Irrevocable Life Insurance Attorneys – Pennsylvania

The Martin Law Firm is a Pennsylvania estate planning law firm located in Blue Bell, PA. Our experienced Pennsylvania estate planning attorney regularly assists clients with the creation of a Revocable Trust, Living Trust, or other estate planning documents. Contact the Martin Law Firm today to schedule an appointment with a skilled PA estate planning attorney.

Use of a Irrevocable Life Insurance Trust (ILIT)

Life insurance is a valuable estate planning tool because it can provide immediate liquidity to an estate. Life insurance also can provide loved ones with large premiums to help pay for education, the mortgage and maintaining the standard of living for the surviving spouse and children.

Most people do not realize that life insurance proceeds are subject to Federal Estate Tax. Strategic planning with the ownership of life insurance can engender substantial estate tax savings. Estate tax savings with life insurance can be accomplished through the Irrevocable Life Insurance Trust (“ILIT”). If an ILIT is properly structured, the ILIT can save life insurance proceeds from the Federal Estate Tax. Generally, the Irrevocable Life Insurance Trust can be set up as both the owner and beneficiary of one or more life insurance policies. The insured can determine whom the insured wishes to receive the proceeds after his or her death. If done properly, the designation of the ILIT as owner and beneficiary shifts the policy outside of the insured’s estate, so that there are no estate taxes when the policy matures and the proceeds are paid to the trust. No taxes are payable in the surviving spouse’s estate either and as a result of the income tax exemption, the trust pays no tax on the death benefit.

Contact the Martin Law Firm | Pennsylvania Estate Planning

The Martin Law Firm is experienced in Pennsylvania estate planning and drafting the Irrevocable Life Insurance Trust. While ILITs have a certain degree of complexity, in practice they are rather simple to set up and administer with proper legal assistance. Contact the Martin Law Firm today to set up an appointment with an experienced Pennsylvania estate planning attorney.

 

Please call (215) 646-3980 to schedule an appointment.

Practice Areas

Our legal team provides individualized legal solutions for our clients by offering high quality legal counsel and representation in diverse areas of law. Our attorneys regularly represent clients throughout Southeast Pennsylvania, including Montgomery County, Bucks County, Chester County, Delaware County, and Philadelphia County

Healthcare Law

We provide transactional and litigation services for all types of licensed health care providers.
Contact us today or learn more about our experience by clicking below.
Read More

Family Law

We provide personal and effective representation in divorce, child custody, property rights, support and maintenance matters.
Contact us today or learn more about our experience by clicking below.
Read More

Estate Law

We help individuals and families with any of their estate planning, estate administration and estate litigation needs.
Contact us today or learn more about our experience by clicking below.
Read More

Divorce Law

Divorce is complicated & emotional, & we will meet your needs during this challenging time. Our priority is being available to you when you need us.
Contact us today or learn more about our experience by clicking below.
Read More

Debt Collection

We handle debt collection cases in the state and federal courts of Pennsylvania and New Jersey.
Contact us today or learn more about our experience by clicking below.
Read More

Criminal Law

We represent individuals who are charged with a misdemeanor, felony, DUI, or traffic offenses.
Contact us today or learn more about our experience by clicking below.
Read More

Tell Us About Your Case

Please submit the form and an attorney will contact you shortly.
Please indicate how you would like to be contacted in the form.