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Don’t use life insurance to pay estate taxes?
Now there’s an interesting statement coming from an author of a blog on life insurance! It was just to catch attention but there is an interesting alternative method. Instead of using the life insurance to pay the estate taxes. Have … Continue reading
Life insurance in an irrevocable life insurance trust (ILIT)
An ILIT is an irrevocable life insurance trust. Irrevocable means can’t be revoked, can’t be changed once you set it up. The most common reason for setting up this trust is to create a separate entity that owns the life … Continue reading
Charitable Planning, Estate Planning and Life Insurance
Without getting into too much detail, if your estate is of sufficient size – $5 million plus – to be concerned about estate planning there are unique planning ideas, some including life insurance, that can help you and your family … Continue reading
Using a Life Insurance Trust (ILIT)
Today, I saw an article about Using a Life Insurance Trust from The New York Daily News. In this article financial writer, Marshall Loeb, talks about the reasons for and the structure of an Irrevocable Life Insurance Trust (ILIT). This … Continue reading
How Life Insurance is Valued for Estate Taxes
This helpful article from Scripps Howard summarizes the estate tax treatment of life insurance very well. One can shield the proceeds of life insurance from being taxed as stated in the article: “If the policy was not owned by the … Continue reading
The Irrevocable Life Insurance Trust (ILIT)
The following is general information. You should consult an attorney to advise you and to construct any legal documents. An irrevocable life insurance trust, often called by its abbreviation, ILIT, is a unique legal document to help keep the proceeds … Continue reading