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The Irrevocable Life Insurance Trust | Midgett & Preti PC


John T. Midgett · Todd J. Preti · Nathan R. Olansen · Alison R. Zizzo · Ann H. Larkin ... The Irrevocable Life Insurance Trust (or “ILIT” as it is frequently called) has ... An ILIT is a highly technical trust document that is controlled not only by trust law, but .... 1. Do NOT make the insured the Trustee o...

irrevocable life insurance trust (“ilit”) - Warner Norcross & Judd LLP


The irrevocable life insurance trust (“ILIT”) is a popular, but complex, estate ... The beneficiary of a life insurance policy generally will not pay income tax on ... (2) the power to borrow against the policy, and (3) the power to transfer the policy.

The Irrevocable Life Insurance Trust - FindLaw


It owns your life insurance policy for you, removing it from your estate. ... You can choose the Trustee (or Trustees) who will manage your ILIT. ... An essential part of wise estate planning is deciding not only who our heirs will be, but also how, ...

Irrevocable Life Insurance Trusts: Perhaps the Best ... - Avelino LLP


Irrevocable Life Insurance Trusts: Perhaps the Best Kept Secret in Tax Savings ... 1 Section 101(a) provides the general rule that “gross income does not include amounts ... employer-owned life insurance contracts (Section 101(j)). 2 Under Section 2042(1) the value of the gross estate includes “the amount receivable by the ...

The Estate Taxation of Life Insurance and How Using Irrevocable ...


Jan 30, 2007 ... By Rob Le Chevallier ... 2. Except for my life insurance my assets are under the estate tax exemption. .... You may not serve as Trustee of an Irrevocable Life Insurance Trust holding policies on your life, because the trustee ...

Using an ILIT in Estate Planning wardwilsey - SlideShare


Feb 8, 2008 ... By Ward J. Wilsey, JD, LLM The Wilsey Law Firm www.wilseylaw Circular 230 .... [email_address] Using an ILIT in Estate Planning; 2. ... How an ILIT pays estate taxes <ul><li>ILITs do not pay estate taxes .... Robert Keebler.