As mentioned above under the «common life insurance misconception» header almost all life insurance death benefit proceeds are included in the federal gross estate of the insured. (freemoneyfinance.com)
As mentioned above under the «common life insurance misconception» header almost all life insurance death benefit proceeds are included in the federal gross estate of the insured. (freemoneyfinance.com)
The ILIT or irrevocable life insurance trust is an inter vivos trust (as opposed to both the credit shelter trust and the QTIP trust which are both testamentary trusts) and is designed with a very simple purpose in mind: the ILIT owns a life insurance policy on the life of the trust grantor so that the death benefit proceeds from the life insurance policy will not be included in the federal gross estate of the insured upon their death. (freemoneyfinance.com)