With the estate tax sure to make a comeback next year, estate tax planning is once again at the forefront of many peoples’ minds. And in calculating your gross estate for tax purposes, the IRS includes the value of any life insurance policies you own. For people whose life insurance policies drive the value of their gross estate into the taxable realm, an Irrevocable Life Insurance Trust (ILIT)can be an effective estate planning tool. How does it work? You establish an ILIT and name a … [Read more...]
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