CCH Answers

 You can enter Irrevocable Life Insurance Trust (ILIT) information in the Estate Details section. 

1. Go to Assets and Liabilities > Life Insurance/ILIT.
2. Click on the "Add" button to add a policy.  In the "Ownership" section, you have two options to choose from:

• Policy currently in estate:  This means that the clients came to you already with Life Insurance policies (not ILITs) as part of their estate.  If you plan on gifting those existing policies to trust, you would choose this option.  After filling in the necessary fields in the "General," "Permanent," and "Premium" tabs, go to the "Gift" tab, where you can tell the program to gift the policy to a trust.  Finally, review the "Gift Profile" and "Beneficiary" tabs for accuracy.
• Create new ILIT:  This means that the clients came to you already with ILITs as part of their estate.  They do not have Life Insurance policies in their estate, so there is no need for gifting.  By choosing this option, the "owner" of the policy is the ILIT.  Confirm data entry in all other tabs except the "Gift" tab for accuracy.

3. When viewing your plan, make sure the gifts have been activated so that you can see the ILITs.  For instructions on how to do this, please click here.