An irrevocable life insurance trust (ILIT) is created to own and control a term or permanent life insurance policy or policies while the insured is alive, as well as to manage and distribute the proceeds that are paid out upon the insured’s death.
K. Reilly Law explores all aspects of the estate planning process to ensure your plan will
distribute your assets to the people of your choice as efficiently and effectively as possible.
It’s often used to set aside cash proceeds that can be used to pay estate taxes, which is excluded from the deceased’s taxable estate.
It can be used as part of a larger estate plan for your family.