When talking about a life insurance trust, most people are referring to an irrevocable trust set up for tax purposes. While a living trust is simply a trust made while the grantor is living, when most people refer to living trusts they are referring to revocable trusts.
A life insurance trust is usually a living irrevocable trust: set up during the grantor's lifetime but unable to be changed or revoked.
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A life insurance trust is usually a living irrevocable trust: set up during the grantor's lifetime but unable to be changed or revoked.