November

Your MSP should contain a short-term component that outlines what would happen if you died or became disabled tomorrow. It also will include your longer-term strategy if the unexpected happens, which will vary depending on where your business falls within the three frameworks described in the next section.

An irrevocable life insurance trust (ILIT) is an effective estate planning tool designed to collect the proceeds of your life insurance from a term insurance, permanent insurance, or second-to-die policy for the benefit of your family or other heirs without incurring federal or state income taxes or transfer (i.e., estate or generation-skipping transfer tax) taxes.