A life insurance trust is an irrevocable, non-amendable trust which is both the
owner and beneficiary of one or more life insurance ... Funded insurance trusts
are not commonly used for two reasons:...
It owns your life insurance policy for you, removing it from your estate. ... You can
choose the Trustee (or Trustees) who will manage your ILIT. ... An essential part
of wise estate planning is deciding not only who our heirs will be, but also ... have
the policy's proceeds paid out immediately to one or all of your beneficiaries.
Irrevocable Life Insurance Trusts: Perhaps the Best Kept Secret in Tax Savings ...
Pursuant to the Internal Revenue Code life insurance proceeds are income tax
free,1 but not ... employer-owned life insurance contracts (Section 101(j)).
... Jose, Schwartz, Martin A. Shindell, James W. Siegel, Robert M. Silver, Jessica,
Simon .... At first blush the irrevocable life insurance trust ( "ILIT") as an estate
planning strategy ... If no Family Trustee is available, or if the grantor believes (
often with good .... <sup>1</sup> For a general discussion of ILITs, see Patrick J. ...