Irrevocable Life Insurance Trust (ILIT)
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(800) 318-7848
Life insurance proceeds become part of your estate and are subject to estate taxes if you own the policy or have incidents of ownership in the policy at your death. But by setting up an irrevocable trust and making it the original owner and beneficiary of your insurance policy while you're still alive, the proceeds may be kept out of your estate -- which means tax savings.
After the trust is established, you can make yearly payments to the trustee who, in turn, can pay the premiums. The proceeds of the policy may be held in trust and made available to provide income to your spouse and children, or anyone else whom you designate in the trust document. The cash in the trust may be used to pay estate costs on a very tax-efficient basis.
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