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Use of an Irrevocable Life Insurance Trust can accomplish which of the following? A. Create a...

Use of an Irrevocable Life Insurance Trust can accomplish which of the following?

A. Create a vehicle to avoid Generation Skipping Transfer Tax

B. Make proceeds available to the surviving spouse

C. Ensure that proceeds will be included in the probate and gross estate of grantor

D. Shelters cash contributed for premiums from taxation up to the annual exclusion amount

Solutions

Expert Solution

Answer: Option B,C and D are correct.

Make proceeds available to the surviving spouse
Ensure that proceeds will be included...
Shelters cash contributed for premiums...

jeff jeffy answered 2 years ago
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