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A detailed discussion of the contingencies of the IIT, including those in Appendix 1, will be included in the chapter on irrevocable trusts. The other items of the sample form have been included in this section as well to show the various ways a person can set up an irrevocable life insurance trust in order to take advantage of the TIP treatment for contributions that are to be made by the granter to this trust. The following illustrative example illustrates how one person may complete a TIP non-contributory irrevocable life insurance trust that can qualify as a self-employed IRA under IRC Section 408A or a retirement account under IRC Section 402(e). Example 1. This example shows the steps an individual must take to construct an irrevocable life insurance trust for non-contributory insurance contributions. This trust is subject to the “contributory provision,” which allows an individual to use his or her own cash or the proceeds of a third-party life insurance annuity to make non-contributory irrevocable life insurance contributions, up to a dollar limit imposed by IRC Section 410. In addition to using a life insurance annuity, an irrevocable life insurance trust can include the following types of coverage: (1) insurance covering life, death, or disability of a non-participating spouse; (2) a joint life insurance policy; (3) a life and/or accident insurance policy; (4) a self-insured life insurance policy; (5) any other non-contributory coverage, as long as the non-participating spouse is designated as beneficiary; (6) the personal protection bond, the personal protection annuity, the personal protection annuity/personal protection guarantee, or the special provisions described under the “Special Requirements for Certain Non-Non-contributory Health and Life Insurance Arrangements” heading in Example 3. IRR. 1. For purposes of this example, assume that an individual, John, has an income starting at 80,000 and does not have any dependents other than a child. In this example, the trust will be called the “IIT.

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