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ILIT Tax Question on termination

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    #1

    ILIT Tax Question on termination

    I have a completed second to die ILIT. My assumption is I need to file a 1041 to declared the payout with no tax consequences. however the policy earned $859.00 of interest is that taxable at the estate level or can it be K-1 to the beneficiary? I have tried multiple sources and even the IRS web site (ouch). Thanks, Jeff
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    #2
    Read the trust document. Does it allow for passing income out in the final year or does it require the trust pay tax first?

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      #3
      ILIT ?
      Illinois Inheritance Tax?

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