Affluent individuals are often concerned that a large portion of their wealth will be consumed by estate taxes, significantly reducing the amount ultimately transferred to their heirs. As a result, they are often looking for wealth transfer planning strategies that enable them to more efficiently transfer wealth to family members. In that context, life insurance can serve many purposes, including funding estate taxes and final expenses upon the death of an individual. If your clients want to remove assets from their estates, or provide survivor income or liquidity for their estates, an ILIT may be an excellent solution.

An irrevocable life insurance (ILIT) trust may be an excellent solution for clients who:

  • Have a need for a life insurance death benefit
  • Face potential estate liability at death
  • Want family members to have cash at his/her death to help pay estate taxes, liquidate debts or maintain an accustomed standard of living
  • Want to help replace assets given to charity?
  • Want life insurance proceeds to pass to his/her heirs transfer tax-free

If you’d like to learn more about how the team at Geer Financial Services can help with your ILIT trust, EMAIL US today or call (502) 895-6644.