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What is the 3 year rule for irrevocable life insurance trust?

An individual owner may borrow against the cash value accumulation. However, once the ILIT is set up and a policy is transferred or purchased, you can no longer borrow against it. Neither can you access any of the premium amounts once they have been paid to the trust because you are not the owner of the policy.

What is the purpose of an insurance trust?

An Insurance Trust serves two primary goals. First, it can give the Grantor (the person who sets up and starts the Trust) incredible control over life insurance assets. But another significant benefit is that it can help reduce the dollar amount thats lost to taxation.

Why should I put my life insurance in trust?

There are multiple benefits to utilizing trusts including items like greater control over how beneficiaries receive assets after you pass, protection from both your and your beneficiaries potential future creditors, potential transfer and income tax benefits, greater privacy and so on. When Does it Make Sense for a Trust to Own Your Life Insurance Policy? jpmorgan.com insights trusts-and-estates jpmorgan.com insights trusts-and-estates

Who owns an insurance trust?

This rule applies only if you transfer an existing insurance policy to an ILIT. If thats the case and you happen to pass away within three years of transferring the policy to the trust, the IRS will require that any proceeds be included in your estate for estate tax purposes.

How does an insurance trust work?

Im the insured. My insurance trust, with someone else as the trustee, is both the owner and the beneficiary of the policy. Theyre generally created by wealthy clients who think theyre going to have a federal estate tax problem at their death because their estates are large enough.