Transcription of ILIT PLANNING – USES AND TAX CONSEQUENCES
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ILIT PLANNING – USES AND TAX CONSEQUENCES
Copyright 2007 All Rights Reserved Donald O. Jansen ILIT PLANNING uses AND TAX CONSEQUENCES Donald O. Jansen, , Senior Tax Counsel Office of General Counsel University of Texas System 201 West 7th Street Austin, Texas 78701 (512) 499-4493 The Madison Group August 13, 2007 TABLE OF CONTENTS Page -i- I. SCOPE OF ARTICLE AND INTRODUCTION II. ADVANTAGES AND DISADVANTAGES OF AN IRREVOCABLE LIFE INSURANCE TRUST A. ADVANTAGES .. 2 1. Estate Tax Exclusion of Insurance Proceeds .. 2 2. Gift and GST Tax 2 3. Proceeds to Pay Taxes, Debts and Administration Expenses .. 2 4. Generation-Skipping Transfer Tax Avoidance .. 2 5. Creditor and Divorce Protection .. 2 6. Flexibility .. 2 B. 3 1. 3 2. Tax Complexities .. 3 3. Administrative Difficulties.
TABLE OF CONTENTS (continued) Page 15242890.1-iv- 4. Insured Transfers Existing Policy, Continues to Pay Premiums, But Dies More Than Three Years After the Transfer ...
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