Irrevocable Life Insurance Trusts, or ILITs, offer financial advisors a versatile financial instrument designed to protect clients' assets and provide for beneficiaries in a tax-efficient manner. One of the primary advantages of ILITs is their ability to exclude life insurance proceeds from a client's taxable estate, potentially saving heirs a significant amount in estate taxes.
An online survey about life insurance found 33% of life insurance policy owners do not understand how their policy works. (1) The other 67% probably think they know how it does, but I imagine they would appreciate a refresher lesson on how it actually works. Even if they do understand how it works, do they
Trusts have long played an essential role in estate planning for many individuals and families. The assets held in trust can vary from real estate to stocks, bonds, insurance policies, jewelry, and other collectibles. This deep-dive will focus on trust held life insurance policies, which can be considered a special asset class. For some, trust
After over a decade in the TOLI (trust-owned life insurance) business, we are aware of trends that come and go. One trend we are seeing more and more lately is the use of directed TOLI trusts. Directed trusts divide the responsibilities of the trust into two distinct tasks – administration and asset management. Directed trusts
