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We've spent decades protecting our clients from the eroding effects of estate taxes, advising them to keep their life insurance outside of the estate, in an Irrevocable Life Insurance Trust (ILIT), in order to leverage the tax advantages of the death benefit.
Through shifting assets into tax-free irrevocable trusts and the use of second-to-die life insurance, clients are excited to learn they may leverage assets on a tax-free basis within an irrevocable life insurance trust (ILIT).
One of the more popular estate planning techniques is an irrevocable life insurance trust (ILIT) to purchase and hold file insurance on the trust's grantors.
Here's why: The payment of premiums on a life insurance policy can result in a potentially taxable gift, especially when owned by an irrevocable life insurance trust.
One way to do this is to put life insurance policies inside irrevocable life insurance trusts.
John Hancock Advanced Markets Group Offers Clients New Method To Fund An Irrevocable Life Insurance Trust While Reducing Taxes
Life insurance can provide an "instant" source of liquidity to the estate of an owner of a closely held business, preferably when the policy insuring the business owner's life is held by an irrevocable life insurance trust (ILIT).
Douglass also suggests considering an irrevocable life insurance trust.