by richsilverliebesq » Fri Feb 05, 2010 06:01 pm
Is the cash value of existing policy subject to gift or income taxation when the policy and its cash value become "owned" by a newly established ILIT (as owner and bene.) ? If it is a gift, is a 709 required to be filed by the Grantor? Thanks
Posted: Mon Feb 08, 2010 06:54 am Post Subject: ILIT
The main benefit of Irrevocable Life Insurance Trust (ILIT) is that it allows you to place your life insurance policy inside a trust without any gift tax consequences.
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