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Taxable Limits on Estates
If you know your gross estate will have a significant value it may be worthwhile for you to consider setting up an ILIT. By protecting the life insurance value through a trust it will prevent it from being counted in your estate. Often, this can save your heirs from paying the federal estate tax. Under federal law, the estate tax exemption in 2017 is $5,490,000. If you know your estate will go over the federal estate tax exemption contact our team at Grewal Law PLLC to get help setting up an ILIT.
However, it is important to note that any existing policies that are transferred into this type of trust will be counted in your gross estate for the first three years after the transfer takes place. If you pass away before the three-year time-frame passes the value of your insurance could impact whether or not your heirs pay the federal estate tax. Our team can help you understand how these rules may impact your trust and will go over options with you to provide additional safeguards.
Protection During Your Life
Another reason to set up an ILIT is to provide Asset Protection while you are alive. If you have any concern about having creditors go after the value of your life insurance it may be important to protect it. Anyone who is in a career where they may be faced with a malpractice or other civil lawsuit may consider protecting their life insurance through an ILIT. The trust will protect the insurance from being raided by creditors to pay off any debts.

We represented 111 of the 333 survivors in the lawsuits against Michigan State University for sexual abuse involving the former MSU doctor, Larry Nassar.
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Create an Irrevocable Life Insurance Trust Today
If you are considering the creation of an irrevocable life insurance trust contact Grewal Law PLLC today. We will review all of the options available to you and will help you weigh your choices to determine the best course of action for you.
Protect your life insurance for your heirs right away by creating an ILIT. The experienced Michigan estate planning attorneys at our firm will help you with setting up a trust and will go over all the types of agreements available. Our team can set up your irrevocable life insurance trust right away.
Contact us for a no obligation quote at (888) 211-5798.


A Relentless Firm That Doesn't Take No For An Answer
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Manvir (Mick) Grewal Sr. Founder and Managing Partner
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Scott Weidenfeller Attorney; Medical Malpractice & Personal Injury Team Leader
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Ayanna Neal Attorney; Sexual Assault, Civil Rights, & Criminal Team Leader
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Daniel Barnett Attorney; Commercial Civil Litigation & Business Law Team Leader
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Nolan Erickson Attorney; New Client Intake Coordinator & Mass Torts Projects
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David Mittleman Litigating Attorney
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Gurrajan Gill Attorney
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Tim Seeger Attorney
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Chelsea Lenard Attorney
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Rico Neal Attorney
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Tyler Burk Attorney
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Carlye Reynolds Gasior Attorney
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Michael Szparaga Attorney
