For many years, taxpayers with moderate to large estates relied on various estate planning tools to try and avoid incurring a hefty estate tax liability when they died. Clearly, the more money that goes to paying estate taxes the less money will be available to pass on to loved ones. One tool that has historically been very popular to accomplish this goal is the irrevocable life insurance trust, or ILIT. In light of relevant provisions in the recently passed American Taxpayer Relief Act of … [Read more...] about Do You Still Need an ILIT?
Creating an all-inclusive estate plan requires more than just a Last Will and Testament. Exactly which additional documents and strategies should be included in your estate plan is something that should be determined in consultation with your estate planning attorney; however, there are some common additions that you may wish to consider. An Irrevocable Life Insurance Trust, or ILIT, for instance is a popular addition to an estate plan because of the tax benefits it provides and the estate … [Read more...] about Irrevocable Life Insurance Trust in St. Louis: Is It Right for Your Estate Plan?