Tag Archives: trusts
How to Use Life Insurance Trusts in Estate and Tax Planning
Irrevocable Life Insurance Trusts (ILITs) are a tool used in estate planning to distribute the proceeds of life insurance policies. By transferring ownership of a policy to an ILIT, the insured removes the policy’s death benefit from his or her personal estate, which can have significant tax saving advantages. Forming an ILIT begins with the […]