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  • Wendi Gundersen

Is Your Life-Insurance Policy Exposing Your Estate to Future Estate Taxes?



Did you know that the in some instances the IRS includes the value of your life-insurance policies in the value of your estate? If you have a large estate already, including life-insurance policies in your estate could put your estate over the exemption amount. Sure, the beneficiary of your policy will not have to pay taxes on the life insurance proceeds, but your estate may owe taxes.

An Irrevocable Life Insurance Trust, or "ILIT," is a way to keep your large life insurance policies and avoid estate taxes. But, like many things designed to lower tax liability, special rules must be followed when drafting the trust, when funding it, and when managing it.

If you think an ILIT might be a good fit for you, please consult with a qualified estate-planning attorney and a financial planner for more information.


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