An Irrevocable Life Insurance Trust (ILIT) is a trust that is created for the purpose of owning a life insurance policy. You can transfer ownership of an existing policy, or the trust can purchase a new policy directly. ILITs are a great tool for minimizing irresponsible fiscal behavior when dealing with beneficiaries who are young or have bad spending habits. You should be aware of the pros and cons to the use of ILITs in your estate planning.
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