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Reciprocal Trust Doctrine: Can A Couple Establish Two ILITS, One For Each Other?
Situation – With the sunset of the high estate tax exemption just around the corner even moderately wealthy couples are increasingly worried about potential Federal Estate Taxes. To keep the life insurance proceeds outside their estate we usually suggest that life insurance be owned by an irrevocable life insurance trust (ILIT). We often find that […]
Options When the Policy is Ready but the Trust Is Not
Situation: With the pending reduction of the estate tax exemption in 2026 many people are thinking about their own estate plans, causing a surge in estate planning and the purchase of life insurance. As a result, we are receiving a renewed interest in one of the most common estate planning techniques – that of the […]
Greenbook Deja’vu: Proposed Tax Increase on Wealthy
On March 9, 2023, the Biden Administration released its budget and tax proposals for FY2024. Alongside the Budget the Treasury released its document further describing the revenue proposals in what is typically called the Greenbook. Many of the proposals are reminiscent to those in prior years’ Greenbook. The budget proposes to increase taxes for corporations […]