GST Tax and Irrevocable Life Insurance Trusts

GST Tax and Irrevocable Life Insurance Trusts

Almost all individuals who establish irrevocable life insurance trusts are wealthy individuals. Many of these are super wealthy and are attempting to transfer many millions of dollars of assets downstream, not only to their children, but also to their grandchildren. A classic arrangement is for a client to place assets (including life insurance) into a […]

Overview of Life Insurance as Respects the Generation Skipping Transfer Tax

Overview of Life Insurance as Respects the Generation-Skipping Transfer Tax

A generation-skipping transfer (GST) tax is levied, in addition to any gift or estate taxes that apply to the transfer, on the value of life insurance (and/or any other property) transferred during lifetime or at death without adequate consideration to a transferee who is in (or who is assigned by statutory law to) a generation […]