Category: Estate Planning, Trust and Probate Law Category: Estate Planning, Trust and Probate Law (show less)

Speakers    
Megan L. Buggy
Barulich Dugoni & Suttmann Law Group, Inc.    

Caroline F. Trainor
Barulich Dugoni & Suttmann Law Group, Inc.


Moderator
Melanie Emmons
Kato Feder & Suzuki LLP

This presentation will provide an overview of the Irrevocable Life Insurance Trust (ILIT)formation and funding process from start to finish. The presenters will begin by discussing what an ILIT is, as well as reasons to propose the estate planning tool of an ILIT to your clients. After discussing the basics of ILITs, the presenters will discuss considerations that you, as the planner, should reflect upon while drafting the ILIT. This will include tailoring the ILIT to your clients’ specific wants and needs. Lastly, the presenters will provide guidance in preparing the corresponding gift tax return (709).

Topics
• When to utilize an ILIT
• Considerations for drafting an ILIT
• Funding of ILITs
• Reporting of the gift on a 709

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