Protecting your Life Insurance Trust from taxes
The Importance of Proper Trust Maintenance The trustee of an irrevocable life insurance trust (ILIT) must follow numerous rules and regulations laid out by the IRS in order to exclude the ILIT’s policy proceeds from federal and state estate tax. The insured and the trustee should check to see that these rules and regulations are […]
Contribution Notice – Who Signs for a Minor?
Irrevocable Life Insurance Trusts (ILIT) Many people create irrevocable life insurance trusts (ILIT) for the benefit of minor children. The common scenario is that the grantor will create an ILIT and his or her spouse will act as trustee of such trust. Because ILITs are established as Crummey trusts, a contribution notice should be sent […]