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Statute Comparison [i] (August 28, 2008)

handle is hein.nccusl/nccpub01056 and id is 1 raw text is: Delaware 2704 t-ee of trust created by grantor has ins int in: a. Life of grantor b. In life of anyone in whom grantor (for fed Y tax purposes) has ins int c. Anyone else to extent that person has ins int w/ respect to proceeds of ins on life of such person (i.e., CQV) that are allocable to person's interest in such trust cl. (aggregate for multiple bens of the trust) Florida 627.404 sub 5: t-ee of trust has an ins int in life of ind id under life ins pol owned by trust IF a. ID is grantor of the trust b. An ind-al closely related by blood or law to grantor c. Or an ind in whom grantor otherwise has an ins int IF in each of situations in subsection i. Life ins proceeds are primarily for benefit of trust bens having an ins int in life of ID sub 6: t-ee has ins int in life for whose benefit t-ee holds property, and in anyone else in whose life the person has an ins int SO LONG AS the proceeds are primarily for benefit of persons having ins int in life of ID Georgia 33-24-3 t-ee of trust created by grantor has ins int in: a. Life of grantor b. In life of anyone in whom grantor has ins int c. In life of anyone else to extent any ben of trust has ins int w/ respect to proceeds of ins on life of such person cl. (aggregate for multiple bens of the trust) RHJ 8/10/08 (rev. 8/28/08) Comments could get tangled in tax rules this is essentially same allocation provision as GA and SD sub (5) is same as MD statute up to so long as is same as Washington statute after so long as is an addition from Maryland statute unclear whether post-so long as language modifies only text before comma or modifies everything before so long as punctuation implies former; probable that drafting history would imply latter was intended t-ee has ins int in life of each ben to extent proceeds of policy will be allocated to that ben's interest in such trust This presumably reflects desire to limit c insurable interest to extent of the ben's ins int in life of other person, and not allow creation of small economic interest to be parlayed into a basis for insuring more than the amt of that interest prob: trust for lifetime benefit, with provision for disposition of proceeds at ID's death, might not be deemed to have an ins int in ID merely bec/ of ID's status as ben, bec/ proceeds could never be allocable to insured's beneficial interest in trust (SD is same as GA except for addition of a proviso) Statute Comparison (with some drafts) Statutory summary

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