Rich Behrendt, director of estate planning at Baird’s private wealth management group, recently received a call from one of his firm’s financial advisors.

“One of this advisor’s clients has an old irrevocable life insurance trust,” Behrendt said. “After passage of the new tax law, the client no longer needs the ILIT, and he’s not happy paying thousands of dollars a year to the corporate trustee.” Behrendt says that he expects to get many more calls from advisors on this subject, as well as calls about existing qualified personal residence trusts (QPRTs) and family limited partnerships (FLPs).

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