environmental Provisions” to a Disclaimer Will. Questions 2,15, 223, 231, 241, 242, 260, 286, 466, 710, 713, 717, 743, 765.
The “Removal of Trustees” section in the article titled “Provisions Governing Trustees” has been reworked. The “Removal for Cause” subsection is now optional, the option of requiring two persons to remove now applies to all trustees, and several questions have been combined into a single “Limitations on Removal Power” multi-select question. Document language has been modified as well. Question 627.
“Up_Apr00” is a flag file which flags all new questions and any questions with changed choices or commentary (click “Open Flags” on the Flags menu, then click “Florida Wills & Trusts” and “OK,” then “Up_ Apr00” and “OK”).
Please continue to send us your suggestions on existing or new products. Contact our Technical Support Department at 1-800-9-LAWGIC (952-9442) or e-mail us at support@lawgic.com.
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This information is not intended to constitute legal advice.
This summary should not be relied upon independent of consulting the Lawgic software.