What is the name of your state? Florida
When a person allocates the gst exemption to the premiums paid on a life insurance policy on IRS form 709 doesn't it usually mean that the life inssurance proceeds are to benefit the grantor's grandchildren either directly as an outright gift or indirectly through a ILIT trust? In other words there is no reason to allocate the gst for a typical life insurance policy that has the grantor's children as beneficiaries because the gst only applies to the grandchildren of the grantor and not the children of the grantor, correct?
Also, once the gst exemption is allocated as described above on IRS form 709 isn't it irrevocable, meaning that the you can never change the gst allocation for the premiums paid on that policy?
Thanks
When a person allocates the gst exemption to the premiums paid on a life insurance policy on IRS form 709 doesn't it usually mean that the life inssurance proceeds are to benefit the grantor's grandchildren either directly as an outright gift or indirectly through a ILIT trust? In other words there is no reason to allocate the gst for a typical life insurance policy that has the grantor's children as beneficiaries because the gst only applies to the grandchildren of the grantor and not the children of the grantor, correct?
Also, once the gst exemption is allocated as described above on IRS form 709 isn't it irrevocable, meaning that the you can never change the gst allocation for the premiums paid on that policy?
Thanks