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February 05, 2009

Irrevocable Life Insurance Trust

An irrevocable life insurance trust is a useful tool for your estate planning arsenal. Not only does a life insurance trust exclude death benefits from estate taxation, it also keeps life insurance proceeds from undergoing the probate process.

Upon establishment of an irrevocable life insurance trust (ILIT), your life insurance policy is held inside the trust. A contract is used to administer the policy and assigned benefits for designated beneficiaries. Although the life insurance policy cannot be changed once the ILIT is established, the owner retains control over how beneficiaries will receive their benefits.

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