Life Insurance as Part of Estate Planning
Experienced Lawyers for Your Colorado ILIT (Irrevocable Life Insurance Trust)
If one of your family’s major estate planning goals is to minimize estate taxation, you should contact our Brady, McFarland & Lord, LLC, in Arvada.
For the past 21 years, attorney Karen L. Brady has built lasting relationships with our clients by advising them on all aspects of estate planning and estate administration. She is the author of the book ” Estate Planning & Taxation in Colorado.” She can recommend and explain the benefits of an irrevocable life insurance trust, or ILIT, as a means of achieving your objective.
Life insurance can help you to plan for estate taxation issues down the road. Yet life insurance may be counted as part of your estate and thus add to your estate tax liability. It can be a vicious cycle – you buy more life insurance to pay estate tax and your estate will have to be more taxes, so you have to buy more life insurance, and so on. Putting your life insurance into an irrevocable life insurance trust is a wise strategy, but a complex and often overlooked one.
Do not assume that your life insurance is not subject to estate taxation. Get the facts you need for sound decisions about your family’s future by contacting us for an initial consultation.
You can call Brady, McFarland & Lord, LLC toll free at 888-806-7304, or you can e-mail or fax us.
Our law firm serves clients in Colorado cities such as Arvada, Denver, Thornton, Lakewood, Wheat Ridge, Louisville, Broomfield, Golden, Superior, Westminster, Littleton, Genesee, Evergreen, Lafayette, Northglenn, Commerce City and others throughout
Arapahoe County, Denver County, Jefferson County, Adams County, Clear Creek County and Gilpin County.
Dedicated to the Needs of Estate Planning Clients in Greater Denver for 21 Years
Facets of irrevocable life insurance trusts that we can discuss with you include:
- Transfer of proceeds to your survivors without increasing your taxable estate
- Purchase of insurance and payment of annual premiums
- Lifetime gift tax credits
- Direct distribution of proceeds into the trust
- Funds that can purchase property and pay taxes or other expenses
- Distribution of insurance proceeds to individuals and entities
- Naming of policy beneficiaries that will provide the most protection against estate taxation
Setting this strategy into motion is a highly technical procedure, and no do-it-yourself project. Skilled estate planning lawyers can help establish, structure and administer the irrevocable life insurance trust that is appropriate for your family’s unique needs.
Together, we can create something useful for those you care about most.