Estate Planning — The Irrevocable Life Insurance Trust (ILIT)
Retirement Talk Podcast with Laura Stover
English - December 24, 2021 11:00 - 23 minutes - 32.6 MB - ★★★★ - 38 ratingsInvesting Business 401k financial money ohio retirement business investtalk laura lifestyle moneymanagement Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
With the "Build Back Better" bill working its way through the Senate, we thought now would be a good time to discuss estate planning and the powerful Irrevocable Life Insurance Trust (ILIT) tool. Originally created when exemption levels were much less than they are today, the ILIT was designed to provide individuals the ability to pass on life insurance through a trust. It is irrevocable so you want to work with a qualified team when setting one up! On today's show, we'll discuss the benefits of an ILIT, some rules to follow for efficiency, and more.
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LINKS
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TIMESTAMPS (SHOW NOTES)
1:36 – Will “Build Back Better” possibly impact estate planning?
3:48 – Why was the ILIT tool created?
5:27 – You can’t serve as trustee of the trust
6:38 – What can go wrong when assigning a trustee?
8:25 – Rules for efficient ILIT use
12:27 – Who is an ideal candidate?
15:23 – Potential complications during the three-year rule
19:30 – How would you dissolve an ILIT?