How to Create an Irrevocable Life Insurance Trust?

Answer An Irrevocable Life Insurance Trust, or ILIT, is a commonly used estate planning tool. When an individual passes away, all the assets in his taxable estate (including life insurance proceeds) are ... Read More »

Top Q&A For: How to Create an Irrevocable Life Insurance Trust

How to Cancel an Irrevocable Trust Life Insurance Policy?

An Irrevocable Life Insurance Trust is a type of trust used to purchase life insurance only on the life of the trustees. The life insurance is not owned by the trustees and thus the benefits paid a... Read More »

LLC Vs. Irrevocable Trust?

In the area of estate planning, you can use a number of tools to help protect your assets and property. Some people put their assets into the ownership of a limited-liability company, or LLC, while... Read More »

Who owns a life insurance trust?

The trust itself owns a life insurance trust. Upon the death of the insured, benefits are paid into the trust while a trustee administers and oversees disbursement to the named beneficiaries. The p... Read More »

Can a Trust Be a Life Insurance Beneficiary?

Most U.S. jurisdictions allow life insurance trusts, in which a trust is designated as the beneficiary of the life insurance proceeds. However, the settlor (the individual assigning the life insura... Read More »