It's been a stable of estate planning for many years to have an irrevocable life insurance trust own life insurance. But advisors are careful to warn clients that if they transfer an existing policy to such a trust and die within three years of that transfer, Internal Revenue Code Section 2035 will apply. This section provides that “the value of such property (or an interest therein) would have been included in the decedent's gross estate under Sections 2036, 2037, 2038 or 2042 if such
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