How To Pass Generational Wealth Tax Free
“An ILIT is an irrevocable trust set up to own life insurance. Consider it a great tool in your box of ways to pass down generational wealth tax free.
“When the insured passes away, since the ILIT owns the life insurance, the proceeds are paid to the ILIT, not to the insured,” said David Bross, senior estate planner and shareholder at Truepoint Wealth Counsel. “This keeps the proceeds out of the insured’s estate for estate tax purposes.”