While flexibility has always been an important component of sound wealth preservation and wealth transfer planning, it is particularly important now because of the uncertainty created by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Did you know there is a way to design a more flexible irrevocable life insurance trust which allows access to the cash value, known as the “Spousal Access ILIT?” With this design, one spouse is the grantor of the trust, and the other spouse is a beneficiary of the trust. This concept may be used either with a single life or a survivorship policy (see trustee information below).
Flexible estate planning using the spousal access irrevocable life insurance trust | Insurance For Less