Irrevocable Life Insurance Trust What is it? An irrevocable life insurance trust (ILIT), sometimes referred to as a wealth replacement trust, is a trust that is funded, at least in part, by life insurance policies or proceeds. If properly implemented, an ILIT can help minimize estate taxes and …
estate tax
The Fool and His Estate Tax
There's no two ways about it: only a fool pays 45% estate tax upon his death. With simple life insurance and trust tools, anyone can easily reduce their estate tax to nearly zero. In the article, "Only the Foolish Pay 45% Estate Tax," author Barry Ritholtz writes, "Only if you are an idiot [would …
12 Important Estate Planning Tax Facts
There's a lot to keep straight when it comes to estate planning and taxes. For many individuals, it can feel overwhelming enough for them to opt out of the entire process. Even though estate planning can be daunting, there are a few basic facts that help keep it simple. In the article below, "12 …