The Benefits Of An Irrevocable Life Insurance Trust For Your Beneficiaries
As you work on your estate planning, you may want to consider an Irrevocable Life Insurance Trust (ILIT) for your beneficiaries. The trust can be funded one of two ways. The grantor can transfer a life insurance policy to the ILIT, or can pay for a policy that is bought by the trust for the beneficiaries named within. It's a trust that is funded when the grantor dies, and the proceeds from the life insurance are available.