Many families are surprised to learn that while life insurance proceeds are generally income-tax free, they can still be included in your taxable estate if ownership and premium rules aren’t handled correctly. In this episode, Ken and Jeremy break down when a policy may be pulled into your estate and how a properly structured Irrevocable Life Insurance Trust (ILIT) can help. We also cover the three IRS “ownership/incidents/premiums” tests, the “three-year rule,” and why Crummey notices matter.
RPOA Advisors, Inc. (d/b/a Retirement Planners of America) (“RPOA”) is an SEC-registered investment adviser. Registration as an investment adviser is not an endorsement by securities regulators and does not imply that RPOA has attained a certain level of skill or training.
This podcast has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, personalized investment, financial, tax, or legal advice. RPOA does not provide tax or legal advice. You should consult your own tax and legal advisors before engaging in any transaction or strategy.
Opinions expressed are those of RPOA as of the date of publication and are subject to change. Investing involves risks, including possible loss of principal. Diversification and asset allocation do not guarantee a profit, nor do they eliminate the risk of loss. Past performance is no guarantee of future results.
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