With the recent doubling of the estate tax exemption I’ve been asked, “Is it possible to get a life insurance policy out of an irrevocable trust (ILIT) when the terms of the trust no longer meet the needs of the grantor or the trust’s beneficiaries?” The answer is yes, but there are a number of […]
We’ve advised readers in the past against dropping existing life insurance policies simply because of the temporary increase in the estate tax exemption. Instead, now is the time to review existing policies, possibly simplify techniques or repurpose its use. Not sure how? Here’s a list of seven strategies for repurposing existing life insurance.