Picture

   
    
Picture
Picture
Picture
Picture
(781) 843-5034
contact@herbstlawgroup.com
  Herbst Law Group, LLC
  • Home
  • Our Firm
    • Who We Are >
      • Peter C. Herbst Jr.
      • Briana N. Capshaw
  • Services
    • Estate Planning
    • Estate and Trust Administration
    • Elder Law
    • Business Succession Planning
  • News
  • Contact
  • Review
  • Payment
  • updateguide

Irrevocable Insurance Trust

​An irrevocable insurance trust (ILIT) is most frequently used to change ownership of a life insurance policy from an individual to a trust. The trust would not be taxed as part of the creator's gross taxable estate for estate tax purposes. 

Life insurance can constitute a large proportion of an individual's estate. By removing this policy from the taxable estate, the creator may decrease taxes imposed on his or her other assets, as well. Unlike the loss of control that accompanies the transfer of an investment account or house to an irrevocable trust, many individuals don’t experience that same loss with the transfer of a life insurance policy, especially term life insurance policies that have little value until they pass away.

Not every life insurance policy is suitable to be transferred to a trust, though. Policies with an investment component where the owner intends to make withdrawals from the investment to fund a college expense or retirement may not be suitable for trust ownership.

    CONTACT HERBST LAW GROUP

    Contact the attorneys at Herbst Law Group, LLC for more information about creating an irrevocable insurance trust and protecting your life insurance beneficiaries from high estate taxes.
Submit

in the news

Stay informed

Sign-up to receive emails from Herbst Law Group, LLC and stay informed about important news and events:

SIGN UP NOW »
For Email Marketing you can trust.

'like us' on facebook

FOLLOW US ON TWITTER

Tweets by @HerbstLawGroup
​HOMEOUR FIRMPARTNERSSERVICESNEWSCONTACT​DISCLAIMER

Herbst Law Group, LLC
1000 Washington Street, Braintree, MA 02184
T: (781) 843-5034    |   F: (781) 848-3051
contact@herbstlawgroup.com
NAELA
Website design by Birdhouse Marketing & Design