Mid-Year Tax Tips for Your Business

Businesses all over the country have been affected by the COVID-19 pandemic. Many are facing extreme financial pressure. Fortunately, there are tax breaks that can provide businesses with much needed relief.

Irrevocable Life Insurance Trust (ILIT) – Tax Benefits

An Irrevocable Life Insurance Trust (ILIT) is a trust that cannot be rescinded, amended or modified post creation. (Of course if you stop paying the insurance premiums, the trust will self-destruct).  These trusts are designed to own a life insurance policy.