Created to own and control a life insurance policy or policies while the insured is alive, Irrevocable Life Insurance Trusts (ILITs) are tools that are sometimes recommended by estate and planners.
The Internal Revenue Services has announced the inflation-adjusted figures for estate, gift and generation-skipping transfer (‘GST’) tax exemptions for 2023.
Priscilla Presley believes she should be in charge of daughter Lisa Marie Presley's estate. However, a legal document filed seven years ago suggests that wasn't what the singer-songwriter wanted should she die.
Trusts are excellent vehicles for probate avoidance, ease of transition of funds to one’s beneficiaries upon death, asset protection planning and estate tax planning.
