An Irrevocable Life Insurance Trust (ILIT) is a trust which owns life insurance policies. Generally, life insurance proceeds are included on your estate for federal estate tax purposes. Depending on the size of an estate, there may be federal estate taxes due upon death. If the ILIT is established and operated correctly however, the insurance proceeds from the policy (ies) are not included in your estate for federal estate tax purposes.
As the name indicates, an ILIT is irrevocable and
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