When utilized correctly, an irrevocable life insurance trust is one of the best estate-planning tools for reducing estate taxes and providing liquidity. However, it is a complex planning opportunity that requires proper diligence and execution if it is to achieve favorable gift tax, estate tax, generation-skipping tax, or income tax results.
This guide examines the real and perceived implementation issues associated with the irrevocable life insurance trust, and provides helpful hints on dealing with insurance companies and the IRS. The trustee of the irrevocable life insurance trust has a variety of tasks. The purpose of this material is to remove the mystery from many of these tasks and to provide direction.
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