How To Set Up A Trust For Life Insurance?

  1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    To set up an Irrevocable Life Insurance Trust (ILIT), it is best to use an attorney who is an expert at tax laws to set up the trust. Then use a respected life insurance agent to help you obtain a policy, or transfer existing life insurance, into the trust. You will need to choose a trustee to administer the trust (this could be the lawyer). Working together, you will get a trust that works for your lifetime.
    Answered on July 1, 2013
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