So what do you offer a client no longer threatened by the federal
Maybe it is time to consider the new Swiss Army knife of planning: the multipurpose irrevocable life insurance trust, or MILIT.
Many wealthy clients already have irrevocable life insurance trusts, or ILITs, to hold life insurance. An ILIT protects life insurance proceeds for a surviving spouse and minor children, prevents creditors from reaching proceeds and has other benefits.
Regardless of the
But this old stalwart needs a makeover to become the keystone of planning in the new era. The bottom line will be to offer clients a single multipurpose trust to handle many planning goals.
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