Trustee of Irrevocable Life Insurance Trust ILIT -How to Choose one?
August 02, 2017Who Serves as Trustee of ILIT or Irrevocable Life Insurance Trust? In any Irrevocable Life Insurance Trust (ILIT) structure, a Trustee is selected. The trustee of irrevocable life insurance trust is the person or institution that is designated to manage and operate the trust. Often, the trustee is a family member or friend of the… Read more »
ILIT Useful for Anything Else Besides Keeping Insurance Proceeds Out of the Estate?
July 31, 2017ILIT Useful in Many Ways An Irrevocable Life Insurance Trust or ILIT is created to own and control a term or permanent life insurance policy or policies while the insured is alive. ILIT is useful to manage and distribute the proceeds that are paid out upon the insured’s death. The parties in an ILIT are… Read more »
