An irrevocable life insurance trust ilit takes ownership of your life insurance policy so the proceeds dont become part of your taxable estate learn the differences between revocable and irrevocable living trusts a look at revocable trust myths what a living trust can or cant do what married couples should know about the ab . Irrevocable life insurance trusts are a type of irrevocable trust as opposed to a revocable trust or what is commonly known as a living trust an ilit is set up by a trustmaker to be the holder of a life insurance policy. Life insurance is one of the best ways to provide for your family and loved ones in the event of your death and an irrevocable life insurance trust can address various estate planning problems its a good idea to speak to an experienced trust attorney who can tell you more about trusts and help you with estate planning. Whether you need a family trust real estate trust irrevocable life insurance trust or other trust sample we have the trust fund forms to put property in trust that estate planning professionals rely on. A bit on the complicated side of things an irrevocable life insurance trust commonly referred to as an ilit is a way to bind a life insurance policy inside of a trust so you can designate exactly how a death benefit is to be used by whom and when
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