Kehr Law’s estate planning attorneys can help you prepare an Irrevocable Life Insurance Trust. Consult with our law office today: (619) 400-4942.

Kehr Law offers free consultations
for your estate planning and irrevocable life insurance trust needs.

Phone: (619) 400-4942
Text Message: (619) 823-8230
Email: dan@kehrlaw.com

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San Diego Irrevocable Life Insurance Trust (ILIT):

An Irrevocable Life Insurance Trust (“ILIT”) offers the opportunity of reducing, if not avoiding, substantial taxes in your estate planning.

With an ILIT, the trust is the owner of the insurance policy, which keeps the proceeds of the life insurance out of your taxable estate. In addition, as you make gifts to fund the insurance premiums, you reduce your taxable estate. After your death, the trust’s assets (the insurance proceeds) are available to your beneficiaries income-tax-free.

As its name represents, the ILIT is irrevocable. That means once you have created it and placed an insurance policy inside it, you cannot revert the policy back in your own name. But you can closely control many other aspects of the ILIT. For instance you can dictate who your initial beneficiaries will be, and you can define the terms under which they will receive benefits. You can choose the Trustee (or Trustees) who will manage your ILIT. An ILIT provides you, your loved ones, and your estate with considerable tax advantages. But these benefits can only be achieved if the ILIT is designed properly and specific guidelines are followed with care.

Three important benefits of an ILIT are as follows:

1. An ILIT  essentially reduces the size of your estate income and therefore your gross estate tax liability. As an incidental benefit, the ILIT may reduce your insurance coverage needs so that your estate tax liability is lowered. The ILIT will also help protect the cash value of your life insurance policy proceeds from creditors reach
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2. A second important advantage of an ILIT is that it helps to control exactly when and how your beneficiaries receive the proceeds of your policy in the event of your death.
3. Lastly, an ILIT protects the benefits of any beneficiaries who currently find themselves on government aid. Several implications take place when a beneficiary is on government aid.

Our Estate Planning division has experience preparing simple and complex estate plans, probating wills, administering non-probate estates, obtaining conservator ships and guardianships, and litigating disputes in these areas. We design our estate plans around the client’s specific objectives and life goals, with an eye toward tax efficiency. Our typical estate plans include a revocable living trust, an advance health care directive, a durable financial power of attorney, a pour-over will, deeds to transfer title of real property, an assignment of personal property and complete trust funding instructions. Contact our office to discuss how an ILIT can benefit you and your beneficiaries.

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Kehr Law focuses on the formation and representation of businesses, corporations, limited liability companies, partnerships and joint business ventures; property and investment transactions; trademark and copyright law; business and individual tax planning; domestic and international contracts; corporate finance transactions and corporate mergers, acquisitions and reorganizations. We also provide real estate litigation legal services involving both residential, commercial and land disputes, broker liability, landlord-tenant matters, unlawful-detainers, premises liability, toxic tort defense and related insurance coverage analysis. Moreover, we provide probate and trust administration legal services. In addition to personal domestic and international asset protection, we also focus on estate and tax planning to provide our clients with a single, complete and comprehensive legal resource.

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