Posted by attorney Robin Daleo.
Question:My children are urging me to create an Irrevocable Trust to protect my assets.I am concerned that once I create the trust, I wont be able to access the money that I put in if the time comes... more
Posted by attorney Brenda Geiger.
Life insurance is a unique asset in that it serves numerous diverse functions in a tax-favored environment. Life insurance proceeds are received income tax free and, if properly owned by an... more
Posted by attorney Shawn Newman.
The primary function of a Irrevocable Life Insurance Trust (ILIT) is to avoid estate death taxes on the proceeds from the estate of the deceased person. If not done properly, the life insurance... more
Posted by attorney Nancy Burner.
We know that the current federal gift and estate tax exemption is $5,120,000.In addition, New York State currently has no transfer tax for lifetime gifts.Thanks to the confluence of low income tax... more
Posted by attorney Seth Kramer.
Q:Why is an Irrevocable Life Insurance Trust (ILIT) useful in estate planning? A: The ILIT holds the life insurance for many purposes, including: 1. avoiding estate taxes;2. increasing the assets... more
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