ProDoc Forums - Buy Cheap Phentermine Online
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ESParker
1 Posts |
 Posted - 06/12/2007 : 3:44:51 PM
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I have clients who are about to start a family and are in the process of obtaining life insurance. They expect to purchase 2 30 year term life policies, $1 million on the husband and $150K on the wife. Their intent is to have sufficient insurance for the wife and children to be able to live off of the interest/income and pay for college if the husband dies prematurely. On the flip side, they want to assure that he has enough of a cash flow to cover child care expenses and time off work if anything happens to her.
At this point, they are just getting started and their estate is insignificant for estate tax purposes. However, he is a doctor, has begun investing in real estate, and will inherit family land and money. There is a chance that their estate will be taxable prior to the termination of these policies. Would you suggest an ILIT in this circumstance, and if so, which form would you recommend? |
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Ronald Lipman
USA
489 Posts |
Posted - 06/12/2007 : 4:08:51 PM
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I think you can bring up the subject of an ILIT, but only to let them know that an ILIT is possible. I do not think you should recommend one at this point. It is what I have often described as "overkill."
An ILIT is clearly premature, especially with term insurance. A bypass trust can protect up to $4,000,000, so there a long way from that threshhold. And by the time they get there, the exemptions will no doubt have increased to even larger numbers.
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