I’m proud to pay taxes in the United States; the only thing is, I could be just as proud for half the money. Entertainer Arthur Godfrey*
The irrevocable life insurance trust (ILIT) can be an important estate strategy tool that may accomplish a number of estate objectives, though it may not be appropriate for every individual.
What Is an ILIT?
An ILIT is created by an individual (the grantor) during his or her lifetime. The ILIT owns a life insurance policy on the grantor’s life via the transfer of ownership of an existing policy, or through the grantor’s annual contribution of cash to pay the premiums on a policy purchased by the trust. Read more in the Original Article