• X
  • Facebook
  • Instagram
  • Youtube
  • LinkedIn
  • Mail
Call us now: (914) 965-1011
Yonkers Real Estate Attorney
  • Areas of Practice
    • Real Estate
    • Real Estate Deed Transfer
    • Landlord and Tenant Law
      • Yonkers Evictions and Landlord Tenant Law
    • Business Formation
      • Business Entities
    • Civil Litigation
      • Real Estate Litigation
      • Enforcement of Promissory Notes
      • Breach of Contract
      • Tortious Interference of Contractual Relations
      • Contract Drafting
      • Non-Competition Agreements
      • Construction Agreements
      • Independent Contractor Agreements
      • Construction Litigation
      • Service Contracts
      • Partner and Shareholder Disputes
      • Dissolving Your Company
      • Negligence Defense
      • Other General Civil Litigation
    • Zoning Matters
    • Lender Representation
    • DHCR
    • Wills, Trusts & Estates
      • Wills
      • Advanced Directives
      • Estate Probate
      • Estate Administration
      • Will Contests
      • Estate Litigation
      • Estate Planning
    • Tax Certiorari
    • Attorney Referrals
  • FAQ
  • Reviews
  • Forms
  • Media
    • Videos
    • Downloadable Newsletters
    • Blog
    • Presentations
    • Current Events
    • Community Outreach
  • Helpful Links
    • Yonkers Evictions and Landlord Tenant Law
  • Contact Us
  • The Team
  • Search
  • Menu Menu
You are here: Home1 / Areas of Practice2 / Wills, Trusts & Estates3 / Estate Planning4 / Irrevocable Life Insurance Trust

Irrevocable Life Insurance Trust

Life insurance is a powerful estate planning tool that may be used to provide for children/grandchildren and reduce estate taxes, especially if the value of your estate exceeds the estate tax exemption amount. As with trusts in general, the objective is to transfer assets out of your estate and into an Irrevocable Life Insurance Trust (ILIT). You may transfer an existing life insurance policy into an irrevocable trust or obtain a new policy with the irrevocable trust directly.

The life insurance policy is owned by the irrevocable trust and the annual premiums are paid by the irrevocable trust. Each year, as the premiums come due, you transfer money from your personal name into the irrevocable trust (the amount transferred will generally max out at the annual gift tax exclusion amount to avoid triggering gift tax issues) and the irrevocable trust then pays the premiums. This accomplishes several things. First, you are reducing your taxable estate by transferring money into the trust each year. Therefore there will be less to tax at the time of your death. Second, life insurance death proceeds, where the life insurance policy is owned by the irrevocable trust, are not taxable. Finally, the life insurance proceeds passing to your beneficiaries are income tax free.

Estate planning and estate tax planning is a complex and, many times, overwhelming process. However, with our guidance and expertise, we can help you plan for your future and your loved ones’ futures. As your attorney, we will work closely with you to implement a sensible and feasible estate plan that accomplishes your goals and meets your needs.

The attorneys at James G. Dibbini & Associates, P.C. have over 20 years of experience in wills, trusts & estates.

In order to learn more about irrevocable life insurance trusts or if you have any other questions about wills, trusts & estates, please feel free to contact us directly at (914) 965-1011.

Recent Posts

  • Urge your legislators to reject Good Cause Eviction!
  • How do I collect rent my tenant owes me?
  • What is the first step in removing a tenant?
  • Do I have to honor the old lease the tenant signed with the former owner?
  • What do I do with a tenant that is always late with their rent?

Any more questions?

"*" indicates required fields

Name*


Download Our
Newsletter Here

Subscribe to Jim’s Newsletter




570 Yonkers Ave | Yonkers, New York 10704
Direct access from street level. ADA Accessible bathrooms on premises.
Tel: (914) 965-1011 | Fax: (914) 965-0019 | e-mail: jdibbini@dibbinilaw.com

Now Serving These Locations:
Yonkers | Bronx

GET DIRECTIONS

© James G. Dibbini & Associates, P.C.

This web site is designed to provide general information only and to help in the choice of appropriate legal counsel. The information contained herein should not be construed as legal advice. Legal jurisdictions differ on major and minor aspects of the law and each legal situation is unique; requiring that all legal situations be addressed with qualified legal counsel. Prior results do not guarantee a similar outcome. Submitting or receiving information or questions through this web site does not create an attorney client relationship. No attorney client relationship will exist unless you meet with one of our attorneys and sign a retainer agreement. Please do not submit any information that is case specific, personal or confidential. If you have legal problem or issue you should always consult with a qualified lawyer experienced in the appropriate area of law. We would be glad to discuss your specific situation with you, should you so desire, by phone at (914) 965-1011.

Disclaimer | Site Map | Contact Us | Privacy Policy

Scroll to top

We use cookies to provide and improve our services. By using our site, you consent to cookies.

OKLearn More×

Cookie and Privacy Settings



How we use cookies

We may request cookies to be set on your device. We use cookies to let us know when you visit our websites, how you interact with us, to enrich your user experience, and to customize your relationship with our website.

Click on the different category headings to find out more. You can also change some of your preferences. Note that blocking some types of cookies may impact your experience on our websites and the services we are able to offer.

Essential Website Cookies

These cookies are strictly necessary to provide you with services available through our website and to use some of its features.

Because these cookies are strictly necessary to deliver the website, refusing them will have impact how our site functions. You always can block or delete cookies by changing your browser settings and force blocking all cookies on this website. But this will always prompt you to accept/refuse cookies when revisiting our site.

We fully respect if you want to refuse cookies but to avoid asking you again and again kindly allow us to store a cookie for that. You are free to opt out any time or opt in for other cookies to get a better experience. If you refuse cookies we will remove all set cookies in our domain.

We provide you with a list of stored cookies on your computer in our domain so you can check what we stored. Due to security reasons we are not able to show or modify cookies from other domains. You can check these in your browser security settings.

Google Analytics Cookies

These cookies collect information that is used either in aggregate form to help us understand how our website is being used or how effective our marketing campaigns are, or to help us customize our website and application for you in order to enhance your experience.

If you do not want that we track your visit to our site you can disable tracking in your browser here:

Other external services

We also use different external services like Google Webfonts, Google Maps, and external Video providers. Since these providers may collect personal data like your IP address we allow you to block them here. Please be aware that this might heavily reduce the functionality and appearance of our site. Changes will take effect once you reload the page.

Google Webfont Settings:

Google Map Settings:

Google reCaptcha Settings:

Vimeo and Youtube video embeds:

Other cookies

The following cookies are also needed - You can choose if you want to allow them:

Accept settingsHide notification only