On Dec. 1, 2011, the Internal Revenue Service issued Revenue Ruling 2011-28,1 which finally clarified that a life insurance policy in an irrevocable trust isn't included in the grantor's estate if the grantor retains the right to substitute the policy with assets of equivalent value.
Grantor trusts are popular and useful estate-planning devices. Practitioners use techniques such as grantor retained annuity trusts and sales to intentiona
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