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Estate tax exemptions are expected to decrease in the near future.
However, ILITs (irrevocable life insurance trusts) can help you reduce your estate taxes so that you can maximize your wealth transfer to future generations.
In this episode, Kyle Malmstrom speaks with Kristina Hess, estate planning attorney at KR Hess Law, PC. Join Kyle and Kristina as they explain what ILITs are, how to set them up, the tax benefits, and why they are becoming increasingly relevant among high-net-worth individuals.
Kristina discusses:
- How ILITs reduce your net taxable estate
- How to move both existing and new life insurance policies into an ILIT
- The potential elimination of grantor trusts and its impact on estate planning, if it’s passed
- The ideal candidate for setting up an ILIT
- And more