A Primer on Irrevocable Life Insurance Trusts

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What Is an Irrevocable Life Insurance Trust?

You could convey these policies into an irrevocable life insurance trust or ILIT.

How an Irrevocable Life Insurance Trust (ILIT) Works

An irrevocable life insurance trust (ILIT) can provide peace of mind as you start your estate planning process. If you have a sizable estate or young beneficiaries, an ILIT can provide control...

How do I start an Irrevocable Life Insurance Trust?

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What's an Irrevocable Life Insurance Trust and Why Do I Need One?

What You Should Know About Irrevocable Life Insurance Trusts

Since the insured person must give up control of the insurance policy, the trustee is responsible for payment of premiums. However, the insured may pay the premiums indirectly by gifting an equivalent amount into the trust when premiums are due. The trustee will then use that money to pay the premiums
But this runs into another tax problem – the gift tax. When the insured gifts money to the ILIT, this is treated as a taxable gift to the beneficiaries of the trust…

What Is an Irrevocable Trust?

An irrevocable trust will protect your assets during your lifetime and ensure that your legacy outlives you.

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How Does an Irrevocable Trust Work?

An irrevocable life insurance trust (ILIT) can provide peace of mind, as you start your estate planning process. If you have a sizable estate or young beneficiaries, an ILIT can provide control over a life insurance policy that a last will and testament may not.