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Irrevocable Life Insurance Trusts

[vc_row triangle_shape="no" css=".vc_custom_1652796208956{margin-top: 50px !important;margin-bottom: 50px !important;}"][vc_column][vc_row_inner][vc_column_inner width="1/12"][/vc_column_inner][vc_column_inner width="10/12"][vc_column_text] EXPERIENCED TRUST & ESTATE PLANNING LAWYERS SERVING VIRGINIA, MARYLAND, D.C., COLORADO AND CALIFORNIA An Irrevocable Life Insurance Trust (an “ILIT”) can be a great tool to include in your estate plan. All assets that a client owns, including their life insurance, is included in the value of their taxable estate. However, with an ILIT, the ILIT itself holds the ownership of the policy. Because the trust is irrevocable, the value of the policy is not included in the client's taxable estate. There are different methods of achieving ILIT ownership pf the policy (e.g....

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