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The Family Trust also known as a credit shelter trust contains ascertainable standards and thus allows the surviving spouse to serve as sole trustee of that trust upon the insured s death without adverse estate tax consequences. Sample Irrevocable Life Insurance Trust Forms And Other Related Items 17. 1 SAMPLE ILIT FORM1 Appendix 1 contains a sample form of irrevocable trust designed to hold life insurance on the life of one person who is married* This form is the sample ILIT that is referenced ...

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Does a life insurance trust have to file a tax return?

Most ILITs do not have taxable income and therefore do not require an income tax return. In terms of gift tax reporting, if you transferred an existing life insurance policy to the ILIT, a gift tax return may be required to inform the IRS of the transfer (gift) of the life insurance policy to the ILIT.

Can you put life insurance in a trust?

The revocable trust can be used to own the life insurance or be the beneficiary of the life insurance. The benefit of the revocable trust holding the life insurance is that if you were to become incapacitated, your successor trustee will be able to keep administering the life insurance policy on your behalf.

What is a life policy written in trust?

When you put something in trust, you're basically handing over the management of the pay-out to trustees chosen by you. This means that if you die, they're responsible for making sure the money from your policy goes to the people you intend it to go to (your beneficiaries).

What is a life insurance trust form?

A trust is a legal arrangement that lets the owner of something 'gift' it to someone else. This could be shares, a home, cash, or a life insurance policy. This is done by creating a trust deed which sets out the terms and conditions that the trust can operate under.

Why should I put my life insurance in trust?

Trusts can make it easier for your loved ones to access your life insurance money more quickly by avoiding a thing called probate. The payout is better protected from creditors - it won't automatically be used to pay off debts.

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