Irrevocable Life Insurance Trusts

Estate planning often focuses on where property passes at death, either via a revocable trust or a last will and testament.  In some cases, however, a client may want to make gifts of property during lifetime, or they may be advised to do…

Estate planners often worry about minimizing or avoiding estate taxation at death, but gift taxation must be considered when making transfers during lifetime. Smaller gifts can avoid gift taxation due to the gift tax annual exclusion, which…

Each InterActive Legal practice system provides subscribers with the ability to draft at least one type of “irrevocable trust.” All systems contain the standard Irrevocable Trust, which can serve multiple purposes, and will be the primary…

Asset protection planning remains vital for many if not most clients. For the past few years, clients have been hyper-focused on planning for tax changes that have not happened, practitioners should re-focus clients on the importance of…

Life Insurance is a ubiquitous asset that has unique features and is uniquely (and favorable) treated under many legal systems, including for bankruptcy and for tax purposes. It is also one of the least understood properties with which…

Every InterActive Legal practice system includes the ability to draft an Irrevocable Life Insurance Trust, or “ILIT.” In this webinar, we will discuss this drafting process, including what document to start with, selecting from the…

Spousal Lifetime Access Trusts (“SLATs”) planning can provide tremendous planning benefits for many married clients. They may well be the most popular technique to plan for married clients (and others) in 2020.

How do the new fiduciary rules impact your life insurance recommendations? Ethical Considerations of NYS DFS Reg 187, FINRA Rule IM2210, New CFP Practice Standards and the UPIA Relating to “Decision Support Material” used by life insurance…

Many married couples are aware that the Federal gift tax law permits gifts made by a husband or wife to a third party to be considered for tax purposes as made one-half by each spouse.  This so-called "gift-splitting" rule under Section…

Mrs. Chawla, the wife of Harold Geisinger’s physician, initially attempted to acquire and be the beneficiary of a policy on Mr. Geisinger’s life. Apparently lacking an “insurable interest” in his life, Transamerica refused to issue the…