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Estate Planning › Irrevocable Life Insurance Trusts

Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the... more +
Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process.  less -
Husch Blackwell LLP

Understanding the 2026 Changes to the Estate, Gift, and Generation-Skipping Tax Exemptions

Husch Blackwell LLP on

The Tax Cuts and Jobs Act of 2017 provided major changes to the Internal Revenue Code, specifically doubling the federal estate, gift, and generation-skipping transfer (GST) tax exemption (collectively, the exemption) from...more

Rivkin Radler LLP

Estate Planning for Families with Children Who Have Special Needs

Rivkin Radler LLP on

A supplemental needs trust (SNT) is an important estate planning tool for those with a special needs child. It ensures that your special needs child is taken care of after you are gone. Unlike other types of trusts, assets...more

Bowditch & Dewey

Estate Planning: The Irrevocable Life Insurance Trust

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There is a common misconception that life insurance benefits are not subject to estate tax. While the proceeds of a life insurance policy are not taxable income to the beneficiaries, they are part of a person’s taxable estate...more

Levenfeld Pearlstein, LLC

The Gift, Estate, and GST Tax Exclusion Increased by an Unprecedented $860,000 in 2023: How You Can Make the Most of It

Levenfeld Pearlstein, LLC on

$860,000 – that is the amount of the increase in the gift, estate, and generation-skipping transfer (“GST”) tax exclusion that came into effect on January 1st when the exclusion increased from $12.06 million for 2022 to...more

Adler Pollock & Sheehan P.C.

A Spouse’s Inheritance Rights Vary State by State

Adler Pollock & Sheehan P.C. on

If you’re preparing to get remarried, your estate plan likely isn’t top of mind. However, depending on the state you live in, your spouse has property rights that apply regardless of the terms of your estate plan. These...more

Rivkin Radler LLP

Wendy And Jen Wreck the Movies – Citizen Kane (1941) Or Deposit Money, Not Children, in the Bank

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“Legendary was the Xanadu where Kubla Kahn decreed his stately pleasure dome.” Legendary too were the colossal errors made by Mary Kane in this celebrated classic movie which follows a journalist as he tries to uncover the...more

Rivkin Radler LLP

Popular Again: Using Life Insurance Trusts to Hedge Against Estate Taxes

Rivkin Radler LLP on

With the prospect of estate tax exemptions going down and estate tax rates going up, it’s a good time to consider using life insurance as a hedge against potential estate taxes. One way to do that is to add an Irrevocable...more

Stark & Stark

Gift and Estate Tax Changes

Stark & Stark on

Throughout 2021, Congress and the Executive Branch proposed tax code changes that – had they ultimately passed – would have significantly changed various estate planning techniques. Some proposals would have sidelined a...more

Moritt Hock & Hamroff LLP

Estate & Gift Tax Update: Build Back Better Act

Moritt Hock & Hamroff LLP on

On September 13, the House Ways and Means Committee released a proposed plan to pay for the $3.5 trillion Build Back Better Act (the “Act”). The proposed legislation contains a variety of changes across the tax code, but the...more

Holland & Knight LLP

House Ways and Means Committee Tax Plan Proposes Changes to Estate Planning

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The House Committee on Ways and Means has proposed a tax plan intended to fund President Joe Biden's "Build Back Better" $3.5 trillion infrastructure program. Among the many changes in this proposed tax plan are three that...more

Verrill

House Democrats Propose Estate and Gift Tax Law Changes: Important Estate Planning Implications

Verrill on

What you need to know: On September 13, 2021, the House Ways and Means Committee released its proposed tax plan to fund President Biden’s $3.5 trillion “Build Back Better” social and economic spending package. If enacted as...more

Tucker Arensberg, P.C.

Estate Planning Alert - Legislative Proposals Could Significantly Impact Estate Planning Options

Tucker Arensberg, P.C. on

Last week, the House Ways and Means Committee released proposed legislation affecting numerous transfer and income tax provisions of the Code. These changes, if enacted, will have a significant impact on estate planning and...more

Adler Pollock & Sheehan P.C.

An ILIT Can Be a Wealth Preserver for your Family

Adler Pollock & Sheehan P.C. on

Life insurance is often an integral part of an estate plan. By acquiring life insurance coverage, you can provide liquidity when your family might need it the most, particularly if you’re relatively young. The policy’s...more

Adler Pollock & Sheehan P.C.

