Sentences with phrase «term irrevocable life insurance trust»
This strategy has been so popular that the coined term irrevocable life insurance trust (ILIT) has been earmarked for this strategy.
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There is some debate about whether term life insurance or permanent cash value life insurance, such as dividend paying whole life OR indexed universal life, should be used for irrevocable life insurance trusts.
The irrevocable life insurance trust agreement includes the terms of the trust AND designates certain younger beneficiaries to receive the trust assets upon death.
One exception to the unfavorability of term life insurance for executive bonus plans if is the employee has accumulated a large estate and it is advantageous to use the policy to fund an irrevocable life insurance trust.
An irrevocable life insurance trust is sometimes referred to as just a life insurance trust, although this term is a bit misguided because numerous types of trusts can be used with life insurance policies.
There is some debate about whether term life insurance or permanent cash value life insurance, such as dividend paying whole life OR indexed universal life, should be used for irrevocable life insurance trusts.
The irrevocable life insurance trust agreement needs to be written to include the terms and conditions that are important to the trustmaker.
The irrevocable life insurance trust agreement includes the terms of the trust AND designates certain younger beneficiaries to receive the trust assets upon death.