Living trust - Estate Planning - Revocable living trust - Void Probate - living trust documents - Legal forms
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To better understand the issues relating to your legal situation or problem, our legal information and other law related facts may be of interest to you
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Irrevocable life insurance trust
An irrevocable life insurance trust (ILIT) can remove your life insurance from your taxable estate, help pay estate costs and provide your heirs with cash for a variety of purposes. To remove the policy from your estate, you surrender ownership rights, which means you may no longer borrow against it or change beneficiaries.
In return, the proceeds from the policy may be used to pay any estate costs after you die and provide your beneficiaries with tax-free income. That can be useful in cases where you leave heirs an illiquid asset such as a business. The business might take awhile to sell, and in the meantime your heirs will have to pay operating expenses. If they don't have cash on hand, they might have to have a fire sale just to meet the bills. But proceeds from an ILIT can help tide them over.
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Return to all Living Trust legal information
Legal Articles about Living Trust
Living Trust Frequently Asked Questions
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California Springing Durable Power of Attorney for Property and Finance |
$ 12.99 |
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Real Estate Transactions - Limited Nondurable Power of Attorney by Seller |
$ 18.98 |
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Real Estate Transactions - Limited Nondurable Power of Attorney by Seller |
$ 10.99 |
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Florida Designation of Health Care Surrogate |
$ 10.99 |
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Total: $53.95
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