ILIT

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Also found in: Financial.
AcronymDefinition
ILITIrrevocable Life Insurance Trust
ILITIndependent Levee Investigation Team (New Orleans)
ILITInstitute on Laser and Information Technologies (Moscow, Russia)
ILITInstitute for Language and Information Technologies (University of Maryland, Baltimore County)
References in periodicals archive ?
ILITs are funded with gifts by the client, or grantor, and in the case of an irrevocable life insurance trust, the trust is both the owner and beneficiary of the policy.
The authors examine issues related to proper management of irrevocable life insurance trusts, the legal standards of care for such management, and the pitfalls surrounding the taxation of such trusts.
Historically, management responsibilities of an irrevocable life insurance trust consisted primarily of sending Crummey notices and paying policy premiums.
Eleven years ago Frank and Martha created an irrevocable life insurance trust (ILIT), which purchased a $2-million survivorship universal life insurance policy.
Traditionally, an Irrevocable Life Insurance Trust was a strategy that used life insurance to pay for projected estate taxes upon death.
The power of a grantor to substitute trust property for other property of equivalent value is often drafted into a trust for the purpose of conferring grantor trust status on irrevocable life insurance trusts for tax purposes.
If a grandfather creates a funded irrevocable life insurance trust with policies on the life of his son for the benefit of his grandchildren, is anything includable in the grantor's gross estate?
Irrevocable life insurance trusts not affected by Chapter 14 valuation rules.
This article is adapted from his book A Practical Guide to Drafting Irrevocable Life Insurance Trusts (Second Edition), ALI/ABA (www.
To leverage the annual exclusion, an irrevocable life insurance trust receiving the client's money could purchase life insurance on his life using the entire contribution as the policy premium.
Douglass also suggests considering an irrevocable life insurance trust.
An irrevocable life insurance trust is, as the name implies, a vehicle for holding life insurance policies.