Benefits of an Irrevocable Life Insurance Trust
An irrevocable life insurance trust (ILLIT) is an estate planning tool that owns and controls a permanent life insurance policy or policies while the insured is alive. The parties in an ILIT are the grantor, trustees, and beneficiaries. The grantor is the individual that sets up the trust and is responsible for funding the trust. Unlike the revocable trust, he or she cannot make any changes to the irrevocable trust once it’s been set up. The trustee is responsible for the distribution of proceeds and management of the trust while the beneficiary is the person legally designed to receive those ... Read More
