What Is An Irrevocable Life Insurance Policy?

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   David RacichPRO

   Fountain Hills, Arizona

   Life insurance is personal property. An irrevocable life insurance trust (ILIT) is an artificial entity. It is sometimes in the best interest of planning for a life insurance policy to be owner by a third party or a trust. When an ILIT is set up and dated, the trust of the ILIT applies for the life insurance policy as policy owner. The grantor of the ILIT contributes premiums, generally through annual gifting or using the unified credit. When the death of the insured occurs the proceeds are distributed to the beneficiaries of the ILIT.
    

   Answered on June 11, 2013

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