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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.
Traditionally, an Irrevocable Life Insurance Trust was a strategy that used life insurance to pay for projected estate taxes upon death.
This article is adapted from his book A Practical Guide to Drafting Irrevocable Life Insurance Trusts (Second Edition), ALI/ABA (
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.
One of these combines three planning vehicles--a family limited partnership (FLP), a grantor retained annuity trust (GRAT) and an irrevocable life insurance trust (ILIT).
The irrevocable life insurance trust is another method of giving away assets.
A dynasty trust takes advantage of this exemption by using the exempt amount to fund an irrevocable life insurance trust, which guarantees a legacy for future generations.
Create an irrevocable life insurance trust to assume ownership of the insurance policy.
entered into a split-dollar plan (a way to pay for life insurance) for a $3 million second-to-die life insurance policy (on the lives of Joe and his wife) to be owned by an irrevocable life insurance trust (ILIT).