Irrevocable Life Insurance Trusts & Crummey Trusts

In addition to minimizing estate taxes, effective and proactive estate planning accomplishes two often-overlooked objectives. First, the plan should provide liquidity to the estate in order to pay estate taxes or debts and fully fund trusts, such as credit shelter and marital trusts. Second, proactive planning should effectively utilize the annual and lifetime gifting exclusions to transfer ownership of assets expected to appreciate significantly during the client’s lifetime.

Irrevocable Life Insurance Trusts and Crummey Trusts are important tools in accomplishing these objectives.

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