Can the Irrevocable Life Insurance Trust Last Forever
August 10, 2017Depending upon state law, a life insurance trust can last as long as any other trust, including dynasty trusts. If the ILIT is a dynasty-type ILIT, it will be subject to generation-skipping transfer taxes as discussed in Chapter 4. However, your generation skipping transfer tax exemption can be applied against the amount contributed to the… Read more »
ILIT Useful for Anything Else Besides Keeping Insurance Proceeds Out of the Estate?
July 31, 2017ILIT Useful in Many Ways An Irrevocable Life Insurance Trust or ILIT is created to own and control a term or permanent life insurance policy or policies while the insured is alive. ILIT is useful to manage and distribute the proceeds that are paid out upon the insured’s death. The parties in an ILIT are… Read more »
