JWAYYED LAW
(614) 285-5482
Schedule Consultation

Ohio Irrevocable Life Insurance Trusts Lawyer

Helping you establish irrevocable life insurance trusts to protect your assets and reduce federal estate taxes. Ohio has no state estate tax.

(614) 285-5482Schedule Consultation

Understanding Irrevocable Life Insurance Trusts in Ohio

An Irrevocable Life Insurance Trust (ILIT) is an estate planning tool used to hold a life insurance policy and keep its proceeds outside of your taxable estate. This helps reduce federal estate taxes while ensuring that your beneficiaries are provided for. Note: Ohio has no state estate tax (repealed January 1, 2013), but federal estate tax may apply to estates exceeding the federal exemption. Let Jwayyed Law LLC guide you through the process of creating an ILIT that aligns with your estate planning goals.

Trusts – Locations We Serve

We serve clients in the following Ohio counties. Each county has its own page; click through for court information and local details.

Franklin CountyColumbus & surrounding areasDelaware CountyDelaware & surrounding areasButler CountyHamilton, Oxford, West ChesterGreene CountyFairborn & surrounding areasMontgomery CountyDayton & surrounding areasPickaway CountyCircleville & surrounding areasAthens CountyAthens & surrounding areasMorrow CountyMount Gilead, Cardington & surrounding areasClinton CountyWilmington & surrounding areas

How ILITs Work

  • Estate Tax Reduction: Removes life insurance proceeds from your taxable estate, reducing estate taxes.
  • Controlled Distribution: Ensures the policy proceeds are distributed according to your wishes to the chosen beneficiaries.
  • Asset Protection: Provides protection against creditors and helps beneficiaries avoid probate.

Why Choose Jwayyed Law LLC

Jwayyed Law LLC has extensive experience with irrevocable life insurance trusts in Ohio. We help you navigate the complex legal and tax aspects of establishing an ILIT to minimize estate taxes and ensure that your life insurance proceeds are properly managed and distributed.

Frequently Asked Questions

An irrevocable life insurance trust (ILIT) is a type of trust designed to hold a life insurance policy and remove it from your taxable estate. Once the policy is transferred to an ILIT, you no longer control it, and the proceeds from the policy are not subject to estate taxes upon your death.
In Ohio, an ILIT is used to ensure that life insurance proceeds are excluded from your estate for tax purposes. The trustee of the ILIT manages the life insurance policy and distributes the proceeds according to the terms of the trust, usually to beneficiaries other than the estate.
The primary benefit of an ILIT is that it removes the life insurance proceeds from your taxable estate, potentially reducing estate taxes. It also allows you to designate beneficiaries and ensure that the proceeds are distributed according to your wishes without probate.
No, once an ILIT is established and the policy is transferred to it, you cannot change the beneficiaries. This is why it’s important to work with an attorney to ensure that the terms of the ILIT reflect your wishes and long-term planning goals.
Yes, setting up an ILIT requires careful legal and tax planning. An experienced attorney can help you draft the trust, ensure it complies with Ohio state laws, and advise you on the most effective way to structure the trust to achieve your estate planning goals.

Ready to Discuss Your Case?

Contact Jwayyed Law LLC today to schedule a consultation. We're here to help you understand your legal rights and options.

(614) 285-5482jwayyedlawllc@outlook.com
100 E. Campus View Boulevard, Suite #250, Columbus, Ohio 43235

Contact Form