Irrevocable Life Insurance Trusts
What is an Irrevocable Life Insurance Trust? An irrevocable life insurance trust, or ILIT, is an estate planning tool used to shelter life insurance policies from estate taxes. ILITs are irrevocable, meaning their core provisions cannot be changed or amended. An ILIT, like every trust, involves a grantor, a trustee, and beneficiaries. The grantor is […]
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