Who Can Contribute To An Irrevocable Life Insurance Trust?

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    David RacichPRO
    Fountain Hills, Arizona
    Generally speaking, an irrevocable life insurance trust (ILIT) is set up my those who wish to fund it, i.e. the grantors. The grantors set up the trust, pay premiums into the trust and the trust purchases life insurance for the trust beneficiaries  The grantors are required to have an arms length agreement with the trust and cannot benefit from it directly. Before moving forward setting up an ILIT, consult your estate and probate attorney to establish your suitability as grantor.
    Answered on May 9, 2013
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