[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-287031-105":53,"doc-detail-287031-en":126},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":119,"head_meta":121,"extra_data":123,"updated_unix":125},105,"en","ilit-forward-to-council-documents-irrevocable-life-insurance-trust-ilit","ILIT Forward to Council Documents - Irrevocable Life Insurance Trust (ILIT)","","Estate planning material focused on the Irrevocable Life Insurance Trust (ILIT) and how it can create liquidity while aiming to remove life insurance death benefits from the taxable estate. It explains what an ILIT is, why the trust can be used, and outlines practical implementation concepts such as using annual gift tax exclusions to fund premiums and providing asset protection and indirect access to cash value buildup. 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It emphasizes solving liquidity needs beyond other benefits.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"How does an ILIT help with estate tax on life insurance death benefits?",{"text":113,"@type":109},"An ILIT can remove life insurance death benefits from the taxable estate at the death of the insured, instead of including the policy proceeds in the grantor’s estate.",{"name":115,"@type":106,"acceptedAnswer":116},"What are the main alternatives to an ILIT mentioned in the document?",{"text":117,"@type":109},"The document states two main alternatives: client ownership and adult child ownership. It also describes “Wait-and-See Estate Planning” for married clients who wish to own life insurance within their estate.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},287031,1789631816,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":40,"category_name":41,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":76,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":135,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":125,"read_time":42},18829141979164,"https://eur-avatar.wpscdn.com/davatar_6f874abed73319feea01a86fa6f0fab8","FORTRESS  \nBROKERAGE  \nEstate Planning  \nILIT Forward to Council Documents  \nIrrevocable Life Insurance Trust ( ILIT)  \nForward to Council Documents  \nTable of contents  \nWhat is an I LIT? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   \nA. What is an I LIT?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   \nB. Alternatives to the ILIT. . . . . . . . . . . . . . . . . . . . . . . . .   \nC. ILIT advantages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   \nD. ILIT disadvantages . . . . . . . . . . . . . . . . . . . . . . . . . . . .   \nE. What type of life insurance policy is  \nused in ILIT planning? . . . . . . . . . . . . . . . . . . . . . . . . .  Types of IL ITs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   \nA. Traditional ILITs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   \nB. Spousal Limited Access Trusts (SLATs) . . . . . . . . . .   \nC. Beneficiary Limited Access Trusts (BLATs) . . . . . . .   \nD. Partner Limited Access Trusts (PLATs) . . . . . . . . . .   \nE. Dynasty Trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Estate tax considerations . . . . . . . . . . . . . . . . . . . . . . . . .   \nA.  . . . . . . . . . . . . . . . . . . . . . . . . . . . .   \n.  \nCreate separate subtrusts for each beneficiary within the irrevocable trust . . . . . .   \n “Hanging” powers . . . . . . . . . . . . . . . . . . . . . . . . .   \n Fund the trust initially with sufficient assets  \nequal to annual exclusion per donee . . . . . . .   \n Provide loans from the grantor to fund any anticipated expenses . . . . . . . . . . . . . . . . . . . . . .   \nC. Gift splitting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   \nD. Gift of an existing life insurance policy . . . . . . . .  Generation-Skipping Transfer (GST) tax . . . . . . . . . . .   \nA. What is the GST tax?. . . . . . . . . . . . . . . . . . . . . . . . .   \nB. How to compute the tax. . . . . . . . . . . . . . . . . . . . . .   \nC. What is a skip person? . . . . . . . . . . . . . . . . . . . . . . .   \nD. GST annual exclusion exceptions . . . . . . . . . . . . .   \nTrusts with one current beneficiary who qualifies for the GST annual exclusion . . . . . .   \nE. GST trust planning. . . . . . . . . . . . . . . . . . . . . . . . . . . .  Income tax considerations . . . . . . . . . . . . . . . . . . . . . . .   \nA. Income taxation of life insurance . . . . . . . . . . . . .   \nB. Grantor trust rules . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Flexible trust provisions . . . . . . . . . . . . . . . . . . . . . . . . . . .   \nA. ILIT policy exchange . . . . . . . . . . . . . . . . . . . . . . . . .   \n Power must be held in a non-fiduciary capacity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   \n . . .     \nB. Merger trust clauses . . . . . . . . . . . . . . . . . . . . . . . . . .   \nC. Trust protector clauses . . . . . . . . . . . . . . . . . . . . . . .  Choice of trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Community property . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   \nSingle grantor – single insured  \nlife insurance policy . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Specimen Irrevocable Life Insurance Trust agreement (single grantor -single insured  \nlife insurance policy) . . . . . . . . . . . . . . . . . . . . . . . . . . . .   \nSpousal grantors – second-to-die  \nlife insurance policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   \nSpousal Limited Access Trust – single  \nlife insurance policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   \nCommunity property release . . . . . . . . . . . . . . . . . . . . .  Specimen release of community  \nproperty interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   \nSample Crummey beneficiary l","cbCaip1u7mJLc6Wu","https://ap.wps.com/l/cbCaip1u7mJLc6Wu","pdf",17857219,87,"English","# What is an I LIT?\n## Alternatives to the ILIT\n## ILIT advantages\n## ILIT disadvantages\n## What type of life insurance policy is used in ILIT planning?\n## Types of ILITs\n## Estate tax considerations\n## Generation-Skipping Transfer (GST) tax\n## Income tax considerations\n## Flexible trust provisions\n## Conclusion","[{\"question\":\"What is an ILIT and what problem does it address?\",\"answer\":\"An ILIT is an irrevocable life insurance trust designed to create liquidity for an estate without including the trust assets in the estate. It emphasizes solving liquidity needs beyond other benefits.\"},{\"question\":\"How does an ILIT help with estate tax on life insurance death benefits?\",\"answer\":\"An ILIT can remove life insurance death benefits from the taxable estate at the death of the insured, instead of including the policy proceeds in the grantor’s estate.\"},{\"question\":\"What are the main alternatives to an ILIT mentioned in the document?\",\"answer\":\"The document states two main alternatives: client ownership and adult child ownership. It also describes “Wait-and-See Estate Planning” for married clients who wish to own life insurance within their estate.\"}]","ILIT Forward to Council Documents - Irrevocable Life Insurance Trust (ILIT) | PDF"]