Planning for Life

4 Reasons Why You Probably Don't Want an ILIT

Posted by Harry S. Margolis on August 12, 2021

By Harry S. Margolis

life insurance-margolis-bloom-estate-planning-wellesleyThe irrevocable life insurance trust or "ILIT" has long been a mainstay of estate tax planning. It allows the taxpayer to shelter life insurance proceeds from the estate tax by removing them from her taxable estate. It has become much less commonly used as the federal estate tax threshold has moved up to $11.7 million, but will be of interest to more people as we get closer to 2026 when the threshold is slated to be cut in half. And, of course, the threshold is just $1 million in Massachusetts.

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Topics: irrevocable trust, life insurance

Check Your Retirement Plan Beneficiary Designations!

Posted by Harry S. Margolis on April 1, 2021

By Harry S. Margolis
Yes, I know, checking your retirement plan beneficiaries is tedious, but if you haven't done so recently (let's say, in the last five years), now's the time. This applies to all your retirement plan accounts, whether 401(k)s, 403(b)s, or IRAs. Your circumstances or those of your named beneficiaries may have changed, meaning that you need to adjust who you name as beneficiaries of your plans.
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Topics: Retirement Benefits, life insurance

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