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  • PPJCPA
    started a topic Irrevocable Life Insurance Trust - Termination Question
    in Main Forum / Tax Discussion

    Irrevocable Life Insurance Trust - Termination Question

    I have a client who is insured (The Grantor) under an Irrevocable Life Insurance Trust (ILIT). My client wants to terminate the trust and the two children who are named beneficiaries in the trust are fine with the termination. However my client is now asking me what the tax consequences are. I have tried to research but I have not been successful....
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  • appelman
    started a topic Disposition of life insurance policy
    in Main Forum / Tax Discussion

    Disposition of life insurance policy

    A CPE course takes the following examples pretty much verbatim from Rev Ruling 2009-13:

    "Surrender of policy – The Rev Ruling provides the following example: In Year-1, John enters into a “life insurance
    contract” with cash value. John is the insured and a member of John’s family was the beneficiary. John had the...
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