Using an ILIT in Estate Planning
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This document discusses using an irrevocable life insurance trust (ILIT) for estate planning purposes. It notes that ILITs are used to keep life insurance proceeds out of an insured's taxable estate to avoid estate taxes. It provides details on candidates for ILITs, how ILITs pay estate taxes by purchasing assets from the decedent's estate, issues to consider with transfers within three years of death, trustees, paying premiums through gifts or other methods, income and generation skipping transfer tax considerations, and summarizes key points about setting up an effective ILIT.
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Using an ILIT in Estate Planning
- 1. By Ward J. Wilsey, JD, LLM The Wilsey Law Firm www.wilseylaw.com [email_address] Using an ILIT in Estate Planning
- 17. Ward J. Wilsey, JD, LLM The Wilsey Law Firm www.wilseylaw.com [email_address] Questions???