IS AN I.L.I.T?
IS AN IRREVOCABLE LIFE INSURANCE TRUST? An irrevocable life insurance
trust is generally used more by mature clients who have a more stable
family and financial situation. This type of irrevocable trust can be
designed to provide life insurance benefits for heirs outside of the gross
estate. In addition, contributions to the trust can be designed to avoid
gift or generation-skipping taxes. Thus the irrevocable life insurance
trust is a perfect tool for the estate liquidity needs of the mature and
financially secure clients, without adding to the tax burden. Since the
trust is irrevocable, the client should be certain of his or her beneficial
intent at the time the trust is drafted. Is this the right type of trust
for you? What are the specific tax savings for you if you decide to use
this type of trust for your estate particular planning needs?
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