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Special Report

Special Report: Sales to Intentionally Defective Irrevocable Trusts

The sale to an intentionally defective irrevocable trust (IDIT) in exchange for the IDIT’s promissory note has become an established estate planning technique. If the seller’s life expectancy is shortened by illness, an annuity based on the seller’s life or a self-cancelling installment note (SCIN) may be substituted for the promissory note. Unlike a standard promissory note, payments made under the annuity or SCIN terminate at the seller’s death, leaving only payments that the seller received during his or her lifetime to be included in the seller’s estate. With sales to IDITs coming under IRS scrutiny, proper structuring is key to successful tax results.

This special report discusses the standard sale transaction, as well as the two variations, and it examines authorities which indicate that a properly structured sale to an IDIT should be a successful transfer tax planning strategy.

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