Now, there is a Bank of America branch close to my home. Instead of mailing my son the check, can I simply make out the check to myself and
deposit it in the ILIT account at this local branch? Then I could notify my kids of the deposit and they could exchange their Crummey letters as usual.
I have a question regarding depositing a check into my ILIT
checking account to pay the insurance premiums for the policies in
the ILIT. For years, I (the Grantor) have mailed a check to my
son, he's a trustee, made out to "ABC, trustee XYZ Irrevocable
Trust, dtd DD/MM/YY" and he would endorse it and deposit it at the
Bank of America branch near his home. Then he would notify his
brother (also a trustee) of the deposit and they would exchange
Crummey letters.
Now, there is a Bank of America branch close to my home. Instead
of mailing my son the check, can I simply make out the check to
myself and deposit it in the ILIT account at this local branch?
Then I could notify my kids of the deposit and they could exchange
their Crummey letters as usual.
So, is the Grantor allowed to deposit the check directly? if so,
would I make the check payable to "Ron" or to "Ron, grantor XYZ
Irrevocable Trust, dtd DD/MM/YY"?..TIA, Ron
According to oitbso@yahoo.com <oitbso@gmail.com>:
Now, there is a Bank of America branch close to my home. Instead
of mailing my son the check, can I simply make out the check to
myself and deposit it in the ILIT account at this local branch?
Then I could notify my kids of the deposit and they could exchange
their Crummey letters as usual.
If the ILIT has an account and the check is a gift to the ILIT,
why wouldn't you just make the check out to the ILIT?
If the check
is written to the ILIT and the account it's deposited into is in
the name of the ILIT, the bank isn't going to care who physically
hands them the check.
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