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Irrevocable Life Insurance Trusts

Irrevocable Life Insurance Trusts in Green Bay, WI

At Czachor, Polack + Borchardt, L.L.P., we understand the importance of solidifying your legacy and providing for your loved ones. Our irrevocable life insurance trusts in Green Bay, WI, Shawano, Oconto, and the surrounding areas offer security for assets and beneficiaries alike, shielding them from excessive taxes and ensuring long-term protection. Our attorneys are committed to guiding you through the ins and outs of estate planning with personalized care. Discover the peace of mind that comes with our professional and approachable services, tailored to preserve what matters most to you.

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What is an Irrevocable Life Insurance Trust

An irrevocable life insurance trust (ILIT) is a trust made by an insured that dictates and oversees a life insurance policy. A trustee pays and distributes the benefits after the insured passes away. The insured serves as the trust’s grantor, and the trust is established while the insured is still living. Insureds create ILITs because they can be used to reduce estate taxes, protect assets, and maintain government programs like Social Security (SS) and Medicaid.

Why Consider an Irrevocable Life Insurance Trust?

Here are the reasons why you should consider getting an irrevocable life insurance trust:

  • Legacy Planning: Ensure your wealth is passed on to your beneficiaries according to your wishes, without unwanted interruptions or disputes.
  • Tax Planning: An ILIT can be used to provide funds needed for your heirs to pay estate taxes while allowing you to pass on your business, family farm and other assets without the concern of a large estate tax burden
  • Assets Managed and Distributed by a Trustee: A designated trustee will handle your ILIT, managing assets and distributing them to your beneficiaries according to your instructions.

 Cultivating Bright Futures for Families

When the insured individual passes away, the ILIT operates as a separate entity that holds and distributes the insurance benefits according to the trust terms. If you have an ILIT, your beneficiaries will receive the full benefit of your policy. Our firm prioritizes your peace of mind and works diligently to protect your family’s finances. If you want to learn more about ILITs and what advantages they’ll provide, we’ll happily guide you and help determine if it’s the right solution for your needs.

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