If you have assets and have an estate plan, you likely identified if you also have an estate tax issue and what it will cost your heirs to settle with Uncle Sam when your gone.   Perhaps your planner suggested to reposition assets, make annual gifts and consider an irrevocable life insurance trust (ILIT) to provide instant […]

Obtaining a Taxpayer Identification Number (TIN) Acquisition of Life Insurance by an ILIT Retention of Original Insurance Contracts by ILIT Trustee Calendar Premium Notices for a Period of Years Establish Checking Account for the ILIT Remind Grantor When and How much to Gift Confirm Funds Available and Date of Gift  Notify Beneficiaries of Withdrawal Rights […]

With grantors living longer, the trustee’s tenure has also increased.  It’s worth taking a look at the responsibilities of the trustee today and how stricter compliance and administrative needs have led some trustees to reevaluate how they carry out their responsibilities. Choosing a Trustee There are two skills required to administer an ILIT; judgment and administrative […]