Irrevocable trusts remain powerful in estate planning
February 28, 2017 by Brett W. Berg
The irrevocable life insurance trust (ILIT) is a fundamental, but complex, estate planning tool.
Generally, they are used to minimize estate taxes for more affluent clients with estates valued above the tax exemption limit of $5.49 million for singles and $10.98 million for married couples. The ILIT can be structured to serve several purposes including:
- Favorable tax treatment of life insurance proceeds for heirs;
- A source of cash to settle estate taxes on property or a business; or
- Setting provisions for the management and control of policy proceeds.
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Originally Posted at LifeHealthPro on February 28, 2017 by Brett W. Berg.
Categories: Industry Articles