Which is a true statement regarding ILIT'S An ILIT can only hold life insurance Having a Crummey provision in the ILIT will allow the premiums to be a present interest and can use the annual exclusion Premiums are income tax deductible There is no 3-year look back for placing an existing life insurance policy in the ILIT

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The true statement regarding ILITs Irrevocable Life I... View the full answer