IEPTIndividualized Educational Planning Team
IEPTIntegrated Estate Planning Trust (insurance)
IEPTIndividual Education Planning Team (various locations)
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The comfort level of those involved (including the IEPT beneficiaries) will be exponentially increased if such a relationship already exists, and if subsequent events cause the trustees to diversify assets from the jurisdiction in which held and into the institutions' and managers' hands.
Due to the retention of certain degrees of benefit and control by the settlor, the IEPT will be a grantor trust for Federal tax purposes.
Moreover, a foreign-situs IEPT can be structured either as a foreign or domestic vehicle for Federal income tax purposes, under Sec.
Until this issue is settled, an IEPT should be drafted to avoid the application of Sec.
A properly drafted foreign-situs IEPT governed by an appropriately selected OFC will not be subject to income, gift, estate, transfer, excise or like tax in the selected jurisdiction.
Clients or their advisers frequently inquire about the risks associated with having assets held by trustees of an IEPT. A client will not be forced to choose between risking assets to a future potential creditor or to the APT trustees, because of the checks and balances inherent in a properly structured, well-drafted IEPT.
A properly drafted IEPT would make it factually impossible for a client to repatriate trust assets.
When an IEPT trust is poorly designed, a contempt of court order may not be far behind.
First, generally, the asset that would be made available to the creditor would be the IEPT's limited partnership interest in the FLP, which would still afford the client protection and bargaining power through charging order protection and the threat of phantom income.
112-113 is an overview of a model IEP using an IEPT as the core.