In an ILIT, the grantor or creator of the trust cannot change the terms or beneficiaries of the trust, just like any irrevocable trust. However, grantors may place one or more life insurance policies ...

With the federal estate tax exemption possibly about to be lowered, it may be time to think about steps you can take to keep your estate from being taxed. An irrevocable life insurance trust allows ...

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A life insurance trust lets you have more control over how and when your loved ones receive the lump sum payout from your insurance when you die. You might also help reduce an inheritance tax bill ...

Many CPAs recommend that their high-net-worth clients use trust-owned life insurance (TOLI) as the cornerstone of their estate plan. In addition, many CPAs choose to serve as trustees of such trusts.

What if I told you, with complete certainty, that you will die one day? Would you believe me? Of course, you would. But, is it something you want to talk about? Of course not! As uncomfortable as it ...

We lawyers love fancy names and acronyms. It keeps the estate planning process mythical and a bit veiled. Reality is, many of the fancy names given to trusts and other planning techniques obfuscate ...

If I own or manage a private trust company (PTC), what insurance do I need? This is a great question and, as in many situations, the answer is that it depends. It depends on whether a public trust ...

Almost every funded trust has one or more bank accounts – checking, savings, money market or certificates of deposit – and most of those accounts are insured by the FDIC. What many do not realize is ...

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. David Kindness is a Certified Public Accountant (CPA) and an expert in the fields of ...

See the tax advantages and downsides.