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In Reply to: Re: Re: insights wanted posted by ILIT thoughts on December 17, 2003 at 11:44:50:
A ILIT can be set as a vehicle to own an insurance policy.
Why do you think that they call it an Irrev. Life Ins. Trust?
Without using any of the life time exclusions, there has to be enough bene. to receive 11K per ben.. This can be double, 22K, if the man has a spouse and they split gifts.
You frequenly apply for life ins. before setting up the trust. Why, in most cases, set up the trust and the Grantor is unable to secure life ins.?
The old man can apply for the policy, and if is approved, have another application sent in by the trustee, after the trust is active, with the trustee the owner of Trust dated xxxx date, old man Grantor, and the bene..
I agree with most of your post.
I think this is a BS story.
It was said that the old man has another policy. Why?
It was said that he is having trouble making ends meet, yet he is a millionare.
They probably did a single prem. in order to get a policy issured. Look how little the Net Amoung at Risk is.
I would like to know all the actual facts of this case.