Family Advancement Sustainability Trust: A Flexible Trust That Can Achieve Many Estate Planning Goals

Adler Pollock & Sheehan P.C. on

While, ultimately, you create an estate plan to meet technical objectives, such as minimizing gift and estate taxes and protecting your assets from creditors’ claims, you should also consider “softer,” yet equally critical,...more

Farrell Fritz, P.C.

Wills, Trusts & Estates: Plain and Simple – Popular Again: Life Insurance Trusts to Hedge Against Estate Taxes

Farrell Fritz, P.C. on

With the prospect of estate tax exemptions going down and estate tax rates going up, life insurance is being considered again to cover potential estate taxes. One way to use life insurance as a “hedge” against estate taxes is...more

Bowditch & Dewey

Record Low Interest Rates Let You Have Your Cake and Eat It Too – Life Insurance, Investments & Intra-family Loans

Bowditch & Dewey on

At this time, unless Congress acts, the current lifetime estate tax exemption amount of $11,580,000 is set to sunset in 2025, which means that in 2026 it will revert to $5,000,000 per person, adjusted for inflation. Many...more

Adler Pollock & Sheehan P.C.

Take the Proper Steps to Insulate Your Estate from Creditors

Adler Pollock & Sheehan P.C. on

For years, you may have viewed estate taxes as the main threat to your family fortune, especially if you own a successful business or valuable real estate. But with the federal gift and tax exemption set at $11.58 million for...more

Farrell Fritz, P.C.

Wills, Trusts & Estates: Plain and Simple – Estate Planning for the Second Marriage: “Protecting” the Kids

Farrell Fritz, P.C. on

What is one of the things that kids from a first marriage worry about when their parent re-marries? The “evil” step-parent getting it all, of course. Many parents struggle with the problem of alleviating the fears of their...more

Adler Pollock & Sheehan P.C.

Insight on Estate Planning - October/November 2019: Estate Planning Pitfall - You’ve waited too long to transfer ownership of your...

Adler Pollock & Sheehan P.C. on

Generally, the proceeds of one’s life insurance policy are included in their taxable estate. A person can remove them by transferring ownership of the policy, but there’s a catch: Wait too long, and one’s intentions may be...more

Farrell Fritz, P.C.

Wills, Trusts & Estates: Plain and Simple – Estate Planning for Families With Children Who Have Special Needs

Farrell Fritz, P.C. on

Estate planning for families who have children with special needs is similar to general family estate planning. The key, however, is to make sure that any funds or other assets put aside for a child or adult who is receiving,...more

Bowditch & Dewey

Estate Planning: The Irrevocable Life Insurance Trust

Bowditch & Dewey on

There is a common misconception that life insurance benefits are not subject to estate tax. While the proceeds of a life insurance policy are not taxable income to the beneficiaries, they are part of a person’s taxable estate...more

Adler Pollock & Sheehan P.C.

Estate Planning Pitfall - You haven’t transferred ownership of a life insurance policy to a trust

Adler Pollock & Sheehan P.C. on

After recent tax legislation, including the Tax Cuts and Jobs Act, few tax shelters are left standing. One key exception is life insurance. This brief article details that, if certain requirements are met, the buildup of...more

Davis Wright Tremaine LLP

Let ILITs Pick up the Tab – Trusts That Protect Your Interest in the Family Business

Davis Wright Tremaine LLP on

It is common that one of the largest assets in a family business owner’s estate is his or her interest in the family business. This situation can be problematic because the owner’s interest in the company is included in the...more

Adler Pollock & Sheehan P.C.

Planning ahead after a divorce

Adler Pollock & Sheehan P.C. on

For those in the middle of a divorce, the last thing on their mind is a review of their estate plan. However, a major life change, such as a divorce, is a critical time to update an estate plan so that wishes are carried out...more

Adler Pollock & Sheehan P.C.

6 estate planning techniques for blended families

Adler Pollock & Sheehan P.C. on

A “blended family” is more than just a staple of TV sitcoms. Today, it’s not unusual for a household to include children and even grandchildren from prior marriages, as well as adopted family members or same-sex couples....more

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