In an ILIT, the grantor or creator of the trust cannot change the terms or beneficiaries of the trust, just like any irrevocable trust. However, grantors may place one or more life insurance policies ...

On Dec. 1, 2011, the Internal Revenue Service issued Revenue Ruling 2011-28, 1 which finally clarified that a life insurance policy in an irrevocable trust isn't included in the grantor's estate if ...

This post has been updated as of March 28, 2024, to reflect changes to the Massachusetts estate tax exemption. There is a common misconception that life insurance benefits are not subject to estate ...

When a married parent creates an irrevocable trust for the benefit of his or her children, the married parent, as the creator or settlor of the trust, often provides for his or her spouse to have ...

Click here to BUSINESS CONTINUATION AGREEMENTS are often partially funded or totally funded with life insurance. Most, if not all, of the life insurance proceeds are includable in the estates of the ...

Many people (and even some seasoned financial advisors) believe that you can simply gift your existing life insurance policy to your irrevocable life insurance trust (ILIT) without any implications.

For clients waiting to see if Congress will extend or cut the lifetime gift and estate tax exclusion next year, setting up an irrevocable trust now can be a base-covering estate planning option.

Many people don’t put a lot of thought into their life insurance. They choose it, pay the premiums, and tend to think of it only in terms of providing financial security for the policy’s beneficiaries ...

Generally, homeowners aren’t “stuck” with their current property just because it’s held in an irrevocable trust. The trust — ...

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Marguerita is a Certified Financial Planner (CFP), Chartered Retirement Planning Counselor ...