An irrevocable life insurance trust, also known as an ILIT, can be considered a way to escape multiple estate taxes upon the insured person’s death. Like a life insurance policy, it benefits the spouse and/or children of the deceased. If you own a life insurance policy, it would be wise to place it in an [...]

When I got my first job, I remember looking at my paycheck as my jaw hit the floor. I ran to my mom complaining about how I worked 10 hours making $5.75 an hour, but there certainly was NOT $57.50 on my check! I’ll never forget the first time I heard it: “Honey, there are [...]