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Irrevocable Life Insurance Trust (ILIT)
An Irrevocable Life Insurance Trust (ILIT) offers the ability to own a life insurance policy separate from your estate, thereby avoiding taxes on the value of the payout upon your death.
Features and Benefits
- Reduce estate tax burden.
- Increase the value of assets to heirs.
- Provide cash stream to cover family needs.
- Funds controlled even after your passing.
- Provide additional source to pay estate taxes.
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Add Value for your Heirs
The life insurance in an ILIT is not included in estate tax or income tax computations. That allows you to establish an insurance policy that will benefit your heirs free from estate or income taxes - a significant consideration for your estate plan.
Additionally, you can use the Insurance Trust to provide control over distributions and the management of proceeds.
To add this valuable component to your estate strategy, call to schedule an appointment at 800-321-0032 or click here to contact an MBTeam retirement professional.
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The information above is not intended nor should it be used as a substitute for the advice of an attorney, estate or tax planner, whose advice should be sought to review your personal circumstances and goals. |
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