For many years, irrevocable life insurance trusts (ILITs) have been a staple of estate planning.

Do they still make sense, now that the federal estate tax exemption is north of $5 million (effectively $10 million plus for married couples)? Some advisors believe in holding onto ILITs. “We have not seen insurance being dropped because of the federal estate tax exemption increase,” says Norman “Skip” Santori of Santori & Peters, a wealth management firm in Monroeville, Penn.

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