Irrevocable Life Insurance Trust

What is an Irrevocable Life Insurance Trust?

If you own life insurance at your death, it is includable in your estate when calculating estate taxes. In other words, if your taxable estate exceeds the applicable exclusion amount, any insurance could be depleted by almost half. You can transfer ownership of policies to individuals, such as your children, who will make decisions regarding the policies, such as continuation of premium payments and use of dividends during your lifetime as well as the distribution of proceeds upon your death. Or you can establish an irrevocable life insurance trust which you can structure to accomplish your control goals while minimizing or eliminating estate taxes on the death payout. If you are in need of this type of trust, our attorneys have extensive experience in this area. Please contact an attorney Matlin & Associates at 1-847-770-6600 as we will be happy to answer any questions and provide you with information.

Types of Trusts We Establish:

1. Revocable/Irrevocable Trust
2. Irrevocable Life Insurance Trust
3. Supplemental Special Needs Trust
4. Generation Skipping Trust
5. Charitable Trusts
6. Credit Shelter/Applicable Exclusion Amount Shelter Trust
7. Pet Trust
8. Estate Freeze Trust
9. Qualified Personal Residence Trust (QPRT)
10. Qualified Domestic Trust
11. Life Partner and LGBT