An irrevocable life insurance trust (ILIT) is a trust that cannot be rescinded, amended, or modified, post-creation. ILITs are constructed with a life insurance policy as the asset owned by the trust.

One asset protection strategy is an irrevocable life insurance trust, or ILIT. Here's what to know about this financial product. "An irrevocable life insurance trust is a type of trust that is ...

You can create an irrevocable life insurance trust (ILIT) and name that trust the owner of your life insurance. By doing so, that particular asset will be removed from your estate. Upon your death ...

Opinions expressed by Forbes Contributors are their own. I write about charitable giving and estate planning ideas. We lawyers love fancy names and acronyms. It keeps the estate planning process ...

By establishing an irrevocable life insurance trust (ILIT), the policy can create a tax-free death benefit for your heirs. This setup allows you to completely eliminate capital gains tax and other ...