Irrevocable Life Insurance Trust

The financial advisors at Sinclair Risk & Financial Management can help you establish an Irrevocable Life Insurance Trust (ILIT) as a way of managing the assets in your trust.
 
An Irrevocable Trust is created for the purpose of owning a Life insurance policy. Once you set the trust up, it cannot be changed. The trust has the ability to transfer assets out of your taxable estate and into the trust, reducing the assets subject to estate taxes. Assets held by the trust will be professionally distributed according to your wishes upon your death and will avoid estate taxes as well as the probate process.
 
The proceeds of the insurance policy if properly structured are not included in your estate, so they’re not subject to estate and income taxes. You can exclude the proceeds from your spouse’s estate as well. The trustee can use the proceeds to provide liquidity for your estate, make special payments to your spouse or provide a lifetime stream of income to your spouse.
 
Trust us to help you manage your assets.
Sinclair will work with your tax and legal advisors to determine whether an ILIT makes sense for your situation. Give us a call at 203.265.0996, email us, or return the form on this page.