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Video instructions and help with filling out and completing Department of veteran affairs life insurance
Setting up an irrevocable life insurance trusts or islet as it is sometimes called is a fairly popular strategy for avoiding estate and gift taxes generally speaking all life insurance payouts benefit from being free of income tax but without an islet that same life insurance will increase the total value of a person's estate for state tax purposes what that means is that without an islet part of the insurance that is paid out to your beneficiaries might be subject to estate taxes in fact it's entirely possible that around half of that insurance will be eaten up by estate tax eyelids have the ability to prevent these taxes from being levied in the first place and that is precisely why people set them up let's take a closer look so while life insurance makes sense in many circumstances clients often ask why they would want to house that insurance in an irrevocable trust this is best understood with an example for simplicity sake let's assume that the estate tax exemption in effect at the date of a person's death is $1,000,000 and that person dies with exactly $1,000,000 in his or her estate plus they have an insurance policy that will pay out an additional $500,000 because his or her total estate equals 1.5 million dollars in this example an estate tax will be owed on the additional $500,000 above and beyond this person's exemption amount since estate taxes can be brutal one can expect to pay hundreds of thousands of dollars in tax in this situation now if an islet were properly set up and life insurance was purchased and housed in it there would be no estate taxes owed because at the date of that same person's death only $1,000,000 would be in his or her estate for estate tax purposes the other $500,000 from the insurance is in the eyelet the net result is that the beneficiaries of this estate would wind up with the entire 1.5 million dollars free from estate taxes definitely a better way to go there are other matters to be careful with when setting up an eyelet though for example if you transfer existing policies to your eyelet as opposed to new policies being purchased in the eyelet you must live at least three more years or else the proceeds will be pulled back into your estate this is where things can become a bit sticky and you should definitely discuss this further with an experienced estate planning attorney please see the next video to learn more about how an eyelet works from a procedural perspective.